Tuesday, April 09, 2013

Yo, Jacques Tous-tight, how's that "Taxing the Rich" strategy working out for you in France?

IceCap Asset Management, via Zero Hedge, relays the economic results of taxing the hell out of the rich (in this case, levying a 75 percent top rate on "the wealthy"):

...in France, the rock-star status enjoyed by the newly elected president Francois Hollande has completely vanished. In fact, over 67% of people disapprove of his handling of the economy, and this just 10 months into office. Considering the French economy is firmly entrenched in recession (see Chart 2...), exactly how Mr.Hollande plans to ignite a turn around remains unknown.

Tell me, Leftists: can you point to a single instance in all of history where raising taxes grew the economy for a substantial period of time (say, even a decade)?

And, no: Bill Clinton's record doesn't cut it. His "surplus" -- it ignored entitlements and other off-the-books spending -- was the product of a Republican House that was willing to shut down the government to stop Clinton's profligate spending. Furthermore, the gap was short-lived.

Clinton left office just as the tech bubble was imploding.

The real story behind the nineties economic boom has as much to do with Bill Clinton's leadership as Al Gore had to do with the invention of the world-wide web. Which is to say: none.


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