Thomas Sowell:

Posted on July 15, 2015 by KG

‘..To many on the left, the 1960s were the glory days of their movements, and for some the days of their youth as well. They have a heavy emotional investment and ego investment in the ideas, aspirations and policies of the 1960s. It might never occur to many of them to check their beliefs against some hard facts about what actually happened after their ideas and policies were put into effect. It certainly would not be pleasant to admit, even to yourself, that after promising progress toward “social justice,” what you actually delivered was a retrogression toward barbarism…’             HERE

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5 Responses to Thomas Sowell:

  1. Michael in Nelson says:
    July 15, 2015 at 19:43

    Thomas is brilliant as always

  2. KG says:
    July 15, 2015 at 19:45

    He sure is. I’ve admired his stuff for a long time.

  3. Ronbo says:
    July 15, 2015 at 23:40

    I’ve read Sowell’s books and articles since the 1980s – It is amazing what little traction his brilliant thinking has gained in the black community.http://falfn.com/CrusaderRabbit/wp-content/plugins/wp-monalisa/icons/wpml_cry.gif

  4. Warren Tooley says:
    July 16, 2015 at 00:46

    Well this is the review I put into Sowell’s book:

    “Trickle Down Theory” and “Tax Cuts for the Rich”

    my amazon review name is meatloaf:

    Tax cuts, to what extent will it increase revenue
    ByMeatloaf “Meatloaf”on March 30, 2015
    Format: PaperbackVerified Purchase
    Ever heard the debate about tax cuts? Somepeople say tax cuts, raise tax revenue, because they create the incentive to earn more. Unfortunately these tax cuts have been tried and haven’t 100% of the time created more revenue for the government. What this book does, is show to what point tax cuts work.

    In 1919, the tax rate for the people at the top was 70%+, so the rich could either start up a new factory, and if they made a profit give up 70% of the profits in taxes, and take a risk on top of that, or they could invest in municipal bonds that charged 0% tax? And a lot of people would have picked municipal bonds. Then in the 1920s they dropped the top tax rate to 24%. Those who put the money in municipal bonds had every incentive to put it back into the factories. This is what the term trickle down originally meant.

    The rich will put their money in tax shelters like municipal bonds, if we tax at a high rate? Or they will invest in factories and businesses, if their tax rate is low enough. So trickle down doesn’t apply to the poor or middle class. It simply means the rich are going to minimise taxes as they see fit, and if the after tax rewards of business investment are weak they’ll just go elsewhere. This book took an hour for me to read, and will give you further details that show that it pays to not have the high rate too high.

    • Darin says:
      July 16, 2015 at 02:36

      “Trickle down” and “Tax cuts for the rich” are liberal dog whistle phrases.

      Firstly,trickle down is very real and happens everyday in an economy,it has nothing to do with tax policy even though the left likes to twist the two together.Trickle down is just the speed at which money flows through the economy,we we spend money in the private sector,that money has a definite knock on effect.Everyone along the supply chain sees a positive effect of that transfer.

      “Tax cuts for the rich” is a sham statement set up by the left.The rich never pay much of a percentage of their wealth in taxes,simply because they have enough money that they don’t need to keep it out in the general economy to make more.Most will invest their money in mutual funds,hedge funds,tax free bonds and venture capital.In all of those instances the actual tax rates they pay are very small.Thus even with tax rates pushed as high as %75 they will still be paying in the sub %10 rates.Thus the idea “tax the rich” never really happens and there are some other very good reasons why they never will.

      When they say “tax the rich” or “tax cuts for the rich” what they really mean is tax small business.By small business I mean those that earn less than $25million yearly,or the bulk of employers and job creators.When taxes are increased on that group,as a whole business and the economy go into a stall and the rate at which money changes hands slows.Spending stops,unemployment increases and the death spiral begins with all the ugly stuff we have seen since 2007 becoming all the more rampant.

      The best argument for cutting rates across the board is the Laffer curve-
      https://youtu.be/jN8iC5iBqXQ

      I have to go on a short road trip at the moment,more later,watch this space.