February’s Job Numbers Are Worse than You Think
March 11, 2015
News Article
February’s job numbers are worse than you think. Why? Inequality is rising. Does the left really care anyway or are they being hypocrites? Krugman perpetuating myths about wage stagnation. Have middle class incomes been stagnant for 40 years? Only if you leave out 40% of their income. And more.
Which does the left care about more: inequality or big government? The top 10% of income earners pay 68% of all federal income taxes while earning 45% of all income. The bottom 50% pay 3% of income taxes but earn 12% of income. (See here.) Suppose there were a way of taking half the income away from the top group and giving it to the bottom group. My back-of-the-envelope calculations show that the federal government would lose one-fifth of its revenue. In other words to sustain the current level of federal spending, we need lots of rich people paying high marginal tax rates.
