PrintSeptember 30, 2010
More class warfare nonsense from Summers' possible replacement
Class Warfare might be getting a more empowered champion in the White House. Laura Tyson, a possible replacement for Larry Summers as the director of the National Economic Council, has recently been praised in The Nation in an article entitled "Laura Tyson: Tax the Rich, Spend for Jobs." In it she is quoted as saying:
My ideal policy would be to allow the top-two brackets to expire at the end of this year-to move off of the Bush tax cuts for the top two to 3 percent of the American population; to take the resulting additional tax revenue, which is probably in the order of $35- to-40 billion next year, and to take that money and spend it on job-creating programs.At the same day as The Nation's piece. Ms. Tyson had an op-ed published in The New York Times in which she calls for another stimulus. Spewing usual debunked Keynesian economics:
There is too much worry about the size of government, and too little appreciation for how stimulus spending has helped stabilize the economy and how more of the right kind of government spending could boost job creation and economic growth.Ms. Tyson, though obviously a fit in the Obama administration, could not be more wrong for America. Let me counter all the things she said with one simple quote from quite possibly the greatest economists who ever lived, Ludwig Von Mises:
Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other.Besides the fallacious economics, Ms. Tyson represents the overarching view that the Obama administration has on people's wealth. To them people's wealth may be used in any way the State wants it to be used.
