The always interesting Nihon Cassandra has an excellent list of “25 Things I Learned in the 25 Years After My First 21 Years,” all of which are worth reading. Number 25 was particularly relevant to today:

25. It is quite obvious that America has a Government Revenue Shortfall problem, rather than a Government Expenditure Problem (since spending is bottom quartile, and revenue bottom quintile compared to peers), AND that the revenue shortfall is caused by historically low tax receipts collected from the wealthy, demonstrated by comparatively low marginal rates vs. last 8 decades of economic history. Far from stimulating growth (ahhhem….errrr Dr. Laffer…??!?!), these comparatively low marginal rates over the past decades have enriched a very few quite dramatically, while impoverishing the next generation of the many in terms of per capital debt.

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