Sunday, January 13, 2008


""These tax reductions will bring real and immediate benefits to middle-income Americans," Bush said in Chicago. "Ninety-two million Americans will keep an average of $1,083 more of their own money." The first of these claims, as the Financial Times editorialized the day after the speech, is "obviously bogus." The second is true, but only in the sense that it is also true that if Bill Gates happened to drop by a homeless shelter where a couple of nuns were serving soup to sixty down-and-outers dressed in rags, the average person in the room would have a net worth of a billion dollars. Average, yes; typical, no. A typical taxpayer—one right smack in the middle of the income range—will get a couple of hundred dollars. And a worker in the bottom twenty per cent will get next to nothing—at most, a dime or a quarter a week."

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