I don't know who this guy is, but it was an interesting read. He says the US is due for another revolution a-la Egypt if we don't tax the rich much more heavily and stop them from having all the fun, darnit!! Because they really don't need or use all that money. Of course, he and I are not on the same philosophical page.
My favorite part was his suggestion (granted, probably not fully fleshed out) that tax cuts lead to higher youth unemployment. "1. Warning: Super Rich want tax cuts, creating youth unemployment" I don't really understand that connection. Do any of you? You know what really does cause youth unemployment? The minimum wage. Youth are the least skilled workers and the majority of minimum wage workers. Because of their low skill set, they are often not worth paying $7.25 (at least) an hour. Therefore they aren't hired. Get rid of, or significantly lower the minimum wage and BING, the kids are worth hiring.
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I guess what people don't really think about, nor "flesh out", is what the "rich" really do in the economy and unemployment. We, because we live in Orange County, are considered "rich", though we don't feel very rich. Going on year 7 of college tuition, (Too rich to get any financial help) and a declining economy, we have enough money to make our cuts. The first things we cut were: personal fun cutting out vacations, passes to Disneyland, etc. - result was underemployment for others; Then we cut personal care or new clothing, nails, hair, the result was leaving several people with less employment; Next were: house care - pool, landscaping, maintenance, housekeeping - 3 more people under employed. After we made those personal cuts, the boss, for the first time in his 20 year practice, had to let go of one of his legal assistants. Mind you, our tax burden is over 6 times what her salary was. And, if necessary, we will cut out more "frills", before the remaining 8 years of expected college tuition. The result of us cutting out our "frills"? Under employment for other hard-working people.
Who studies economics and trends anyway?
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