Of course...

| No Comments

From the excellent Foundation for Economic Education:

Poverty in the U.S. Was Plummeting—Until Lyndon Johnson Declared War On It
One of the more elementary observations about economics is that a nation’s prosperity is determined in part by the quantity and quality of labor and capital. These “factors of production” are combined to generate national income.

I frequently grouse that punitive tax policies discourage capital. There’s less incentive to invest, after all, if the government imposes extra layers of tax on income that is saved and invested.

Bad tax laws also discourage labor. High marginal tax rates penalize people for being productive, and this can be especially counterproductive for entrepreneurship and innovation.

The author (Daniel J. Mitchell) then goes on to quote this from an article in the Wall Street Journal by John Early and Phil Gramm:

During the 20 years before the War on Poverty was funded, the portion of the nation living in poverty had dropped to 14.7% from 32.1%. Since 1966, the first year with a significant increase in antipoverty spending, the poverty rate reported by the Census Bureau has been virtually unchanged…Transfers targeted to low-income families increased in real dollars from an average of $3,070 per person in 1965 to $34,093 in 2016…Transfers now constitute 84.2% of the disposable income of the poorest quintile of American households and 57.8% of the disposable income of lower-middle-income households. These payments also make up 27.5% of America’s total disposable income.

Much more at the site - another perfect example of the good effect of free-market forces as well as the propensity for Democrats to do somethign that SOUNDS good instead of something that DOES good.

Leave a comment

October 2018

Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      

Environment and Climate
AccuWeather
Cliff Mass Weather Blog
Climate Audit
Climate Depot
Green Trust
ICECAP
Jennifer Marohasy
MetaEfficient
Planet Gore
Science and Public Policy Institute
Solar Cycle 24
Space Weather
Space Weather - Canada
the Air Vent
Tom Nelson
Watts Up With That?


Science and Medicine
Derek Lowe
Junk Science
Life in the Fast Lane
Luboš Motl
Medgadget
New Scientist
Next Big Future
PhysOrg.com
Ptak Science Books
Science Blog


Geek Stuff
Ars Technica
Boing Boing
Don Lancaster's Guru's Lair
Evil Mad Scientist Laboratories
FAIL Blog
Hack a Day
Kevin Kelly - Cool Tools
Neatorama
Slashdot: News for nerds
The Register
The Daily WTF
TYWKIWDBI


Comics
Achewood
The Argyle Sweater
Chip Bok
Broadside Cartoons
Day by Day
Dilbert
Medium Large
Michael Ramirez
Prickly City
Tundra
User Friendly
Vexarr
What The Duck
Wondermark
xkcd


NO WAI! WTF?¿?¿
Awkward Family Photos
Cake Wrecks
Not Always Right
Sober in a Nightclub
You Drive What?


Business and Economics
The Austrian Economists
Carpe Diem
Coyote Blog


Photography and Art
Digital Photography Review
DIYPhotography
James Gurney
Joe McNally's Blog
PetaPixel
photo.net
Shorpy
Strobist
The Online Photographer


Blogrolling
A Western Heart
AMCGLTD.COM
American Digest
The AnarchAngel
Anti-Idiotarian Rottweiler
Babalu Blog
Belmont Club
Bayou Renaissance Man
Classical Values
Cobb
Cold Fury
David Limbaugh
Defense Technology
Doug Ross @ Journal
Grouchy Old Cripple
Instapundit
iowahawk
Irons in the Fire
James Lileks
Lowering the Bar
Maggie's Farm
Marginal Revolution
Michael J. Totten
Mostly Cajun
Neanderpundit
neo-neocon
Power Line
ProfessorBainbridge.com
Questions and Observations
Rachel Lucas
Roger L. Simon
Samizdata.net
Sense of Events
Sound Politics
The Strata-Sphere
The Smallest Minority
The Volokh Conspiracy
Tim Blair
Velociworld
Weasel Zippers
WILLisms.com
Wizbang


Gone but not Forgotten...
A Coyote at the Dog Show
Bad Eagle
Steven DenBeste
democrats give conservatives indigestion
Allah
BigPictureSmallOffice
Cox and Forkum
The Diplomad
Priorities & Frivolities
Gut Rumbles
Mean Mr. Mustard 2.0
MegaPundit
Masamune
Neptunus Lex
Other Side of Kim
Publicola
Ramblings' Journal
Sgt. Stryker
shining full plate and a good broadsword
A Physicist's Perspective
The Daily Demarche
Wayne's Online Newsletter

About this Entry

This page contains a single entry by DaveH published on October 18, 2018 7:45 PM.

Back home again was the previous entry in this blog.

Up and at 'em is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Monthly Archives

Pages

OpenID accepted here Learn more about OpenID
Powered by Movable Type 5.2.9