Tuesday, July 3, 2012

Those Irresponsible Rich People!

Barack Obama's top economic adviser, Alan Krueger, has uncovered yet another mystery on top of the "discovery" made by Paul Krugman and echoed by the president. Yes, it seems the rich are not spending "enough."

No doubt these rich folks are stuffing their mattresses full of paper money and then sleeping on it. Oh, the humanity! Confiscate everything! Make them spend!

12 comments:

Anonymous said...

Didn't Walter Block once write an essay explaining how a miser is a good neighbor?

Tel said...

The rich folks seem OK about spending $10k and upwards for the chance to have dinner with the Obamas. Must be either excellent food or entrancing dinner conversation.

One presumes they would chat about topics such as personal spending, and wealth confiscation, and who should wear the brunt of it. Personally I think that the wealthy in the USA had nothing to fear from Obama and never did. The middle classes might be a bit more worried. The "tax the rich" cry is just a hollow catcall to the OWS crowd who are a bit too thick to know how readily they are being sold out.

By the way, I note that in 2008 the major Obama campaign donors were the various big banks, but now these banks are turning up on Romney's donor list. Is that important? How much power do the banks have exactly?

Can anyone explain the difference between Obamacare and Romneycare?

William L. Anderson said...

Good points all, Tel! Especially the last one.

Pulverized Concepts said...

Yes, the old comic book scene of Scrooge McDuck swimming around in his money silo is based on reality. It isn't just Krueger and the Obamans that have lamented lack of spending, GWB did so, too. And if consumers are to turn their paychecks into purchases as quickly as possible, aren't the retailers and manufacturers obliged to do the same? So who forgoes immediate consumption by saving and thus providing the wealth for new capital? Or is that concept now passe'?

Tel said...

PC: people can only forgo immediate consumption to provide capital if they have reasonable certainty about that capital in terms of property rights, predictable future inflation rates, legal framework, and expectations of low corruption.

If you can't get those things then just don't bother with investment. Complete waste of time.

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