[FoRK] Obama: Redistributionist, pro-capitalist, or both?

Jeff Bone jbone at place.org
Tue Aug 26 16:21:02 PDT 2008


On Aug 26, 2008, at 6:05 PM, Russell Turpin wrote:

> I'm surprised Jeff didn't post this:
>
> http://www.nytimes.com/2008/08/24/magazine/24Obamanomics-t.html
>
> Where Obama opines, "The market is the best mechanism ever invented
> for efficiently allocating resources to maximize production. And I
> also think that there is a connection between the freedom of the
> marketplace and freedom more generally."
>
> Of course, Obama also waxes in favor of increasing tax rates on the
> rich while lowering them for the rest of the population. There is
> the argument that if marginal rates on the upper few percent of
> income earners went up to the same level as in the 90s, that would
> so warp incentive as to bring about an economic catastrophe.

Russell, it's not just about tax increases.  There's the small matter  
of an additional $1.5T in new social program spending, and all that  
entails (in terms of opportunity costs had that money and manpower  
been deployed elsewhere in the economy.)

> I suspect, though, that most of the real antagonism at that notion
> isn't concern with its macroeconomic consequences, or even selfish
> concern some might have from paying a little more on income over
> $250K, but a deep philosophic opposition to the notion that the tax
> code should be used to such purpose.

There is that.

jb



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