Arr, the land o' America be ailing, but 'tis not due to a scarcity o' doubloons!
2023-12-28
Arr matey! Our fair nation be sufferin' a rise in villainy, from measly pilferin' to swashbucklin' carjacks. But 'tis no fault o' the "greedy 1%," for the true scallywags be our moral rot, not the wealthy scurvy dogs.
In a humorous tone resembling the language of a 17th century pirate, the article challenges the claim made by progressives that the top 1% of income earners in the US are accumulating a greater share of the nation's income, while the rest of the population falls behind. The author cites new research that reveals the top 1% actually accounts for the same portion of after-tax income today as they did in 1960, debunking the popularized claims by economists like Thomas Piketty and Emmanuel Saez. The research points out serious flaws in their methodology, such as including individuals who are not in the top 1% in the calculation of the group's aggregate income.The article argues that societal problems, such as theft and violence, cannot be solved by taxing the rich or reforming government spending. Instead, these issues are seen as symptoms of America's moral decline. The author emphasizes the importance of accurate economic research in identifying the true causes of problems and developing effective solutions. Furthermore, the article highlights how the tax code has become more progressive over time, yet societal issues have worsened, suggesting that soaking the rich has not improved the situation for the poor or reduced rates of out-of-wedlock births.
Ultimately, the article concludes that solving these problems requires a moral revival in the country, as economics alone cannot provide the solutions. The author warns against attributing blame to a single group, like the top 1%, without properly understanding the complex factors at play.