Moving Beyond Bailout Economics

John Cassidy: “In recent decades, it almost seems as if the best thing that can happen to the rich is for something to drive the economy into a ditch and prompt the Fed to turn on its money spigot. Such is the upside-down logic of a world in which the ownership of financial and industrial capital is so lopsided.”

“The corporate and individual tax hikes contained in the White House’s recent budget proposal would reduce the after-tax income of the top one percent of households by roughly five percent and increase the after-tax income of the bottom twenty per cent by a similar proportion. If these changes were kept in place for a prolonged period, they could help restore some semblance of equity and balance to the American economy.”