January 21, 2019
Productivity

Just ran across a 1993 New York Times story quoting Norman Ture, head of the Institute for Research on the Economics of Taxation and a Treasury official in the Reagan administration. It fits nicely with yesterday’s post:

"The top 1 percent are the most productive people in the country. If you think this will have no effect on their contribution to the economy’s progress, then you have to assume they are very peculiar human beings.”
Most productive? Their contribution, if it goes beyond spending inherited money, amounts to manipulating other people’s energy for their own profit. A few of the one-percenters may, like Bill Gates, produce something. Most will be parasites like Ross Perot, taxing the flow of paper and dollar instruments produced by the 99 percent.


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Posted by Jerome Doolittle at January 21, 2019 04:16 PM
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