Envy to Blame When Tax Increases for “Filthy” Rich Demanded

What happens when the middle class loses ground?

Pundits whine. Politicians rant and rave. Bashing the rich becomes more popular. Resentment rises. Envy increases. And so do tax rates.

The rich cease being objects of admiration. They become “filthy.” Roger Cohen, writing in the International Herald Tribune, bemoans the fact that while the “filthy” rich get even richer, “fabulous wealth creation has been unmatched by improved education. Teaching that will get you recognised in a global world is denied minority kids in failing schools.”

We don’t know what that means…maybe he means that people who teach minority students are dumbbells. And maybe they are. And maybe he thinks paying them more money will make them smarter.

Poor Mr Cohen. He has so much faith in the rich! He thinks they can do anything. Hedge fund managers expertly exploited this go-go credit bubble market; now they can do something about public education!

“Hedge fundocrats…should consider ways to pile money into ending this national failure.” What faith he has…in people with money…and in money itself. Pile it on. Push it in. Stack it up. Is there any problem more money can’t solve? Money has been pouring into “education” for the last four decades – while educational achievement levels fell. Still, Cohen thinks more money is the cure…not the problem.

Then, of course, he goes on to want to take money away from the people who have more of it. The rich get much of their money from capital gains, he complains, which are only taxes at a 15% rate, rather than the 35% top tax rate.

Expect more of this, dear reader. Brace yourselves.

Bill Bonner
Markets and Money

Bill Bonner

Bill Bonner

Since founding Agora Inc. in 1979, Bill Bonner has found success and garnered camaraderie in numerous communities and industries. A man of many talents, his entrepreneurial savvy, unique writings, philanthropic undertakings, and preservationist activities have all been recognized and awarded by some of America’s most respected authorities. Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind Markets and Money.
Bill Bonner

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yes and no….. ‘capitalism’ is a euphamism for corporat welfare statism. it is far removed from it’s “free trade” origions, also, people are tired of state socialism !!! the poor vote their own way. it involves drugs and prostitution. the elders are worried about their progenies future and our money based society is essentially dead in the water…. go team USA. the future is now. but what will people be thinking in 2 years time, when essentially the sins of humanity against the planet ushers in the NEW AGE and the earth begins to shift radically. it may make surviving… Read more »
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