1) It makes it take longer to end up with a fortune. In fact it makes people build andearn a fortune, instead of shooting for quick windfalls. This forces long-term thinking and planning instead of short-term scheming and scamming. If grabbing everything in sight and running doesn’t pay off anymore, you have to change your strategy.
4) Combined with badly-needed cuts in military spending – we spend more on military than all other countries on earthcombined – taxing the wealthy ends budget deficits and starts paying off the massive Reagan/Bush debt. This reduces and ultimately eliminates the share of the budget that goes to pay interest. The United States now has to pay a huge share of its budget just to cover the interest on the borrowing that tax cuts made necessary. Paying off the debt would remove this huge drag on our economy. (Never mind that Alan Greenspan famously called for Bush’s tax cuts by saying it was dangerous to pay off our debt – now that same Alan Greenspan says we need to cut benefits to retired people because our debt is so high.)
Another way to think about America's challenge of paying for what she wants is the Maximum Wage concept. We have all heard about the Minimum Wage, but what is the relationship between the two and what should it be?
What we are really talking about in this article is a kind of basic financial cultural literacy necessary to understand American human development and human development in general. A nation's rising economic development does not necessarily lead to rising human development (health, education and welfare) for its citizens. Every citizen should have a working knowledge of these relationships if one is to vote in one's self-interest. There are reasons we cannot let the corporate crack mules, known as TeaBaggers, turn America into a corpocracy. For more information I recommend a web site called Too Much. The site is an important resource on economic excess and inequality. Personally, I love the abundance of graphs for the average man at the site.
How do you think we should Pay for Health Care Reform and the other things our country needs.