Tuesday, February 19, 2013

Krugman’s Kingdom

Paul Krugman was asked a very interesting question: as an unrestrained king (a.k.a. dictator), what tax system he would have and what percentage of GDP taxes would be? His answers:

  • National Sales Tax (What rate?)
  • “Somewhat” Higher Income Tax (references a 73% rate proposal then says that might be too much)
  • A lot of extra revenue would come the middle class
  • Revenues would be used to provide a “good national healthcare system” and a “good social safety net”
  • Countries with reasonable systems have a tax share of 40% of GDP, but that’s not a target, wants outcomes not a number
In other words, Krugman is an socialist ideologue. His tyrannical, anti-freedom society is frightening to think about. Even though he may never get close to it this is a man many people pay attention to and consider a serious economist.

He wants to more than double federal revenue. Historically, taxes have been stuck at around 18% of GDP, but Krugman thinks 40% is decent:

Like some others, I don’t actually consider Paul Krugman to be an economist, the same way astrologers are not astronomers. He is mainly a political hack that peddles economic quackery and “leftist”/socialist propaganda.

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