Fiscal irresponsibility - McCain & Obama tax policies

[Mormon Red Death]

Originally Posted by ChinoCoug

I don't have time to give you an economics lesson right now, but google "asymmetric information," for more on why banking needs to be regulated, take a class on quantitative methods at your local JC and then review the empirical literature on the elasticity of the labor supply on the top income bracket, and then we'll have an intelligent discussion.

The definition of economics is the

"the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."

what this means is that economics is a about incentives. What are the incentives for a party to act in the way they do.

What incentives happen when higher taxes on richest are enforced? What they do is create a backward bending curve just like the one you posted here. rich people decide only to make enough money that their time isnt worth paying most of it to the government.

Archae is right... we need a president who will cut back costs not try and raise revenue.