What's At Stake

I'm sure I could find an economist writing just the opposite of what is said in this article by economist Joseph Stiglitz but I found the article on-target and interesting.  See what you think and if you have article/s of the opposite view, please post!  The link goes to an original op-ed piece but the 10/28 article in its entirety does not appear online.  Unsure why. If you have the Times from 10/28 it is worth a read.  The link has most of the points of the 10/28 article, titled What's at Stake in this Election.  The op-ed is titled
Some are More Unequal than Others.

From the article 10/28 article: "Mr. Romney has not explained why individuals in the hedge fund and private equity fund business should enjoy a loophole in the tax law that allows them to pay just 15 percent taxes on their earnings, while ordinary workers pay a far higher rate.  The 14 percent rate Mr. Romney reportedly paid on his income tax last year is well below that of Americans of comparable incomes who created a real business or made real innovations that transform our economy." and "Putting all this together isnt' the politics of envy.  It's about cold, hard economics.  Tax avoidance and low tax rates on capital gains - and the inequality they amplify - weaken our economy and distort the way in which we allocate resources.  They lead to underinvestmenst in infrastructure, technology and education."

The article also addresses why the issue of poverty, and addressing it, has appeared in the Romney-Ryan camp but that Ryan's proposed budget would hit programs that specifically help those in poverty.  Another article on this issue is Paul Ryan's Poverty Play.

From this article "House Budget Committee Chairman Paul Ryan’s budget plan would get at least 62 percent of its $5.3 trillion in nondefense budget cuts over ten years (relative to a continuation of current policies) from programs that serve people of limited means." In Ryan's speech on poverty he stated "The short of it is that there has to be a balance – allowing government to act for the common good, while leaving private groups free to do the work that only they can do.” 

Also from this article, we see a number quotes issued by the United States Conference of Catholic Bishops stating they were against the Ryan budget.  An example: "At a time of great competition for agricultural resources and budgetary constraints, the needs of those who are hungry, poor and vulnerable should come before assistance to those who are relatively well off and powerful. With other Christian leaders, we urge the committee to draw a “circle of protection” around resources that serve those in greatest need and to put their needs first even though they do not have powerful advocates or great influence."


Love the end of the article "Sometimes you just run out of words for galling."
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