you read a piece by a writer you really admire (and I do greatly admire Williamson's work) and are disheartened to discover you find his latest argument ridiculous. I don't know if we should tax Wall Street investment earnings as income, but to contend that this is going to lead to them all getting 70% raises is absurd. If the money was there for them to be paid 70% more, would they be leaving it on the table now out of goodwill? Are their clients not sensitive to any price increases that would support a 70% raise? To imply that raising taxes on finance guys will just cause those evil magicians to conjure up more income ascribes to them a level of power that would make leftist critiques of capitalism a lot more valid. Hell, if I thought these guys could collectively jack up their salaries like that, I'd be sitting in a drum circle with the hippies downtown right now.
Is your city Greece? Pennsylvania's capital city (Harrisburg, for those of you who have forgotten 4th grade geography) is going bankrupt, and it looks like many other cities in the Northeast, California and elsewhere could be right behind. So ask yourself: if you think debates in Congress are ugly, what is it going to look like when your town council announces they can't pay the police force? (Bonus link: Michael Lewis captured the despair of bankrupt cities magnificently in this piece for Vanity Fair.)
PLUG: Many of you probably saw Arcade Fire's customizable video for "The Wilderness Downtown". Now that same technology has been used by State Farm to blow up your house. Check it out here.