November 07, 2008
Anti-Obamanomics: Why Everyone Should Be in Favor of Tax Cuts for the “Rich”
People have not grasped the profound insight of Mises that, in a market economy, in order benefit from privately owned means of production, one does not have to be an owner of the means of production. This is because one benefits from other people’s means of production—every time one buys the products of those means of production.
[...]
In contrast, the view of redistributionists, such as Obama, founded in the most complete and utter ignorance, is that the only wealth from which an individual can benefit is his own.[...]The redistribution of wealth is allegedly necessary to enable an individual who does not own the wealth presently owned by others to benefit from that wealth. Only as and when their property passes to him can he benefit from it, the redistributors believe. This is the kind of “largesse” Obama intends to practice. It is taking funds from those most prodigious at accumulating capital, capital that would benefit all, and then giving the funds to others to consume.
Now, it's a very long blog post on economics, so it don't exactly read like Frank J. But this blog post does a good job of explaining why tax cuts for the rich are better than tax cuts for the middle class. I plan to tuck the $1000 example away in my brain in case I ever need to explain it to someone.
Leofwende linked to this post: The Myth that Laissez Faire Is Responsible for Our Financial Crisis. I mean, duh, how could I not want to click on that? And after reading it, I finally clearly understand what happened to lead to the bailout.
I will have to keep reading George Reisman's Blog. Get my smart on.
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Posted by: Ruth H at November 07, 2008 04:07 AM (4eLhB)
Posted by: CaliValleyGirl at November 07, 2008 05:40 AM (irIko)
Posted by: Leofwende at November 07, 2008 06:20 AM (cZoqf)
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Posted by: Guard Wife at November 07, 2008 07:12 AM (eb8pN)
Posted by: Leofwende at November 07, 2008 07:38 AM (cZoqf)
Posted by: CaliValleyGirl at November 07, 2008 07:45 AM (irIko)
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Posted by: Guard Wife at November 07, 2008 11:26 AM (eb8pN)
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