Michelle Malkin : "Going Galt": America's Wealth Producers vs. Wealth Redistributors - Townhall.com
Enough. While they take to the streets politically, untold numbers of America's wealth producers are going on strike financially. Dr. Helen Smith, a Tennessee forensic psychologist and political blogger, dubbed the phenomenon "Going Galt" last fall. It's a reference to the famed Ayn Rand novel "Atlas Shrugged," in which protagonist John Galt leads the entrepreneurial class to cease productive activities in order to starve the government of revenue. (Not coincidentally, Rand's novel sales are up and John Galt references punctuated many of the Tea Party demonstrations.) Dr. Smith was inundated with stories like these:
"I have frozen hiring in my firm. … No investments will be made in taxable accounts -- only 401k/IRAs. I am buying silver and gold instead of CDs or stocks with non-qualified money and savings. I have stopped taking new clients, thus freezing my income. I barter more and more. Spend less. I stopped leveraging assets (don't borrow)."
4 comments:
Sales of tax free munis are up as well as the wealthy look to shelter more and more of their money by using tax exempt intruments knowing that they are a target of the wealth redistrubution policies being championed by the socialist President we now have.
His overly optimistic statements about closing the budget deficit made earlier are going to come back to haunt him. The socialists will all be wondering why, when they raised taxes on the wealthy the revenues they received where nowhere near what they expected.
Michelle Malkin is deep within the lunatic fringe. She actually suggested that Kerry may have intentionally shot himself in Viet Nam, with an eye towards a political future. She is beyond the pale.
Your statement regarding rich folks buying bonds indicates that our future tax rates are lowering our borrowing costs now. Why is that bad?
Read the second paragraph. The wealthy are doing everything they can now to make sure that they will not be paying more taxes to the Treasury. I didn't say that nobody benefits from this behavior. Obviously municipalities are going to benefit from this. Does nothing to lower Obama's extraordinary unprecedented budget deficit. Yes Rich it is his and the majority parties deficit now!
No Mark - it lowers the cost of servicing the HUGE, INHERITED DEBT. It is now Obama's deficit - it is his inheritance from Bush. Ultimately, we will lower the deficit, just as Clinton did the last time a Democrat was in the White House.
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