Sunday, August 03, 2008

Too Bad We Won't Get One

I agree with this, but what do I know?:

The economic paradox we are facing is that we truly need an old-time Dem in office right now. We have got to change our policies enough to put some stimulus into the lower half of the income bracket, and we don't have too many options to do it. We don't have the money to send people checks all the time, and we haven't been saving for retirements so we can't cut taxes much or at all on the bottom two-thirds of the income distribution. Our tax pyramid is sharp enough that we can't afford to raise them too much on the next 20% of the income distribution either, and if you target just the top you are asking for flight. Ronald Reagan did more to raise the incomes of the bottom half of the distribution than the modern Dems, which should tell us all something.