Monday, July 17, 2006

To Put It Another Way

How to redistribute wealth and influence people. From the commies at the Wall Street Journal (07.17.06), via Washington Monthly:
"In announcing a big drop in its estimate of this year's federal budget deficit, the Bush administration was quick to credit itself. 'Tax cuts worked to generate economic growth, and economic growth is now working to raise revenues,' White House budget director Rob Portman said last week during an online discussion with the public." WSJ.com - As Bigger Piece of Economic Pie Shifts To Wealthiest, U.S. Deficit Heads Downward
"But this explanation falls short. While tax revenue is growing far faster than the Bush administration forecast in its budget projections in February, the nation's economy isn't." The size of the economy hasn't changed. What's changed is who's getting how much of it. And guess what? It ain't you. Here it is, in all it's glory. Supply-side economics revealed succinctly and pointedly: "The share of national income going to corporations and the wealthiest individuals, already large, has expanded, while the share going to typical wage earners has shrunk. Because corporations and the wealthy generally pay income tax at higher rates than does the typical wage earner, that shift benefits the federal Treasury." Same pie, but you're getting a smaller piece! Oh and with a piece that small, whipped cream is extra.

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