Wednesday, October 29, 2008

From the tax

US tax rates going back to 1913. Notice how the lower rates for the wealthy led us into the depression, and how raising taxes on the wealthy owning class took us out of the depression.

Trickle down economics DO NOT WORK. When the rich get richer, they do not share the wealth. Strong economies are built from the bottom up, by the working and spending class.

This election is the most important in US history as our economy teeters on a perilous edge.

Top Economists Overwhelmingly Favor Obama Plan: 80% Say He Has Better Grasp of Economics

The Economist magazine surveyed members of the prestigious National Bureau of Economic Research (NBER) and responders overwhelmingly think Obama far surpasses McCain in his grasp of economics and think Obama's plan is superior. (h/t to Freakonomics). These numbers are truly staggering! Sorry Marty! (former head of NBER and McCain supporter)

As with the Scott Adams poll, economists overwhelmingly choose to self-identify as Democrats and support Obama. This is no fluke and NBER is the cream of the crop.

(By the way, apparently the Economist is one of Palin's faves!)

UPDATE: (Don Pedro) Thanks to Lerxst for posting this while I was out canvassing in Virginia! I've taken the liberty of changing the title. I also want to highlight key excerpts from the Economist writeup:

Even among Republicans Mr Obama has the edge: 46% versus 23% say Mr Obama has the better grasp of the subject. “I take McCain’s word on this one,” comments James Harrigan at the University of Virginia ..

“John McCain has professed disdain for ‘so-called economists’, and for some the feeling has become mutual,” says Erik Brynjolfsson, a professor at the Massachusetts Institute of Technology Sloan School of Management. “Obama’s team is mainstream and non-ideological but extremely talented.”

Mr Obama, says Jonathan Parker, a non-aligned professor at Northwestern’s Kellogg School of Management, “is a pragmatist not an ideologue. I expect Clintonian economic policies.”

Twice as many economists think Mr McCain’s plan would be bad or very bad for long-run growth as Mr Obama’s. Given how much focus Mr McCain has put on his plan’s benefits for growth, this last is quite a repudiation.


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