Latest Wingnut Outrage: Playsetgate

I realize we have more serious matters to concern ourselves with, but the wingnuts have come unhinged about a playset. Vicki went off about a supposedly $16,000 playset while claiming not to know if the Obamas or the taxpayers footed the bill.

But the Internet being a hard thing to understand, she obviously didn’t see a real news report on this swingset:

• The set typically costs $3500, not $16,000. The exact amount was not disclosed. One might imagine that, for the publicity, the set might not even cost that much.
• The Obamas paid for the set themselves.

Forget how the Bush administration dealt out no-bid contracts. We gotta get mad about playsets!

What’s funny is that Vicki calls out “Obama-bots” for “feeling and not thinking.” Uh huh. Carry on with your rage.

Myth Busting: Lower Top Margin Taxes Don’t Prevent Recessions

John Cole recently posted a very informative graph of the top tax rates since 1920. I added to that red lines to indicate depressions and recessions to make another, related point: most of America’s recessions occurred after the top margin taxes were lowered, with the worst recessions taking place during or after the top tax rates were at their lowest. The recessions of 1953, 1957, and 1960 were one-year recessions while the others lasted 2 or more years. The Great Depression, the 73-75 recession, and our current recession are arguably our worst of the last 100 years and came when the top margin taxes were at their lowest rates.

While it is foolish to argue cause and effect between lower tax rates and economic hardships, the counter argument that lower taxes on the wealthiest are better for everyone is equally foolish, proven wrong by this chart. Lowering tax rates at the top margins are far more likely to hurt the country than help it.

Top margin tax rates & recessions