This paragraph is a bald-faced lie:
Before becoming Mr. Obama’s top economic adviser, Lawrence H. Summers liked to tell a hypothetical story to distill the trend. The increase in inequality, Mr. Summers would say, meant that each family in the bottom 80 percent of the income distribution was effectively sending a $10,000 check, every year, to the top 1 percent of earners.
Communists (Stalin, Lenin, Mao, Castro, Pol Pot) would blush at the class warfare unleashed by the rats. The rats have started a war on capital and private property. The carnage from this war will be devasting. I wish I had some idea how to protect my wealth before they steal it.
He sought to eliminate some corporate subsidies, for health insurers, banks and agricultural companies, that economists have long criticized.And when you add those up, they amount to an extremely small part of Obama's deficit.
He proposed putting a price on carbon, to slow global warming, and then refunding most of the revenue from that program through broad-based tax cuts.
God help us.
The history of the United States economy over the last 70 years can be roughly divided into two periods: the decades immediately after World War II, when inequality plummeted, and the past three decades, when global economic forces and government policies caused it to soar. Mr. Obama is setting out to begin a third period that looks more like the first than the second.
What a moron. In the first period, we were actually producing things and had the capability of paying for the huge, but necessary, deficit left from WWII.
