It addresses your point perfectly, you are just too out of touch with half the country to be aware of it. We'll see if the working poor and unemployed agree with you in November.
You've got your work cut out for you trying to convince people that large numbers of the working class sliding onto poverty is a good thing!All it says is that demand hasn't grown as fast. You're not denouncing that people aren't better off than they were in the past. You're just pointing out that growth isn't as quick as it has been.
No one has proposed 70 % tax rates. What has been proposed is eliminating Bush's temporary tax cuts for the wealthy.We're talking about the Bush tax cuts. You want to go back to the 70% tax rate?
Also from my source:From your source:
So I guess all the effects would be temporary, at least according to your source.
"You can call this a fiscal cliff. You can call it Taxmageddon as others have done," said Sen. Orrin Hatch, R-Utah. "Whatever you call it, it will be a disaster for the middle class. And it will be a disaster for the small businesses that will be the engine of our economic recovery."
The results of the elections will have a lot to do with the ultimate solution, but several top lawmakers predict the current Congress will punt the issue into 2013 for the newly-elected Congress and whoever occupies the White House to deal with.
"CBO observes that simply extending all of our current tax and spending policies will produce unsustainable deficits and debt, which will also send the economy into decline," said Rep. Chris Van Hollen, D-Md., the top Democrat on the Budget Committee. "We need to act and we must do so in a balanced way."
It pains me when someone is trying to pass off untruths. The facts show that our tax system has become less progressive over the last 30 years and helped contribute to most of the countries wealth being concentrated at the top, out of reach of the majority of consumers need to to create a demand to drive our consumer based economy. 6 of the Walton heirs own as much wealth as 30% of the US population. Our economy cannot prosper with this much wealth inequality, and as Clinton noted, "Its the economy stupid!"Of course not. How could they be? That doesn't change the fact that everyone one was better off for it. I'm curious why it pains you so much to admit that.