Occupy Wall Street Notes & Tidbits….
The New Yorker asked some random OWSer’s a few questions, this one is indicative:
Economics for Politicians Chapter 4A: By Definition the Government Can Not Create Wealth [Reader Post]
A favorite straw man of the left is to claim that Tea Partiers want to abolish taxes and/or government. This could not be farther from the truth. What is being questioned is how wisely our money is being managed by our elected officials. This is where the question over the wisdom of trillion dollar deficits comes into play. To paraphrase one of your most admired orators, “It’s not racism; it’s math.”
Citizen Cain’s 9-9-9 Plan [Reader Post]
The idea behind Herman “Citizen” Cain’s 9-9-9 plan is, there will be a 9% personal income tax, a 9% business (corporate) tax and a 9% national sales tax. This will replace all other federal taxes (the capital gains tax, social security taxes, the death tax, etc.).
There are several criticisms, the chief two being, (1) 9-9-9 today will become 20-20-20 tomorrow; and (2) everything is going to cost 9% more. These criticisms are less problematic than you might think.