Increase taxes on rich
Ninety-three percent of the increase in national income since the financial collapse of 2008 has gone to the wealthiest 1 percent of the population.
This is bad for the economy because 71 percent of our economy is fueled by consumer spending, and people with large incomes save most of their income instead of spending it on consumption.
If more of the post-2008 increase in income had gone to the 99 percent of the people with lower incomes, a much larger percentage of it would have been spent on consumption, resulting in greater economic growth.
The way to stimulate the economy is to raise taxes on the rich and use this money for infrastructure, labor force retraining and bigger investments in energy and education.
This plan will create jobs for the 99 percent, and the 1 percent will be better off because the increased consumer demand will benefit their businesses.
The plan looks like that bane to conservatives, “redistribution of wealth.”
I contend that such redistribution is exactly what we need in the current circumstances.