Writing for the New York Times, David Cay Johnston and company performed a little analysis. The assignment from the paper was simple: “Set up conditions any way that works in order to make Bush’s tax cuts look as if they favor the rich, and make the rich look like fat crooks lighting cigars with $100 bills taken from the lower classes.”
As usual, when doing the numbers, the Times looks at the raw numbers and not the percentages when convenient, and percentage data if it happens to support their presupposition. This is done in a case-by-case basis.
Anyway, the bottom line is, the rich are doing better than the poor under Bush. I’ve got some bad news, Mr. Johnston… the rich are always doing better than the poor under anybody!
So, what’s the point the story hints at? The rich need to be taxed much heavier. Yep, the only solution, or what’s “fair”, is to drag everybody down, instead of finding ways to make the lower classes flourish upward.
It’s always amazing to witness the lack of grasp even some so-called educated people have on economic realities. Mr. Johnston and the rest of the NYT need to read my column, “Econ for Kidz” to brush up on reality.