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pdf in previous work pressman and scott 2009a 2009b we argued that the official us definition of poverty was flawed because it ignored the interest paid on consumer debt to maintain that debt but not reducing debt principal these interest payments cannot be used to purchase the minimal goods and services that are necessary for survival during the year our argument in the 2013 paper is relatively simple interest payments on past debt reduce the income that households have to spend and maintain a certain standard of living an income shock such as a bout of unemployment the expenses of having a new baby or a health problem can lead families to resort to borrowing which reduces household living standards in the future although future income may rise the economic circumstances of the family will not improve if most of this extra income must pay interest in order to maintain past debt this problem is ignored in standard measures of income equality which take no account of the income lost in order to make interest payments on past consumption debt even people in poverty are expected to pay their interest first then live on the money they have left at january 26 2023 no comments email this blogthis share to x share to facebook share to pinterest labels debt and inequality tuesday january 24 2023 debt and inequality debt and inequality each contributes to the other we must ask which is the bigger problem which came first without correct answers the problem will only be solved by the next dark age the questions have answers at january 24 2023 no comments email this blogthis share to x share to facebook share to pinterest labels debt and inequality sunday january 22 2023 the tax advantage of big business at work in the early 1980s sometimes i d go into the office and ask the bookkeeper what happens with the receipts people turn in for work related expenses what i finally figured out was that there is an endless variety of different ways expenses can be categorized and pretty much all of them are tax deductible i think business expenses are tax deductible because it helps business grow but that plan doesn t seem to work very well these days perks may be percolating but economic growth is not strong back in the early 80s i thought the encouragement of unrestrained business spending might be contributing to the inflation it was still the great inflation back then i also thought and still think that all those tax deductions give the biggest tax advantage to those businesses that can spend the most and that seems to be a very bad idea recently i found the open access paper the tax advantage of big business how the structure of corporate taxation fuels concentration and inequality by sandy brian hager and joseph baines i thought i d found a paper where they might be thinking what i was thinking from the abstract corporate concentration in the united states has been on the rise in recent years sparking a heated debate about its causes consequences and potential remedies this article examines a facet of public policy that has been neglected in the debate corporate taxation exactly in discussions of business concentration certainly the effects of taxation are sadly neglected hager and baines point out a striking tax advantage for big business at home and abroad a tax advantage that favors bigness would favor mergers and acquisitions and all sorts of business concentration hager and baines the analysis goes on to show how persistent regressivity in the tax structure is bound up with the increasing relative power of large corporations i couldn t have said it better regressiveness means a bigger tax advantage for bigger corporations based on the effective tax rate etr the percentage of income actually paid they find the business tax to be regressive bigger businesses pay a lower percentage advantage bigness this finding is extremely important and must not be neglected hager and baines show this figure the vertical bars in the lower half of the figure compare profit margins of large the biggest 10 the dark bars and small the other 90 the light bars nonfinancial corporations the upper half of the figure shows a line graph it shows the profit margins about equal in the 1970s one to one but big business made a gain in the 1980s in the 1990s and later profit margins for largest 10 of corporations are double those of the smaller 90 wow then i took the dogs out but i could still see their figure in my mind profit margins it says there in the middle of the graph and below that net income over revenues revenues is the total business revenue received per year we who are not in business might call it gross income gross meaning before anything is subtracted out net income is what s left after all the expenses are subtracted out all or pretty much all the expenses the difference between revenue and net income is the spending a business does businesses collect receipts for that spending and use the receipts as evidence of the spending so they can get the tax deductions as i described above maybe i m using the wrong terminology lumping everything together as tax deductions but i m not doing the taxes i m just describing them in simple terms hager and baines find that the biggest businesses have the highest profit margins they have the lowest spending per dollar of profit this is just the opposite of the problem i thought i saw in the 1980s that the tax code encourages business spending driving spending up and profits down and the biggest businesses had the biggest tax advantage because they could spend the most i m not arguing that i was right i figure hager and baines are right i didn t do a study i only had a thought i do still think the tax deduction for business spending favors bigness but other factors also play a role after decades of supply side economics all of policy has been redesigned to favor business and economic growth it doesn t seem to work very well part of the problem may be that policy sometimes encourages growth by making things better for big business than for small but big business doesn t even have to grow to take advantage of such policy unlimited tax deductions for business spending are the example that comes first to mind imagine big business today as the result of a well intentioned idea in the tax code a well intentioned idea gone awry imagine what the world would be like if businesses were no longer encouraged to grow beyond their economies of scale or perhaps if the business tax code favored not bigness but competitive size the world would be a different place at january 22 2023 no comments email this blogthis share to x share to facebook share to pinterest thursday january 19 2023 the cost of policy it often seems to me that when i mention the cost of interest people think i mean the rate of interest that s not what i mean suppose the rate of interest is always five percent and suppose you have a debt of 100 your cost of interest will be 5 for the year but now suppose you have a debt of 100 million your cost of interest will be 5 million the rate of interest is the same but the cost of interest is certainly not the cost of interest depends on the rate of interest and the amount of debt we owe how much has debt grown in the us for every 1 of debt in 1946 by the end of 2021 we had about 250 of debt the graph uses annual tcmdo all sectors data the 1946 value was 357 032 billion if we have 250 times as much debt now as we had in 1946 and if the interest rate now happens to be the same as it was in 1946 then we will be paying 250 times as much interest this year as in 46 if interest rates are higher now we ll be paying even more the cost of interest depends on the rate of interest and the amount of debt we owe how much has gdp grown for every 1 of gdp in 1946 by the end of 2021 we had about 100 of gdp the graph uses nominal gdpa data the 1946 value was 227 535 billion in the 75 years from 1946 and 2021 gdp increased about 100x debt increased about 250x is there some reason debt had to increase so much faster than gdp well yeah policy debt increased so fast because of policy other than that no reason i can think of policy the growth of debt is a presumably unintended consequence of policy at the federal reserve they change interest rates all the time and they are always ready and able and very often willing to lend more money in congress they tweak things to make more credit available and they tweak things to encourage us to borrow these policies work for every dollar of debt we had in 1946 we had almost 250 of debt in 2021 debt grows rapidly if you ever wonder why we have so much debt these days the answer is that our policies make it happen they certainly do not prevent it you know what policymakers forgot they forgot to invent some policies to get us to pay down our debt at a faster rate debt grows rapidly because of policy and debt is paid back slowly because of policy neglect the result is that our accumulated debt has grown to an insanely high level it is all the fault of policy a simple mistake they encourage borrowing and the use of credit so that debt grows rapidly but they do not also encourage the accelerated repayment of debt and so debt accumulates to unnaturally high levels that is the cost of policy or the cost i should say of ill considered policy and that is the source of our economic troubles at january 19 2023 1 comment email this blogthis share to x share to facebook share to pinterest saturday january 14 2023 we must do better i oppose the decline of civilization this means for example that i support environmental protection because we need civilization more than we need oil but civilization depends on oil you say it does but civilization can change and it might have to change to survive i don t have the whole analysis worked out but this is how it seems to me civilization cannot survive if the environment goes to shit opposing the decline of civilization i also oppose things like the universal state and the volkerwanderung which arnold j toynbee identified as late stage phenomena in the life of a civilization and part of the decline opposing the universal state means that i naturally oppose the development of the european union nafta and free trade pacts generally and i oppose imposing such developments upon society these developments are anyway driven by the economic needs of the powerful those of great wealth who want even more and are supported among the rest of us by those who have accepted the sales pitch that says the universal state will improve the economy that sales pitch is nonsense economic problems require economic solutions not political solutions opposing the volkerwanderung means i am naturally uncomfortable with the ever increasing border crossings along the southern us border the dark age which over civilized people insist on calling the early middle ages is identified by toynbee as an interregnum or heroic age he writes again the roman empire s fall was followed by a kind of interregnum between the disappearance of the hellenic and the emergence of the western society this interregnum is filled with the activities of two institutions the christian church established within and surviving the roman empire and a number of ephemeral successor states arising on the former territory of the empire out of the so called volkerwanderung of the barbarians from the no man s land beyond the imperial frontiers ephemeral successor states arose after the fall of rome out of the volkerwanderung of the barbarians before during and after the fall such successor states will arise again unless we stop our own decline and fall i have to oppose immigration which is the word we use though volkerwanderung would be more apt because it is a sign of the approaching fall of civilization but of course stopping the immigration won t stop the decline we have to fix the problem that causes problems like this immigration and i want to emphasize that this view has nothing to do with race or racism i think economic conditions are worse on the other side of our southern border than they are on our side and i think the difference in economic conditions drives the migration but conditions on our side of the border are not good either and this is the more pressing problem one which underlies the immigration problem for we cannot afford to fix the immigration problem and yet we cannot afford not to fix it the immigration problem cannot be solved by welcoming immigrants we know that didn t work in ancient rome it cannot be solved by building a wall because the problem which continues to grow originates on the other side and it cannot be solved by making conditions better on the other side of the border because we cannot afford to do that that is the only solution though to make conditions better on the other side of the border i don t think very many people want to be foreigners i think they d prefer to live in their own home land as i do but i think conditions must be so bad for them at home that they have no choice but to come to america where conditions are better the most successful thing we do to discourage immigration is that we continue to let our own economic conditions deteriorate we must do better at january 14 2023 1 comment email this blogthis share to x share to facebook share to pinterest thursday january 12 2023 grotesque cnn business your take home pay is the difference between your gross pay and what you get paid after taxes are taken out your take home pay is the difference between your gross pay and what you get paid after taxes are taken out at january 12 2023 no comments email this blogthis share to x share to facebook share to pinterest tuesday january 10 2023 trapped by policy we are trapped by policy that encourages the accumulation of debt until policy is changed we will be unable to reduce debt except for brief periods as with federal debt in the latter 1990s and household debt for just four years after the financial crisis at january 10 2023 no comments email this blogthis share to x share to facebook share to pinterest monday january 9 2023 too much fertilizer is bad for the crop with my previous post in mind you don t need a reason like exhaustion of the soil to get financialization going in our case we began with too little finance decades ago debt was below its optimum level so expanding finance turned out to be a good thing and so policymakers adopted the principle that expansion of finance is a good thing that put us on the road to ruin policymakers forgot that the effects of debt are non linear the effects are good when debt is low and harmful when debt is high policymakers went with the linear view that the expansion of finance is always good they were wrong and we are paying for it now debt is like fertilizer a little is better than none and just the right amount is better yet but too much makes things worse it s not that hard to figure out unless maybe you are a policymaker at january 09 ...
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