> Consider two further points based on this graph: first, if the highest income earners today were required to pay the same rate that they paid for many years a

> Consider two further points based on this graph: first, if the highest income earners today were required to pay the same rate that they paid for many years after 1945, the federal government would need far lower deficits to support the private economy through its current crisis; and second, those tax-the-rich years after 1945 experienced far lower unemployment and far faster economic growth than we have had for years. A professor of economics should know better than to throw around statements like these in order to pander to those who are less educated. There were so many factors that contributed to the low post-war unemployment than high marginal tax rates for the rich. Second, he should be aware of structural changes in the global economy. With globalization, the effects of "winner-takes-all" economics are augmented significantly. In addition, the US isn't the only industrial powerhouse anymore--Europe and much of Asia have recovered. > Second, the richest Americans take the money they save from taxes and invest big parts of it in China, India and elsewhere. That often produces more jobs over there, fewer jobs here, and more imports of goods produced abroad. This argument, especially coming from an economics professor, makes me highly uncomfortable. The "fixed jobs" (zero-sum employment) mentality is so wrong that I'm ashamed for him. > The largest single recipient of such interest payments today is the People's Republic of China. It's clear that the author is writing this explicitly to pander to general population's level of attention to actual economics and instinct to give kneejerk responses to articles like this. > Those hedge funds and brokers likewise use part of the money rich people save from taxes to speculate in the US stock markets. That has recently driven stock prices higher: hence, the stock market recovery. And that mostly helps – you guessed it – the richest Americans who own most of the stocks. The stock markets are shooting higher because corporate earnings are bouncing back--in part because of increased productivity and reduced hiring--not because of some conspiracy by the "rich people" to make other rich people richer. They are chasing earnings. While I don't disagree with his belief that the tax cuts are misplaced, I found his arguments less than compelling.