We talked about the desecration of the American Dream yesterday. As I said, before Reagan assumed the presidency, the 1%ers garnered 7% of after tax income in the US. 28 years later, that share had multiplied by 2.5X- so that the 1%ers collected 17% of the total income.
A few weeks ago, I spoke how interim CEOs often cook the books– so they can be permanently appointed. That happens to be a marginally (or fully) criminal endeavor. But, many, many other CEOs obfuscate results so that their stock price stays high- and that often sets their (ridiculously high) compensation levels.
Well, it was bound to happen. We already know that cities and states have been imposing ridiculously high taxes on hotel rooms and restaurant meals. Why? Because hotels are generally booked (and paid) by tourists from out of state (or country). What a great way to sock it to visitors. To keep the residential taxes low.
So, it’s true. Even the Republicans know it. (But, to a large degree, they wish it weren’t true… because it removes one of their political daggers.) The American economy is recovering nicely- not where we want it, but better than it’s been in nearly a decade.