Head of research at H.C. Wainwright & Co. Economics Inc. David Ranson:
"Kurt Hauser is a San Francisco investment economist who, 15 years ago, published fresh and eye-opening data about the federal tax system. His findings imply that there are draconian constraints on the ability of tax-rate increases to generate fresh revenues. I think his discovery deserves to be called Hauser's Law, because it is as central to the economics of taxation as Boyle's Law is to the physics of gases. Yet economists and policy makers are barely aware of it.
"Like science, economics advances as verifiable patterns are recognized and codified. But economics is in a far earlier stage of evolution than physics. Unfortunately, it is often poisoned by political wishful thinking, just as medieval science was poisoned by religious doctrine. Taxation is an important example.
"The interactions among the myriad participants in a tax system are as impossible to unravel as are those of the molecules in a gas, and the effects of tax policies are speculative and highly contentious. Will increasing tax rates on the rich increase revenues, as Barack Obama hopes, or hold back the economy, as John McCain fears? Or both?
"Mr. Hauser uncovered the means to answer these questions definitively. On this page in 1993, he stated that "No matter what the tax rates have been, in postwar America tax revenues have remained at about 19.5% of GDP." What a pity that his discovery has not been more widely disseminated.....
"The data show that the tax yield has been independent of marginal tax rates over this period, but tax revenue is directly proportional to GDP. So if we want to increase tax revenue, we need to increase GDP."
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Just why are Democrats favored this year?
Rasmussen Reports:
The latest Rasmussen Reports national telephone survey found that 62% of voters would prefer fewer government services with lower taxes. Nearly a third (29%) disagrees and would rather have a bigger government with higher taxes. Ten percent (10%) are not sure. Those numbers have changed little over the past month.
Republican voters overwhelmingly prefer fewer government services-83% of the GOP faithful hold that view while just 13% prefer more government involvement. Democratic voters are evenly divided on this question: 46% prefer more government services, while 43% prefer less government services.
Not surprisingly, conservative voters like less government while liberal voters favor a bigger government. Fifty-seven percent (57%) of politically moderate voters prefer smaller government. A separate survey found that most adults (56%) are worried that the next president will raise taxes too much.
Sixty-two percent (62%) of voters think American society is generally fair and decent. Twenty-seven percent (27%) think it is unfair and discriminatory. Those numbers have become slightly more positive over the past month.
Three quarters of voters (75%) think people who move to America from other countries should adopt the nation's culture. Just 13% think they should maintain their home country's culture (see video report).
None of these issues favor Democrats. On top of that, the Democrats are responsible for driving up the cost of energy by strangling production of all sources. The Democrats have also been dead wrong about the war in Iraq for the past year. They have been embarrassed by the success of our troops and the surge strategy. Democrats should be losing this election hands down.
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ELSEWHERE
Ted Kennedy has malignant brain tumor (so what else is new?): "Doctors have confirmed that Senator Edward Kennedy has a malignant brain tumour - days after he was airlifted to a Boston hospital following a seizure. The liberal lion's cancer diagnosis sent shockwaves through the US political scene, which the 76-year-old has bestrode for nearly a half century, and cast a shadow over the day's business over the US Congress. "Preliminary results from a biopsy of the brain identified the cause of the seizure as a malignant glioma in the left parietal lobe," physicians Lee Schwamm and Larry Ronan said. Normal treatment for such a condition is radiation and chemotherapy, the doctors said, adding that Senator Kennedy, sole surviving brother of assassinated president John F. Kennedy, was in "good spirits and full of energy".
Fathers no longer important in socialist Britain: "Fathers were last night effectively declared an irrelevance in modern Britain. The requirement for fertility doctors to consider a child's need for a male role model before giving women IVF treatment was scrapped by MPs. In a free vote, they swept away the rule despite impassioned pleas that the Government plan would "drive another nail into the coffin of the traditional family". Labour rebels said it would send entirely the wrong signal to society as Britain faces a crisis in responsible parenting. The Archbishop of York, Dr John Sentamu, had warned it would remove the father from the heart of the family. He accused the Government of putting the interests of "consumers" who want to become parents before the welfare of children. But in the Commons, ministers won support for the legislation. Voting was 292 to 217, a majority of 75. In a second vote, a Tory attempt to underline the need for a father or "male role model" was rejected by 290 votes to 222, a majority of 68."
Only American defeats are news: "Do we still have troops in Iraq? Is there still a conflict over there? If you rely on the so-called mainstream media, you may have difficulty answering those questions these days. As Iraqi and Coalition forces pile up one success after another, Iraq has magically vanished from the headlines. Want a real "inconvenient truth?" Progress in Iraq is powerful and accelerating. But that fact isn't helpful to elite media commissars and cadres determined to decide the presidential race over our heads. How dare our troops win? Even worse, Iraqi troops are winning. Daily. You won't see that above the fold in The New York Times. And forget the Obama-intoxicated news networks - they've adopted his story line that the clock stopped back in 2003. To be fair to the quit-Iraq-and-save-the-terrorists media, they have covered a few recent stories from Iraq: When a rogue US soldier used a Koran for target practice, journalists pulled out all the stops to turn it into "Abu Ghraib, The Sequel." Unforgivably, the Army handled the situation well. The "atrocity" didn't get the traction the whorespondents hoped for".
In The Cold Kentucky Rain: "Hillary searches for delegates in the cold Kentucky rain. She manages a big win, but it was never going to be big enough. THE EXIT POLL: Among the many questions, one caught my eye - was the race of the candidate important to you? The breakdown: Whites who say yes: 18% of total voters - 88% Hillary, 9% Obama; Whites who say no: 67% of voters; 68% Hillary, 28% Obama; Blacks who say yes: 2% of voters; N/A on breakdown; Blacks who say no: 7% of voters; N/A on breakdown. Although the breakdown was not meaningful for black voters, black Democrats went for Obama by 91% to 8%. Unless someone can remind me of the major issues differentiating Obama from Hillary, I suspect that Obama's race was important to black voters, their denials notwithstanding. However, only whites will be accused of racism."
For more postings from me, see OBAMA WATCH, TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, SOCIALIZED MEDICINE, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL and EYE ON BRITAIN.
List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here or here or here
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The Big Lie of the late 20th century was that Nazism was Rightist. It was in fact typical of the Leftism of its day. It was only to the Right of Stalin's Communism. The very word "Nazi" is a German abbreviation for "National Socialist" (Nationalsozialist) and the full name of Hitler's political party (translated) was "The National Socialist German Workers' Party" (In German: Nationalsozialistische Deutsche Arbeiterpartei)
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