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Posts Tagged ‘Ronald Reagan’

The old senile bastard Ronald Reagan understood basic economics better than today’s “economists” and definitely better than boobus. Via shtfplan.com:

“Let’s turn to your paycheck, because here’s where the government really profits from inflation. We have a progressive income tax. As your income increases you find the government takes a higher percentage, say, of the second $10,000 you earn than of the first. Now, let’s say you get a raise simply to keep even with the increased cost of living, to make you able to buy what you could before the raise. But you can’t, for that increase in the number of dollars puts you into a higher tax bracket. The government takes a greater share of those new dollars. And suddenly you find you haven’t kept up with inflation. After taxes your worse off than you were before the raise. Nine times out of ten, though, you blame high prices, not your taxes.” – Ronald Reagan

More on inflation here.

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