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Politics : Formerly About Advanced Micro Devices
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To: Joe NYC who wrote (354564)10/12/2007 11:09:47 AM
From: combjelly  Read Replies (1) of 1572776
 
"major one being the pursuit of Keynesian ecomonic policies."

Umm, we have even bigger deficits without a Keynesian economic policy. So it isn't strictly a Keynesian phenomena.

"Inflation didn't just happen, it was caused by Keynes inspired monetary policy."

I didn't claim the inflation just happened. It was a direct result of the government being unable to sell enough bonds to cover the deficit. So they had to print the money. And then people started taking on more debt because they were smart enough to realize that inflation meant that when they paid the debt off, the dollars used would be worth less. And that further inflated the money supply.

"Oh yeah, "excess savings" was another major problem, according to Keynes."

There was no talk of excess savings during that period. In fact, all the talk was of insufficient savings. Had been since the 1950s.

"If you are facing 70% marginal tax rate (federal tax alone), would you work an extra hour for 30 cents on the dollar?"

Talk about academic arguments. People in any of the 70% bracket over history didn't get paid by the hour for the most part. And those sort of incomes tended to have a large number of tax breaks associated with them. So, by the time you got up to anywhere close to actually paying 70%, you were well out of the range of middle class.

So issues of whether or not the wife should work were just non-operative.

"So when you have incentive to work, increasing income inequality is a logical conclusion."

So income inequality, along with all its negative social impact, is a good thing? You truly believe this?
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