When Art Laffer was selling this bullshit worldwide to people like Reagan, Mulroney and Thatcher, when we altered the tax code in such a way that it would incent the rich to hoard cash instead of reinvesting, but they told us they’d absolutely not hoard cash.
And then the rich promptly hoarded cash. Like, holy shit, who knew!?
So what did we do? We sold off crown assets for pennies on the dollar and offered them public-private partnerships and, this is important, even more tax cuts. And they hoarded even more cash, and came up with more rent-seeking and financializations schemes, leading directly to the housing crisis and failing infrastructure that we have now.
Meanwhile, our productivity has been dropping. What a coincidence! 🤔
This is the part that drives me absolutely nuts.
When Art Laffer was selling this bullshit worldwide to people like Reagan, Mulroney and Thatcher, when we altered the tax code in such a way that it would incent the rich to hoard cash instead of reinvesting, but they told us they’d absolutely not hoard cash.
And then the rich promptly hoarded cash. Like, holy shit, who knew!?
So what did we do? We sold off crown assets for pennies on the dollar and offered them public-private partnerships and, this is important, even more tax cuts. And they hoarded even more cash, and came up with more rent-seeking and financializations schemes, leading directly to the housing crisis and failing infrastructure that we have now.
Tax. Them.