Mark Thoma presents a good Post on environmental concerns, stating that Business must be forced to internalize the Costs of ecological damage. It is also equally obvious that Daniel Schrag has never before had the opportunity to testify before a Congressional Committee. Such Hearings always combine the worst Clowns with the budding Geniuses, so that Committee members can appear astute in their choice of the Right course. It is not so much like a Circus performance, as like a Carnival Midway. Woe to those Congressional Aides who allow Our Esteemed Elect to appear like dolts and idiots before the cameras.
Brad DeLong puts together a good Piece examining the issue of inequality, from the viewpoint on how statistics are gathered to support the various claims. Wealth remains much harder to evaluate, than is Income; close examination will illuminate Wealth consists basically of the retention of Income over long Periods. Even a small Percentage increase in Income retention over substantial periods of time will bring vast difference in total wealth attained between two Incomes, despite their being the same. The methodology of Income retention should be studied, and the relative ‘fairness’ of those methods, before tirades are issued. The probable greatest source of Income inequality has been the passage of 401(k) style tax escapes, starting I believe in 1977 (memory is a dubious thing). These tax escapes, though, are popular (even among Economists); it is easier to rant against growing Income inequality, therefore, than to actually examine the cause of it.
Dean Baker suggests We need to examine how We finance the Research and Development of Drugs in this Country, not simply rant against the excesses the Drug industry is caught in (did you notice how sneaky I was, so I did not have to type pharmaceutical correctly?). Check both his links provided at the bottom of his Post. lgl
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