The inequality and growth debate is a red herring. It just doesn’t matter. The problem is inequality, and its solution is simple.
How can sales of super-luxury cars grow at super-fast rates during a recession? The answer is simple: it’s not a recession for everyone.
Call it vote-buying if you want, but when a government effectively buys the votes of 80 or 90 percent of the population, I call that government of the people, by the people, for the people.
How can things be so much worse now when the economy is essentially in the same place it was five or six years ago? The answer in two words is: Rising inequality.
Who won in the fiscal cliff deal? The lawyers, the doctors, the dentists, the middle managers, the advertising executives, the whole MBA crowd.
For a small business, a tax is a cost like any other. It’s important to keep costs down. But it’s even more important to keep costs lower than your competitors.
Romney went to the trouble of filling out a Form 4684 (Casualties and Thefts) to report losses of $39. One can only wonder what was broken or stolen. I like to think that the $39 were lost in the world’s smallest shipwreck. I guess it’s just the romantic in me.
In the real economy – the place where the 99% live and work – it’s hard to take Mitt Romney’s plan seriously; but let’s try to make sense of it anyway, unhindered by logic, arithmetic or the laws of time, space and gravity.
We can climb down the fiscal cliff in three steps: let the “temporary” Bush tax cuts for the rich expire on January 1, let military spending fall as the war in Afghanistan winds down, and wait for the economy to improve.
Austerity is a political decision, not an economic one. It benefits the few at the expense of the many.