Sunday, May 23, 2010

High Earners, Not Rich Yet (HENRY)

On Fortune Magazine: This is truly a good article about people who earn high incomes but are essentially middle class due to their location and their huge tax burden. Also, a shorter newer article on Yahoo about the same. It also raises a good point that probably most Americans think that these high earners are riding around on charters jets and have Bently's lined up in their garages, which is not the case.
Obama's plan is to punish those who have worked hard to be successful. Also note how most of these people are small business owners, i.e. people who have created jobs for others. Yeah, great plan Obama; Obviously he never took an economics class.


Bach said...

The problem is not government officials ignoring basic economic principles; I am sure they don't.

The problem is that policies based on sound economic principles are unpopular amongst voters. Socrates was right when he spoke about the weaknesses of democracy.

Sal said...

Yes, it is very true. Handouts and other freebies earn votes whereas balancing the budget by cutting those handouts will get one voted out of office.