06 April 2012

So ¿What Went Wrong?

Dear Dr. Bones,

A couple of Wall Street Jingoes have figured it all out an’ boiled it down for apprehension by the meanest intelligence:

Growth in income inequality is largely the result of three dynamics:

1) Changes in the way Americans pay taxes and manage their investments, which were a direct result of reductions in marginal tax rates.

2) A dynamic shift in the labor-capital ratio, resulting from the adoption of market-based economies around the world.

3) The flourishing of economic freedom and technological advances in the Reagan era, which were the product of lower tax rates, a reduced regulatory burden, and an improved business climate. These changes have not only raised the measured income of the top 1%, they benefited the nation and the world.

(( Paddy would not want to get lured into an attempt to gloss Holy Writ, but the fact that their freelordships found it advisable to take on that second sentence to Oracle III suggests to me that not everybooby is assumed to have seen the benefits already. Indeed, that a few recalcitrants may not see them even with the freelordly an’ kiddiamgisterial pointin’ out garciously provided. ))

Happy days.

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