I would first like to apologize to a couple of Commentators this Morning, who I accidently deleted from my Mail Directory, without posting their subject matter. The First suggested that the higher rate of economic growth came after the growth of Big Government, making a mistake in assuming that Big Government came only after 1950. I once suggested to an academic institution that I should teach a Course on the World War economies, for which I was laughed at; something about Who wanted to listen to Me in the first place, and second, what possible audience could I possibly expect from such a Subject. I can definitely state, though, that Big Government with all the innuendo it implies, started with the 1863 Transcontinental Railroad Act and has flourished ever since. The second Commentary brought a suggestion a higher economic growth rate started after 1993 because of lowered Tax rates, something of a falsity. Tax Cutting had been going on since 1981, was relatively continuous in nature until 1997, when the Profits-Takers lobbied their way to control of Congress–better Time Frame. The imagined higher economic growth rate should also account for the losses since the S&L Bailout of the mid-1980s; financial and Security Paper failures from then to currently exceed a probable $12 Trillion which should be subtracted from any proposed great economic growth rate. Anyway, Sorry for the loss of the Comments–My Bad!
Brad DeLong gives a fine example of talking above the Understanding Level of ordinary Students with this Piece, which requires a knowledge of Characters, a knowledge of economic Concepts, and awareness of both distant and recent economic outcomes. Brad lost myself from the use of the Word ‘Agathon’, though I would roundly reject Those who mutter that I probably lost it with the use of the Word ‘Professor’. I wonder seriously about ‘value neutral economists’ as I think most of them want to get paid; definitely not a value neutral supposition. I do know that Brad sometimes makes it extremely hard to follow an argument, especially when he turns to whimsical declamation.
Study the Graphs in this Post, and ask yourself if you feel a great deal of Sorrow for the overtaxed Rich. Nothing is ever as simple in economics as it looks, especially in the arena of Taxation. The Rich, and their Advocates, always deride the nominal rates and their purported Statistics, though I often wonder How they generate these computations; nominal meaning nominal, a factor quantifying Hot Air. The Soak-the-Rich group uses real numbers and final outlays of Cash, often insisting that the Sponge has not been wrung out enough, and more pressure should be applied to the Rich. I agree with both Sides, and suggest that the Taxes should be directed towards my own Reward. The detailing factor in all cases, lie in the Protest raised by Anyone who is taxed, and the denial utilized by Anyone with potential of being taxed. Oh–I forgot–I should remind that Tax Day is coming! lgl