Wednesday, November 09, 2011

quote for the day: screwjob edition

"Many economists argue that the chained CPI is more accurate because it assumes that as prices increase, consumers switch to lower cost alternatives, reducing the amount of inflation they experience."

Like substituting dog food for meat? This is one of the stupidest rationalizations I've heard from economists, in a long line stupid rationalizations.

The quote comes from an article about a plan in Congress to cut social security payments while raising social security tax rates (on ordinary folks - no mention is made of raising the ceiling on social security tax rates, of course). It would also gradually lower the level at which one is considered to be in "poverty".

So, to sum up, it's okay to lower the level at which one is considered poor. It's okay to raise taxes on working people. It's okay to cut benefits for people who've paid into the system for years.
But it's not okay to tax the super-wealthy, the only people who've made gains (and not just gains, but super gains) in the last few decades, even if it means merely returning to the levels of the previous decade (before things started to go to shit for the rest of the country).


Omnipotent Poobah said...

...and this surprises you, how?

daveawayfromhome said...

Oh, it doesnt surprise me. In fact, it no longer even surprises me that they feel that they can pass this crap, let alone talk about it, without the expectation of rioting.