MoneyNews - Mundell: Tax Hike Will Cause RecessionYou know, I've never understood how that was supposed to work. You take money OUT of the economic flow, and the economy is supposed to do better?Nobel Prize winner and Columbia University economist Robert Mundell, a principal contributor to the creation of the euro, says that ending the Bush tax cuts — as proposed by presumptive Democratic presidential nominee Barack Obama — would cause "a big recession, a nosedive."
In an interview with The Wall Street Journal, Mundell said, "the most important thing that could be done with respect to tax rates is to make the Bush tax cuts permanent."
Mundell, an expert in many areas of economics including the proposition that low taxes stimulate an economy, also provided the intellectual groundwork behind the Reagan tax-cut revolution.
Well, they used to believe in bleeding people at one time, too. The Democrats are apparently still at that level of thinking regarding the economy.
J.
Comments (1)
No-no-no, Jerry! It's 'taking money from people who have more than they need' and 'giving it to people who know how best to spend that money to benefit Society as a whole'! Just remember: 'The Greedy,' 'The Needy,' and 'The Wise.'
Lin and I are in the top three percent of earners in the U.S. (considered as a household). We are, therefore, People Who Have More Money Than They Need.
(Something I will remind myself of while writing checks to cover Neil's college tuition, and Colin's cystic fibrosis medications, and Lin's medications for diabetes and Crohn's and high blood pressure and cholesterol and -- )
Posted by RNB | July 25, 2008 2:39 PM
Posted on July 25, 2008 14:39