Economy prescription from the doctor

The doctor’s log is recommending some new policies.

I want [President Obama]  to institute a 90% inheritance tax on everything over $500k. I want him to redefine capital gains as earned income (35% tax) AND double the tax rate on it.

Social Security is “failing”? Well then, let’s boost it. No more cap on earned income. In fact, let’s double corporate contributions from 6.2% to 12.4%.

I want him to boldly grab his sack and say, “No more bailouts.” I want him to strap-on a titanium-steel spine and, when a bank fails, announce the Feds will nationalize it, stabilize the situation (i.e., prevent foreclosures), and wind it down to a nice cushiony landing. The rank and file will get nice fat bonuses for sticking around to the end. Also, EVERY SINGLE OFFICER of said bank (going back 3 years)—including every member of the board—will need to find a new career, ’cause they’re barred forever from holding any officer or board position at any other publicly-traded bank or financial institution. Also, they’ll get 1/2 pay and no bonuses, regardless of their “contracts.” You wanna play with other people’s money and wreck lives? Feel some pain.

U.S. Budget vs. science–Robert L. Park

Robert Park notes:


Passed by Congress and signed into law by the President on 2 Aug 2011, the Budget Control Act brought conclusion to the 2011 debt ceiling crisis that threatened to lead the U.S. into sovereign default on 3 Aug 2011.  Like amputating a limb to stop an infection, it may have been necessary but it didn’t end our suffering.  In a Science editorial last week that every scientist should read, Rep. Rush Holt (D-NJ) predicts that science will bear more than its share of the $2.4 trillion in federal spending cuts required by the bill.  I have no doubt he’s right.  The only remaining PhD physicist in Congress, Rush has served the 12th district of New Jersey since 1998.  Before that he was the Assistant Director of the Princeton Plasma Physics Laboratory.  “With the budget control act,” he writes, “Congress appears to have said in effect, that federally sponsored science has no role to play in advancing the economy, that unemployment is a problem that only time will cure, and that the nation’s best days are behind us.  How contrary to American tradition that would be!  It must not prevail.”

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