The Washington Post's Steven Pearlstein has proved once again why he is the personification of the Peter Principle. As that paper's business reporter, he consistently shows his hostility toward the very subject he covers with calls for the failure of capitalism and increased government interference in private enterprise.
Now he does himself one better with the moronic claim that increasing taxes during a recession is a good thing:
In other words, individuals are poor judges of the proper way to invest and spend their own money. Therefore the high priests of government, who are of course endowed with supernatural powers, should confiscate those funds by force in order to ensure it is used in the most beneficial (politically motivated) way. After taking a cut of 30% or so for the Church of Secular Government of course.
This glittering jewel of economic ignorance goes on:
I find it quite amazing that Pearlstein doesn't understand that savings is investment. Where does he think interest comes from? I guess he really means that the anointed in government are the only ones who know how to invest "wisely". They've done such a good job with Social Security and Medicare contributions, so why wouldn't this dope think that?
Of course Pearlstein has history on his side, right? After all, Jimmy Carter raised taxes during recession in the 70's and that worked out well didn't it?
Herbert Hoover did the same thing 1929 and that...never mind.
Pearlstein says it's "quite possible" is dumb idea would work, which is like saying it's quite possible that the umpteenth email I got from Nigeria today really will be a way for me to make millions.
Pearlstein isn't going to find a lot of takers for his incoherent ramblings:
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Now he does himself one better with the moronic claim that increasing taxes during a recession is a good thing:
“That there’s something wrong with raising taxes in the middle of a
recession – that it’s always a bad idea – not true,” Pearlstein said. “It
depends on what the government does with that money and what people would have done with the money if they already – if they had it and it wasn’t taxed.”
In other words, individuals are poor judges of the proper way to invest and spend their own money. Therefore the high priests of government, who are of course endowed with supernatural powers, should confiscate those funds by force in order to ensure it is used in the most beneficial (politically motivated) way. After taking a cut of 30% or so for the Church of Secular Government of course.
This glittering jewel of economic ignorance goes on:
“And it’s quite possible that if you raised taxes on people who
otherwise would have saved the money and you, and you invest it wisely – the economy can be better off,” Pearlstein said. “So it’s not always the case raising taxes in a recession is a bad idea. It matters on whom and how you use the money.”
I find it quite amazing that Pearlstein doesn't understand that savings is investment. Where does he think interest comes from? I guess he really means that the anointed in government are the only ones who know how to invest "wisely". They've done such a good job with Social Security and Medicare contributions, so why wouldn't this dope think that?
Of course Pearlstein has history on his side, right? After all, Jimmy Carter raised taxes during recession in the 70's and that worked out well didn't it?
Herbert Hoover did the same thing 1929 and that...never mind.
Pearlstein says it's "quite possible" is dumb idea would work, which is like saying it's quite possible that the umpteenth email I got from Nigeria today really will be a way for me to make millions.
Pearlstein isn't going to find a lot of takers for his incoherent ramblings:
Even Democratic President-elect Barack Obama said tax increases could be detrimental to the overall economy. And as Murray Rothbard pointed out for the Ludwig von Mises Institute – raising taxes in this environment is a bad idea – under any school of economics.
“Every school: Austrian, Keynesian, monetarist, or classical, would react in horror to such a plan, which obviously worsens a recession by lowering saving and investment, and productive (as opposed to parasitic and wasteful government) consumption. Raising taxes does nothing to help the inflation, and does a lot to make the recession more severe; and it aggravates the deadweight burden of government on the economy.”
Related Posts:
WAPO's Anti-Business Reporter Wants Less Business
WAPO's Anti-Business Reporter, Steven Pearlstein
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