Election Prediction...

Election will be called for Obama at 10:17 PM EST.
Eventual Electoral Vote Total: Obama 332, Romney 206

Post your guesses in the comments below:  Prizes for closest to time announced + closest to electoral vote totals.


The truth about kleptocrats...

So here's that non-partisan economic analysis of the Bush tax cuts--the one that Republicans had withdrawn from the Library of Congress because they didn't like its conclusions...

(No really.  Check out this article on it...)

Here is what the report was addressing:

 "Advocates of lower tax rates argue that reduced rates would increase economic growth, increase saving and investment, and boost productivity (increase the economic pie). Proponents of higher tax rates argue that higher tax revenues are necessary for debt reduction, that tax rates on the rich are too low (i.e., they violate the Buffett rule), and that higher tax rates on the rich would moderate increasing income inequality (change how the economic pie is distributed). This report attempts to clarify whether or not there is an association between the tax rates of the highest income taxpayers and economic growth."

And here's the conclusion:

"There is not conclusive evidence, however, to substantiate a clear relationship between the 65-year steady reduction in the top tax rates and economic growth. Analysis of such data suggests the reduction in the top tax rates have had little association with saving, investment, or productivity growth. However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution."

Clear enough?  Lower taxes for the rich, do nothing for anyone except the rich.  It makes them richer.

Here's the full report: