According to the NYT, the economic recovery is stalled bc the rich are nervous about spending their money.?
"One of the reasons that the recovery has lost momentum is that high-end consumers have become more jittery and more cautious," said Mark Zandi, chief economist for Moody's Analytics. So does this mean the NYT believes in trickle down economics which requires the rich to spend money? Should we conrfiscate more of their money if they refuse to spend it? Do you agree that the govt should confiscate it and spend it for them?
Asked By: TAT - 7/18/2010
Best Answer - Chosen by Asker
I don't agree that the federal government should confiscate private property and spend it in the name boosting high-end consumption. Not only would it be unconstitutional to do so without providing just compensation, it would be ineffective unless your suggestion is to upgrade the government's motor vehicle pool from... More
Answered By: TK - 7/18/2010
Additional Answers (3)
Yes, put the tax back to 50% like it was during Reagan's term.
Answered By: MartinK - 7/18/2010
No, it doesnt mean that the NYT believes in trickle down economics, it means that trickle down economics was put in place, and thats why we're stalled...Bush transferred all the wealth to the rich and they sat on it...for most of his admin there was no money, and people survivied on credit and equity on their homes, so... More
Answered By: Dave87gn - 7/18/2010
No, and I also believe Zandi is incorrect. The rich have never driven recoveries. The people who are nervous are the the Middle Class. They're also the ones who are also being hit the hardest with taxes and need the most relief.
Answered By: Will - 7/18/2010
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