Someone who is trying to climb out of poverty by working their way up can easily reach a point where a $10,000 increase [ in pay]* can cost them $15,000 in lost benefits they no longer qualify for. That amounts to a marginal tax rate of 150 percent—far more than millionaires pay.
–Quoted by Hunter Lewis in his piece “50th Anniversary of Federal Government’s Failed War on Poverty.”
*Parenthetical not mine. –J.
In the article, only the first bit of which is below, you will find several delightful ideas on how to stimulate consumer spending and thus to revive the economy. And anyone who invents the phrase ‘the zombification of the economy’ has my applause.
Personally, I am thinking of taking a strong position in cockle shells.
Negative Interest Rates: Only The Start?
By Hunter Lewis
Saturday, June 7th, 2014
As Ryan McMaken noted on June 5, the European Central Bank has instituted negative interest rates for member banks. This could soon spread to the US and also to consumer accounts. If so, you would find money taken out of your bank account each quarter unless you spend it. Some observers think that in the US at least it will start with higher account fees, which will be stealth negative interest rates, and then move to overtly negative rates.
The idea is that if low rates are not yet persuading you to spend, then why not punish you even more for saving. To make this more effective, there would also be a push for all electronic money, to keep you from stashing any away from the confiscation agents. Ken Rogoff, leading Harvard (and Republican) economist has just recommended this to facilitate negative interest rates and in general to increase government control over cash.
This is far from the only “innovation” that could be coming our way. In a speech on June 4, San Francisco Fed Chairman John Williams suggested that the Fed should at least take a look at “nominal income targeting.”
What do they have in common?
Go here to find out.
Bill Whittle, Scott Ott, Steve Green at PJTV:
Al Qaeda Is On The Run? Obama’s Foreign Policy Projects Confusion and Weakness
August 6, 2013 — Part 1 of 3, per PJTV
The Daily Mail is running a story about an ex-police officer who has been arrested and charged with the kidnap and murder of a young girl.
Ex-police officer accused of kidnapping and killing ‘Pretty Maria’, seven, 50 years ago and discarding her body like ‘a piece of garbage’
The Daily Mail Reporter goes on to say:
Jack McCullough, 72 and a former Washington state police officer, has pleaded not guilty to the 1957 kidnapping and slaying of Maria Ridulph, of Sycamore. It’s one of the oldest cold-case murders brought to trial in the United States.
Fifty years ago, eh? Well I was born in 1957 and if this innumerate and nameless Daily Mail Reporter wants to shave five years off my age who am I to argue?