“Trickle-Down” Insolvency

Author Ben Steverman provides statistical support for the rich getting richer, the poor poorer, and consequences therefrom. The US Tax Code has been fairer in the past. Since the foundational Internal Revenue Code of 1954, some tax law changes were meant to promote business and investment, some to provide subsidies…

Inequality is about more than money By Lawrence Summers 01 PERCENT | 1 PERCENT | EDUCATION | HEALTHCARE | INEQUALITY With Thomas Piketty’s book, Capital in the 21st Century, rising to number 1 on best-seller lists, inequality has become central to the public debate over economic policy. Piketty, and much of this discussion, focuses on the sharp increases in the share…

The more municipalities go broke, the more the rest of the community will suffer "trickle-down" insolvencies. Falling property values means falling tax revenues. Municipalities and special districts are buckling under the pressure. As different communities have different needs, each provides for the variety of such needs, and each receives its money on…