Theft seems more appropriate to me.
]]>i know that, but i’m still trying to convince people that the true term for it is theft.
.-= last blog ..Game on! =-.
These people are allowed to come in and trash the place and destroy viable companies. Something really needs to be done.
]]>Krugman snarks on his blog today, Back when socialists like Eisenhower ran the country, and taxes on the rich were much higher, there was less temptation to run big risks with other peoples’ money in search of giant bonuses. Heh. Rent-seeking behavior of this sort also was less tempting, because you’d have to pay 90% of the profits to the government. Instead, you invested for the long term and waited to reap your profits once your income declined to below the maximum marginal rate number. This gave you incentive to keep the companies you owned healthy and operational for the long term, and the end result was the greatest increase in prosperity for America and Americans that ever happened in American history, all of which ended with the election of Ronald Reagan.
Since the election of Ronald Reagan and the changes in the tax code to encourage rent-seeking behavior rather than long-term investment, the average wage has gone down in real terms, and median family income increased only because more women entered the work force. Even that last is no longer happening — during the Lesser Bush Administration, median family income declined for the first time since WWII. These are facts, easily ascertainable by looking at the economic data. Yet you still have dunces who refuse to admit reality and insist that their particular ideology actually works. Maybe in the land of cotton candy trees and unicorns, but data says that here in this reality, they’re full of shit.
– Badtux the Economics Penguin
.-= last blog ..Quote of the day =-.