Former Secretary of Labor flunked econ 101
- August 25th, 2010
- By Jeremy
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I try to save the Boobus Americanus label for average people who depict the utter stupidity of the American public. But today I was reading the blog from the former Secretary of Labor under Bill Clinton when my Boobus Americanus radar went haywire.
Here is what Robert Reich is trying to pass off as sound economic reasoning regarding his support for the expiration of the Bush tax cuts.
And [keeping the tax cuts in place] wouldn’t even stimulate demand and jobs, because the very rich save (rather than spend) more of their disposable income than the rest of us.
Since Robert Reich is too estimable to allow comments on his blogs, I will pose the question here in hopes that he stumbles upon this particular post from a mere peasant:
Boobus, sir. Please explain to me what happens when disposable income is saved. Is buried under the earth? Is it horded in bank vaults destined to never see the light of day? What does happen to this money that is….*gasp*….saved?!? I won’t answer this for you, you should know. Thanks.