Greg Mankiw turns down Riksbank Prize: Says he does not like the tax implications

Well no it was actually never offered to that scribbler of text books but if we follow the logic of what Mankiw was arguing in his opinion piece in the New York Times he never actually tried to win the prize because his taxes might become too high. Sad really that the idea of letting the Bush II tax cuts expire for the very wealthy has deprived the world and Mankiw of the Sveriges Riksbank Prize in Economic Sciences.

Mankiw also warns in his obit for meritocracy that it is not just the national glow from his prize that Americans will have to forgo if they let the Bush II tax cuts expire they will also have to forgo Rocky XI, Transformers IV, the next Wayne Gretzky, and all the good things mediocre people like to watch, listen to or have done to them.

Maybe you are looking forward to a particular actor’s next movie or a particular novelist’s next book. Perhaps you wish that your favorite singer would have a concert near where you live. Or, someday, you may need treatment from a highly trained surgeon, or your child may need braces from the local orthodontist. Like me, these individuals respond to incentives…..And, to be sure, the looming budget deficits require hard choices about spending and taxes. But don’t let anyone fool you into thinking that when the government taxes the rich, only the rich bear the burden.

Sad really that silly socialists think they can tax the rich=talented and the poor=mediocre won’t suffer.

Excuse me I have to go vomit now and do some more genuine reading say of press releases by the American Mortgage Bankers Association on how they are just trying serve the American people.

I think it is just wonderful that in the pursuit of science so many economists spend such a disproportionate amount of their time conjuring up convoluted reasons why you can’t tax the rich or if you do tax the rich how they will then pass along the misery to their lessers in one form or another. The irony of course is that they inadvertently make the Revolutionary Marxist argument for outright appropriation as reform is futile.

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One thought on “Greg Mankiw turns down Riksbank Prize: Says he does not like the tax implications

  1. Pingback: The rich get substitution effects and the poor get income effects | Relentlessly Progressive Political Economy

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