An editorial from CNN Money the title of which pretty much explains it all.
Click anywhere below for the entire story.
A 30 second read, easy, small words.
Apologies for snide editorialization.
I'm starting to crack.
Raise taxes now -- the elders of the economy say so
Because, as we all know, all these guys really know what they're doing.
NEW YORK (CNNMoney.com) -- First it was Greenspan. Now one by one other elders of the economy are speaking out against deficits, and they're making the surprising argument for higher taxes.
Former Federal Reserve chairman Alan Greenspan was first and has taken the most extreme position, arguing that all of the Bush tax cuts of 2001 and 2003 should be allowed to expire.
Greenspan, no fan of big government and an initial backer of the Bush tax cuts, allows that higher taxes now could lead to slower economic growth, but has said that chipping away at the deficit is more important.
Joining him -- at varying degrees -- are David Stockman, former budget director in the Reagan White House, and former Treasury Secretaries Robert Rubin and Paul O'Neill.
From The Wall Street Journal 8/10/2010, a letter from Michael P. Fleischer, president of Bogan Communications Inc of Ramsey, New Jersey.
Click anywhere below to link up Mr. Fleischer's letter.
Not a very tough read, recommended.
Why I'm Not Hiring
When you add it all up, it costs $74,000 to put $44,000 in Sally's pocket and to give her $12,000 in benefits.
With unemployment just under 10% and companies sitting on their cash, you would think that sooner or later job growth would take off. I think it's going to be later—much later. Here's why.
Meet Sally (not her real name; details changed to preserve privacy).
Sally is a terrific employee, and she happens to be the median person in terms of base pay among the 83 people at my little company in New Jersey, where we provide audio systems for use in educational, commercial and industrial settings.
She's been with us for over 15 years. She's a high school graduate with some specialized training.
She makes $59,000 a year—on paper. In reality, she makes only $44,000 a year because $15,000 is taken from her thanks to various deductions and taxes, all of which form the steep, sad slope between gross and net pay.
It's the arithmetic stupid.