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Nobel Laureate Prescott: Higher Taxes Will Further Stagnate Economy
Newsmax ^ | Wednesday, 12 Dec 2012 10:38 AM | (Newsmax Wires)

Posted on 12/13/2012 12:32:34 AM PST by Olog-hai

Contrary to popular opinion, U.S. tax rates aren’t low, says Edward Prescott, a Nobel laureate economist at Arizona State University.

“Tax rates are already high, much higher than is commonly understood, and increasing them will likely further depress the economy, especially by affecting the number of hours Americans work,” Prescott and Lee Ohanian, a UCLA economist, write in The Wall Street Journal. …

(Excerpt) Read more at ...

TOPICS: Business/Economy; Crime/Corruption; Government; US: District of Columbia
KEYWORDS: fiscalabyss; fiscalcliff; hyperinflation; taxrates

1 posted on 12/13/2012 12:32:48 AM PST by Olog-hai
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To: Olog-hai

they know this... why do you think they’re doing it?

seriously, hasn’t everyone on the right figured out the left’s game plan yet?

talk about dense

2 posted on 12/13/2012 12:44:07 AM PST by sten (fighting tyranny never goes out of style)
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To: Olog-hai

The Communist Party USA is very happy about U.S. tax rates going higher along with the rest of the Democrat Party’s agenda too. The Communist Party USA opposes Republicans, Conservatives, TEA Party and the US Constitution. There may a pattern here...

3 posted on 12/13/2012 3:15:40 AM PST by Son House (Romney Plan: Cap Spending At 20 Percent Of GDP.)
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To: Olog-hai

I thought there was only one Nobel laureate in economics, Paul Krugman./sarc. I wish Prescott would come out swinging with some TV face time. Ohanian ‘s study showed how FDR’s policies prolonged the depression and have been discussed here for years, for any new lurkers.

4 posted on 12/13/2012 3:44:48 AM PST by gusopol3
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To: Olog-hai

Of course they will.

The fact remians, however, thst Obama doesn’t give a rat’s *ss about the economy; he only wants to be seen as redistributing funds from those who work to earn a living for themselves and their families to his own, personal constituency.

Any late arrivals who wonder who that “constituency” is?

Hint: they complain at great length and enormous volume about American “racism” then vote virtually one hundred percent for the candidate with black skin.

5 posted on 12/13/2012 4:17:58 AM PST by Jack Hammer
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To: Son House

The cpusa endorsed obama in both elections.
Saw too many parallels between their candidate and the candidate of the dims.

Shock, the media never discovered that.
birds of a feather.

May they all rot.

6 posted on 12/13/2012 4:21:32 AM PST by Texas resident
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To: sten

correct...they are playing chess.

They are 10 moves ahead of us.

Meanwhile the UN keeps moving ahead with all the wonderful plans they have for everyone and their friends who happen to be running out country are planning how to hand over our sovereignty

7 posted on 12/13/2012 4:22:36 AM PST by Scotswife
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To: Olog-hai

Over taxation and over regulation has shut down business in the USA. Until We the People shutter a few federal agencies....nothing much happens from here forth.

Sitting around waiting for Congress to buy a clue is silly at this point

8 posted on 12/13/2012 4:24:43 AM PST by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: Jack Hammer

————he only wants to be seen as redistributing funds———

Obama is a Marxist Negro in power for the sole purposes of reparations and Utopian construction. His family were slavers and he carries the guilt

9 posted on 12/13/2012 4:37:23 AM PST by bert ((K.E. N.P. N.C. +12 .....The fairest Deduction to be reduced is the Standard Deduction)
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