The Supply Side Lie

Post war until roughly the 1970s, increases in income in all quintiles more or less moved together. The bottom quintile increased with the top quintile. Since the 70s, the top two quintiles continued to grow, with the top quintile actually accelerating (although to be fair, it corrected/adjusted during the Great Recession, but only modestly). But since the 1970s, the bottom three quintiles have been pretty much flat.

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Boilerplate Republican: It Will Kill Jobs

Republicans say no to many things, like a minimum wage increase, or increased taxes, or sensible regulations to safeguard the public (I’m talking to you West Virginia), on the premise that it will hurt businesses, therefore resulting in job losses. But they need not prove these claims, its good enough for Republicans to simply posit them as truths. Of course this is all boilerplate stuff for Republicans. Good at coming up with “common sense” excuses for why we can’t do something or why something is bad, not so good with coming up with the evidence to support the claim.

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Pew: Most Republicans Believe Poor Just Aren’t Working Hard Enough

This should come as no surprise, but a Pew study released today shows most Republicans believe you are poor because you choose to be poor. Or in other words, the poor are simply not working hard enough. This of course echoes the sentiments of Kevin O’Leary, who I wrote about yesterday. He’s the fat cat who said it’s “fantastic” that 85 people own the same wealth as 3.5 billion people (half of Earth’s population).

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VIDEO: Canadian Businessman Says It’s ‘Fantastic’ 85 People Have More Wealth Than Billions In Poverty

Canadian Businessman, TV host, and “Asshat of the Year” winner (and that’s impressive because it’s still only January) Kevin O’Leary says that it’s “fantastic” that the richest 85 people have more wealth than half the population on planet Earth. The video is worth watching just to see the reaction by O’Leary’s co-host, Amanda Lang.

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Chris Christie Administration Says MSNBC Is A Partisan Network: True

New Jersey Republican Governor Chris Christie is in the middle of two scandals, the bridge lane closing, and use of Hurricane Sandy relief funds for tourism advertisements (where Christie himself was prominently featured while running for re-election). Yesterday MSNBC’s Up with Steve Kornacki broke the news of a third scandal. Hoboken Mayor Dawn Zimmer says the Christie administration has withheld Sandy relief funds because she did not give her approval to a redevelopment plan in the city.

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The Rich Are Rich Because They Deserve It? Krugman Responds To Brooks

Is the affluence of the wealthiest Americans entirely earned, or is there a level of luck, timing, and in some cases, family inheritance involved? Or to ask it a different way, can people honestly make the case of one human being that is deserving of such massive wealth (like that of the .01%) on the merits of his or her productivity? Is there any single human being who deserves to be worth more than the combined wealth of millions of fellow citizens?

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