The Age of Equality

Doug Henwood dhenwood at panix.com
Sat Jun 15 08:47:57 PDT 2002


RangerCat67 at aol.com wrote:


>Actually, I do have one question: How is this "negative income tax"
>thing supposed to work? Wouldn't it simply depress wages, just like
>the repeal of the minimum wage that's supposed to go along with it?

Everyone files an income tax form. If your income is below the prescribed minimum, you get a check from the government to make up the difference. The effect on wages all depends on how high the minimum is. If it's the equivalent of an $8/hr wage, who's going to work $8/hr jobs? If it's the equivalent of $2/hr, and there's no minwage, then it would probably depress wages.


>[Krugman] " But the Gilded Age looked positively egalitarian
>compared with the concentration of wealth now emerging in America.
>Pretty soon denial will no longer be possible. What will the
>apologists say next? "
>
>[Galt] On the contrary, we live in the most egalitarian age in
>history. Think about it: how much better is Bill Gates' life than
>Andrew Carnegie's?

People don't judge how well off they are by comparing themselves to historical figures - they compare themselves to their neighbors today, and their own recent experiences. This is silly.

Doug



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