John Lott
is best known to the public for his outstanding analysis of gun control
legislation, but his research as an economist extends far beyond that topic;
and he here gives us a devastating account that covers the full range of the
Obama Administration’s economic policy.
Readers
stirred to anger by the simpleminded statism of Paul Krugman will be delighted
by Lott’s demolition of several of his claims. To those who urge that high
taxes on the wealthy discourage investment, to the disadvantage of us all,
Krugman often recalls the palmary era of the 1950s. Did we not then see very
high tax rates together with high rates of economic growth? “In the 1950s
incomes in the top bracket faced a marginal tax rate of 91, that’s right, 91 percent,
while taxes on corporate profits were twice as large, relative to national
income, as in recent years.” (p. 200, quoting Krugman)....To Read More.....
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