Robert Reich Blasts New Tax Law

December 20th, 2010
in News, Background

Business Insider:  University of California professor and former Labor Secretary Robert Reich has severely criticized the new tax law.  Reich says it will not stimulate the economy.

Follow up:

A disproportionate share of the $858 billion deal will go to people in the top 1 percent who spend only a fraction of what they earn and save the rest. Their savings are sent around the world to wherever they will earn the highest return. 

The only practical effect of adding $858 billion to the deficit will be to put more pressure on Democrats to reduce non-defense spending of all sorts, including Social Security and Medicare, as well as education and infrastructure.  Read more.....

Editor's Note: GEI analysis has determined that the new tax law will stimulate the economy and doing nothing would have created a significant economic slowdown.  The economic benefit is significantly less than the reduction in tax revenue, however.

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