Paul Krugman: Unserious People

[LongTomH]

From the Krugman blog at the NY Times: Unserious People.

OK, let’s say goodbye to the deficit commission. If you’re sincerely worried about the US fiscal future — and there’s good reason to be — you don’t propose a plan that involves large cuts in income taxes. Even if those cuts are offset by supposed elimination of tax breaks elsewhere, balancing the budget is hard enough without giving out a lot of goodies — goodies that fairly obviously, even without having the details, would go largely to the very affluent.

I mean, what’s this about? There is no — zero — evidence that income taxes at current rates are an important drag on growth.

Oh, and they’re talking about raising the retirement age, because people live longer — except that the people who really depend on Social Security, those in the bottom half of the distribution, aren’t living much longer. So you’re going to tell janitors to work until they’re 70 because lawyers are living longer than ever.

<snip>

Update: It’s here. And it really is that bad. The idea that co-chairs of a commission whose charge is fiscal sustainability should take it upon themselves to (a) declare that federal revenue must not exceed 21 percent of GDP — that’s right, putting a cap on receipts and (b) call for reducing the top rate from 35 to 23 is just awesome.

Bold text was my addition. Mr. Krugman speaks sense as usual. Everywhere this sort of 'austerity' has been imposed, it's the economic crisis.

Edited to add: Here's Krugman's take on the actual increases in life expectancy:

I’ve referenced this before, but here’s the Social Security Administration study. Look at Table 4: since 1977, the life expectancy of male workers retiring at age 65 has risen 6 years in the top half of the income distribution, but only 1.3 years in the bottom half.

[dkf]

1. Actually aren't Hispanics the longest lived?

They tend to not be as sedentary so my understanding is they enjoy longer life spans.

[PSPS]

2. Why, yes! It's all the fault of them Mexicans!!11!1!

[Lasher]

3. No.

Asians live longer.

[dkf]

8. The stories on the CDC report don't even report on Asians.

We seem to be not worth noting.

[LongTomH]

5. The point my friend, was that poor people don't live as long as affluent ones.

People who do hard labor don't live as long as lawyers and MBA's!

Race isn't that big a factor - except for the fact that more black and Hispanic people are poor, working people.

Got it?

[dkf]

7. Hispanics' Lifespan Longest In US, CDC says

ATLANTA — U.S. Hispanics can expect to outlive whites by more than two years and blacks by more than seven, government researchers say in a startling report that is the first to calculate Hispanic life expectancy in this country.

The report released Wednesday is the strongest evidence yet of what some experts call the "Hispanic paradox" – longevity for a population with a large share of poor, undereducated members. A leading theory is that Hispanics who manage to immigrate to the U.S. are among the healthiest from their countries.

http://www.huffingtonpost.com/2010/10/13/hispanics-lifespan-longes_n_761158.html

[pscot]

4. Who do these assholes think they're fooling?

If Obama goes along with this shit he will be primaried in 2012.

[cyr330]

10. The Tea Party Folks are the ones being fooled!

They're willing to give up their measly retirements and the right to retire before they're bed-bound or in wheelchairs just so a bunch of fucking rich people can have more goddamned money.

[Lasher]

6. I thought their mission was to recommend legislation that would reduce deficits.

A federal revenue cap and tax cuts do the opposite. Didn't they get any instructions or are they all just a bunch of free spirits?

[Demeter]

9. They Are Pirates

and the Evil Economic Elite