And, I feel compelled to add, the money is taxed away so it can be used by the inefficient government, i.e. when it is not used to build bombs to kill Afghans. And we are supposed to work additional hours to make ends meet for this grand delusion?When tax rates go up high income professionals work more NOT less as income effect dominates substitution into leisure effect: see 1990s
Thursday, September 22, 2011
No Kidding Nouriel, That's Because the Money You Want to Tax Away is Important to Them
Nouriel Roubini tweets:
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If Roubini wants "high income professionals" to work harder, why don't him and his buddies like Krugman break out the whips and make it happen?
ReplyDeleteThere's two things here. One if the fucking audacity of these bastards to essentially say "Hey, we can make these stupid fuckers work even more for us! Slaves are moron!" The other thing is they may work more to point, but eventually they just say "fuck it, I can implement a personal austerity with a lot less effort." Then the production from the "slave" drops dramatically.
ReplyDeleteif i were to choose to donate money to the government, i'd give some for medical care for poor people, esp children, and some to educate kids until we can get the government out of the education business so kids can get educated for real. other than that, i wouldn't donate a penny. it's amazing to me the arrogance of these people.
ReplyDeleteI just despise the way lefty intellectuals look down their nose at anyone who resents being stolen from. ESPECIALLY when the money goes where it does in this country.
ReplyDeleteThis is one high income professional that has spent the past year downsizing, largely out of necessity (my income is 2/3 of what it was in 2008) his lifestyle to accommodate lower future earnings. I have absolutely no intention of working harder but instead just enough to pay the bills and not eat into savings. I already have enough wealth and I'll be damned if I am going to work hard only to share 1/2 of my income with the government. Let someone else do it. Maybe that's the intention after all. Share the work.
ReplyDeleteOf course, if someone else does the work I don't do, chances are they'll be in a lower tax bracket which means the government doesn't get its greedy hands on more money which makes it all fine with me. Anyhow, that's my plan.
Why do they call this bum Dr. Doom? I can't figure this idiot out at all, another run of the mill economic professor with a cell phone. Mundane and economically predictable. I wonder if he is working up to replace Bernanke. The power elite are using this guy as a front man.
ReplyDeleteI don't think he's right on this. Like most technocrats interested in controlling people, he's just correlating data without bothering to ask what other factors were involved in the results. There are other explanations for any increase in productivity: expansion of international trade, new technologies, Fed machinations, etc. To just chalk it up to, "they'll just work harder," is sloppy and retarded. The man should be ashamed for being so transparently political.
ReplyDeleteIt should be noted that compared to the 1990's, today there are MANY, MANY other places in the world that have opened up and are now opportunities. The risk factor involved in investing in Asia, South America, or any other place has dropped dramatically. With new taxation, capital flight is much more of a possibility now than in the 1990's.
On top of all of this, he sets aside the moral questions of forcing anyone to work harder, as well as tax money being funneled to politically connected corporations like GE, Haliburton, Solyndra, etc and used on useless death and destruction.
Were he not so connected to the political scene, it be near impossible for me to take Roubini seriously as an economist.