Nobel Prize winning economists' opinion on...

http://taxprof.typepad.com/taxprof_blog/2008/10/hundres-of-econ.html

Still, it's going to happen, and it's going to prolong the recession and increase the risk of depression. The Obama supporters will think they are "sticking it to the rich" and feel good. Too bad their jobs may be in jeopardy because the people who produce jobs will have no incentive or extra money to expand the factory, invest in new capacity, and will have to cut back.

But, Obama will bring back the New Deal and have people digging holes and then filling the holes back up. That doesn't create wealth. But it does make people more dependant on government, which is the end purpose of it all.

Comments: 2

WM H. Oct 23, 2008, 11:45am EDT

"....because the people who produce jobs will have no incentive or extra money to expand the factory, invest in new capacity,"

Nor will they have incentive to expand if nobody has the money to buy their products. Tax policies that put more money in the hands of consumers will increase demand.

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Winston Smith Oct 23, 2008, 1:20pm EDT

Ah, John Maynard Keynes! 20 years ago in my college ecomonics classes they were already debunking his theorys. Look up the "marginal propensity to save" and Keynesian Economics.

And my friends say the Obama isn't the next Carter Administation!

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Nobel Prize winning economists' opinion on the proposed tax increases.

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