Look: I am eager to learn stuff I don't know--which requires actively courting and posting smart disagreement.

But as you will understand, I don't like to post things that mischaracterize and are aimed to mislead.

-- Brad Delong

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Sunday, October 10, 2010

Mankiw goes Galt

Well, not really, but a guy can hope.   While we're hoping, lets hope the entire cadre of Chicago school econoninnies and austerian econostrangulators would go with him.  Megan McCardle, too, along with the tea-baggers.  Exit stage right, folks.  I still want a pony, though.  Oh heck, with Bad Tux in mind, let's make it a unicorn.

This is unbelievably rich.  Mankiw says that if the Bush tax cuts expire, then writing his column for the N Y Times just won't be worth it any  more.   Go and read the whole thing.  No excerpt can do it the justice it deserves.

I'll just point out that Mankiw makes the comparison of his tax situation vis-a-vis an imaginary tax-free world, NOT vis-a-vis the current real situation where the increased tax rate and phase out of loopholes will effect him to the tune of about 5%*, not the almost 50% number he uses but doesn't bother to either calculate or note for us.  Also, it includes his state taxes which are unaffected and irrelevant to the discussion.  {UPDATE**} Worst of all, he adds in the medicare portion of FICA, which is not going to be effective because he is far above the ceiling.**  All things considered, it is a thoroughly disgusting exercise in sophistry, mendacity, and narcissism.  Extraordinarily impressive - Wow, and more WOW!

Delong pretty thoroughly dismantles him, then his commenters carve the chunks into little bloody bits and jump up and down on them in heavy, steel-toed boots.  Check it out.

This is no less than such an ass-hat deserves.  (He was one of president George W. Bush's economic advisors, and therefore one of the architects of the current unpleasant situation.)

* And, lest there be any misoverestimating, that only applies to the portion of his income in excess of $250,000.
** UPDATE - I am wrong about the medicare portion of FICA. There is no ceiling on that tax.  So Mankiw is incrementally less of an asshat than I thought.  Big FICA Whoop!


1 comment:

BadTux said...

So Manny poo is upset that he might have to give a little of his over-$250K-year money to the government? Wow. Does he understand that the typical American would kill to make $250K/year? Or is he one of those people who are in the top 5% of income who somehow believe they are "middle class"? Either way, he's either a dishonest hack or an idiot, and thus not worth reading or listening to.

-Badtux the non-delusional Penguin
(unlike Manny poo, who clearly has been into the good stuff).