Quote of the Day: The Rich Should Favor Stimulus

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From Peter Orszag, after reporting on new evidence that the incomes of the very rich are far more sensitive to economic growth than in the past:

If anything, high-earning households should be the ones most in favor of aggressively boosting the economy in the short run — and not just out of benevolence. Yet I suspect, without definitive proof, that support for additional stimulus declines as one moves up the income scale.

Well, I suspect that he suspects right. I also suspect that the very rich (a) just flatly don’t believe that Keynesian stimulus works, and (b) know for sure that tax cuts will increase their disposable incomes. So it’s Team Austerity for them. Sure, they’ll have to ride out the bad times by letting one of the yacht scrubbers go, but everyone has to make sacrifices, right?

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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