Saturday, June 27, 2009

News flash! Jobless people spend less!

Sharon Astyk of Casaubon's Book writes about "You Aren’t Losing Your Job, You are Holding Back Consumer Spending!". Sharon writes well, and this piece is brief and pithy.

Sharon may have intended to be sarcastic or snarky, about how unemployed people are slowing the recovery.

But just think, if a $30k job former-worker can hold back the economy, just think what damage a millionaire does when he doesn't spend have his income. Like, when he pays higher taxes.

Or a billion dollar corporation that all of a sudden faces millions and millions of new taxes that they now cannot spend to support their suppliers and shareholders. Why, with passage of one cap-and-tax bill, Congress could be making millions of shareholders act just like fired people - burdens on the economy. And, of course, there is the point that the cap-and-tax legislation passed by the House of Representatives is about taxes, and is only intended to *appear* to limit carbon dioxide production.

I am amazed at how people worry about the economy, and support "redistributing the wealth" at the same time. In the past plundering and pillaging barbarians *planned* to burn their victims to the ground, with nary a thought about what anyone would have to eat tomorrow. I guess the more things change, the more they stay the same.

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