Looks like the upper echelon's don't need tax reform...unless it's a flat tax type that reduces their effective tax rate, huh?
I'm referring to Romney's 2010 13% tax bill,and expected 15% for 2011.... on $6.2 million tax bill on $42.5 million in earnings for both years or an average of 14.5% in federal tax.
...I was listening to a news broadcast tonight and noted the copious use of the term "app" and "apps" as they apply to those computer "applications" you can download to your iphone, ipad, computer, etc. The thought occurred to me that anybody under about 20 might not even know that the term "app" is a contraction of the ...
Is there any reason to suspect or believe that the composite market (private enterprise) is any better than a gov't in allocation of resources toward some goal / objective?
Since people are people, and the composite market is simply the mean of a composite of people's predictions / beliefs about a future condition (economic future ...
Of the 200k employment gains in Dec, over 80% were in Services (164k/200k), and that was only 1k more than the Services gain in Dec last year... basically no difference in Dec's gains in services compared to a year ago. This is typical of December's employment gains due to holiday shopping season. ...
From Mark Thoma in Economist's View today, writing of the observation that some well known and accomplished economists use selective economics to support their ideological agenda ...
Globally, economic interdependencies are eroding the concept of nation's "sovereignty".
This is simply a continuation of man's social evolution --- small tribes, congregating to larger tribes with more territory, then regional agglomerations, followed by small civilizations growing from harnessing agricultural ...
High intergenerational mobility means a high positive relationship between parent's income and adult children's income.
The greater the intergenerational mobility the less the next generation's income depends on opportunities than on ...
I won't link to that blog entry directly (since it eats into my free 20 entries/mo.into NYT), but you can get there without using any free entries to NYT by clicking on "go to Krugman's blog" instead of clicking on any of the individual blog entries... use this link..
Anyway, the ...
Kudlow in his last paragraph of blog entry entitled "GOP Needs a Bolder Growth Message":
...I'm referring to the following chart:
You'll note that the divergence begins during the period where GDP was flat ... which is the period in the late '70's where interest rates were increased to tame inflation. During that period the median family income fell wrt per capital GDP. When the economy recovered, median ...
This is what's meant by "trickle-down" economics... obviously a rising tide doesn't lift all boats by the magnitude of tidal rise though... the middle 5th only got 1/3rd that of the top 5th... the 2nd 5th less than 1/4, and the bottom 5th just 1/7th. "Trickle' overstates what comes down though... more like a "slow drip"...
This write-up on Hungary's anti-democratic constitution illustrates how easy it is for a parliamentary body (or in US case, a congressional body such as our Senate & House) to rewrite the parliamentary rules which can virtually change things overnight. In the US a constitutional amendment requires 2/3's of states to ...
The chart shown in Krugman's blog is originally from this source this source. The chart shows:
Inflation-adjusted GDP per capita and median family income from 1947 (the earliest year for which the income data are available) to 2007. To facilitate comparison of the over-time trends, each is indexed to its 1973 level.
...