Math and Facts are Harder


I’m sure Paul Krugman thinks he made a morally justifiable argument in his recent NYT article supporting ¡Ocasio! She Guevara’s proposed higher tax rates, but he’s dead wrong on both the facts and his math. He wrote,

The controversy of the moment involves AOC’s advocacy of a tax rate of 70-80 percent on very high incomes, which is obviously crazy, right? I mean, who thinks that makes sense? … And it’s a policy nobody has ever implemented, aside from … the United States, for 35 years after World War II — including the most successful period of economic growth in our history.

It’s a fact that World War II ended in 1945. You can look it up.

It’s also a fact that the top U. S. personal income tax rates were cut from 70 percent to 50 percent in 1964. Paul Krugman could have looked that up in the NYT’s archives.

1964 – 1945 = 19 and 19 < 35.

Also, the peak period of post WWII economic growth in America was after that tax cut, a fact that Krugman would have also found if he researched his paper's own archives.

Space prohibits a full discussion of the impact of the tax cut, but current data show that inflation-adjusted G.D.P. increased 5.8 percent in 1964 after a 4.4 percent rise in 1963. Growth improved to 6.5 percent in 1965 and 6.6 percent in 1966. These were the three best back-to-back years for economic growth in the postwar era, and economists generally credit the Kennedy-Johnson tax cut for much of it.

Sometimes Truth just refuses to fit The Narrative.

UPDATE—To be fair to Paul Krugman, the Kennedy/Johnson tax cut became law just before his 11th birthday, so he probably has no real memory of the economic conditions he was writing about.

High-Capacity Credit Cards


Andrew Ross Sorkin has an article over at NYT reporting that some people who have used firearms in mass shooting bought their guns using credit cards.

Well, duh. Most firearms cost at least several hundred dollars, and most purchases for items that expensive are paid for using either credit or debit cards. Fifty years ago, such purchases would have likely been paid for with checks. Either method is more secure than cash, but whether an electronic or a paper transaction, the funds would have been routed through the buyer’s and seller’s banks.

Sorkin seems to think that banks should be monitoring transactions related to firearms in order to … well, someone has to do something to keep those people in flyover country from buying guns. And if the government won’t because of that pesky Second Amendment, the banks should step forward.

<sarc>Maybe Sorkin is right. It could be that we have a problem with high-capacity credit cards falling into the wrong hands. The Progressive states limit access to normal-capacity firearm magazines to specially-approved individuals. Perhaps most people should be prohibited from possessing high-capacity credit cards and only be allowed debit cards with a ten-dollar daily limit. Anyone with a legitimate need to spend a larger sum can plan ahead and withdraw cash from his bank account in a face-to-face transaction that can be subjected to a proper background check.</sarc>

Team Kimberlin Post of the Day


This is the opening paragraph on the ABOUT page of the protectourelections dot org website.The claim in the last sentence does not appear to be true.

The IRS publishes a list of all registered 501(c)(3) organizations. Protect Our Elections is not on the current list (updated on 8 October, 2018) under its current name, its previous name (Velvet Revolution US), or its Employer Identification Number.

Further, it appears from the information posted on the IRS website that it is not possible for a 501(c)(3) organization to be simultaneously registered as any other type of Section 501 entity.

Protect Our Elections/EMPR Inc. does appear to be registered with the IRS as a 501(c)(4) organization. For now. Kimberlin’s other not-for-profit, Justice Through Music Project, is registered under 501(c)(3). However, they are two separate entities, and commingling their assets could … never mind … I’ll let him find out the hard way.