Comments on: The U.S. election and living in the economic past http://blogs.reuters.com/chrystia-freeland/2012/08/30/the-u-s-election-and-living-in-the-economic-past/ Sun, 28 Jul 2013 14:34:09 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: PeterG22 http://blogs.reuters.com/chrystia-freeland/2012/08/30/the-u-s-election-and-living-in-the-economic-past/#comment-10017 Sun, 14 Oct 2012 14:36:05 +0000 http://blogs.reuters.com/chrystia-freeland/?p=1744#comment-10017 Here’s what’s important about this election:

Mr. Romney, already paying a lower tax rate than many middle class workers, wants to lower his taxes and the taxes of his billionaire friends even further. Romney has embraced Ryan’s budget, already passed by the GOP House, that would reduce Romeny’s 14% federal tax rate to 1%.

As a result of our overall system of taxes, Romney pays 14% of income gains in total taxes (fed, state, local, indirect corporate) while a minimum wage worker pays over 30%of wages in total taxes (fed, state, local) .

Unfair, yes. But worse still is the that it would damage our economy further. (Mr. Obama said this at the Denver debate. Was anyone listening?) See the brilliant third graphic down at: http://www.flickr.com/photos/88200571@N0 5/ showing how the favored tax treatment of wealthy investors is sabotaging are economy.

[The Great Depression followed a huge Republican tax cut for the wealthy resulting in the top 1% accumulating 40% of the nation’s wealth. That’s exactly what happened before our current Great Recession. Coincidence?]

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By: Nurgle http://blogs.reuters.com/chrystia-freeland/2012/08/30/the-u-s-election-and-living-in-the-economic-past/#comment-9271 Sat, 22 Sep 2012 00:02:52 +0000 http://blogs.reuters.com/chrystia-freeland/?p=1744#comment-9271 Another difficulty not faced during previous economic transformations is the greatly increased population present. We have been very successful at improving efficiencies and productivity, but if coupled with a massively growing population this results in displacement for a large numbers of people who consequently now have fewer sector and geographic options for livelihood. I agree with the assumption that eventually circumstances (including birthrates) will work themselves out, but, as author postulates, we’re experiencing an extremely flawed disconnect between actual concerns and the concerns for which “solutions” are being offered.

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