Home Topics in Depth Economics Greed Springs Eternal

  • leftcoastmountains (1423 posts)
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    Greed Springs Eternal

    Jonathan Chait catches Larry Kudlow praising the Orange One for choosing a cabinet of billionaires, because rich men are incorruptible — after all, they don’t need even more money. As Chait says, this is ludicrous on its face; consider, for example, Russia’s oligarchs.

    What Chait doesn’t note is the special irony of seeing this argument from Kudlow, or indeed any right-wing advocate of supply-side economics. Remember, their whole worldview is based around the claim that cutting taxes on rich people will work economic miracles, because of incentives: let a plutocrat keep more of an extra dollar in income, and he’ll innovate, create jobs, lead us to an earthly paradise in order to get that extra income.

    To belabor what should be obvious: either the wealthy care about having more money or they don’t. If lower marginal tax rates are an incentive to produce more, the prospect of personal gain is an incentive to engage in corrupt practices. You can’t go all Ayn Rand/Gordon Gekko on the importance of greed as a motivator while claiming that wealth insulates a man from temptation.

    Now, for what it’s worth, the reality is clearly that even the insanely wealthy generally want more. You can ask why they want it; the hedonistic pleasures of luxury must surely top out at a tiny fraction of what the average Trump nominee is worth. Gold-plated toilets don’t flush any better than the usual kind. But for such people, money is about ego, power, winning the game. Greed has no limit.

    http://krugman.blogs.nytimes.com/?ref-http://360horizon.blogspot.com/

    Last night while listening to a local radio station I actually heard the term “trickle down”. I thought are you fucking kidding me?!

    The radio host was talking to  Gerald Celente. Here we go again! I can’t believe the public is going to allow themselves

    to be screwed again?  Also Trump claiming victory because of Sprint bringing jobs back to the US when that was in the works

    way before the election? Oh my god how the hell am I going to listen to this crap for who knows how long? Trump will be taking

    credit for everything that is right. I could go totally dark and refuse to listen to any radio station anywhere any time. UGH! Grrrr!

    spud demon likes this
    #CalExit #Trumpdoesn'tpaytaxeswhyshouldwe

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  • spud demon (564 posts)
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    1. The best toilets are SOLID gold

    and if you’ve never used one, don’t try to tell me I’m wrong.

    Cubs, Google+, Weird Al, BMW