George F. Will, a humor columnist for the Washington Post, notes that interest payments on the federal debt in a recent year were equal to approximately one half of all personal income tax receipts. He concludes that this represents “a transfer of wealth from labor to capital unprecedented in U.S. history. Tax revenues are being collected from average Americans and given to the buyers of U.S. government bonds—buyers in Beverly Hills, Lake Forest, Shaker Heights, and Grosse Point, and Tokyo and Riyadh.” Suppose it were the case that the Washington Post employed a columnist who viewed thinking as part of his job. What might such a columnist reply?
Answer to relevant QuestionsTrue or False: If a law were passed requiring all cars sold in the United States to get at least 40 miles per gallon of gasoline, then Americans would surely use less gasoline.True or False: If we observe that fewer cars are being purchased this year than last year, then we should expect the price of cars to fall.True or False: If there are currently 5,000 homeless people in New York City, and if the city builds housing for 1,000 people, then there will be 4,000 homeless people in New York City. (Answer assuming that nobody moves in ...Suppose that there is a fall in the cost of shipping goods by railroad. What will happen to the difference between the average quality of oranges sold in Florida and the average quality of oranges sold in New York?True or False: If nothing is worth dying for, then going to war is irrational.
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