Rich Americans need to get on the ball. The recovery is slowing down and it’s all their fault.
If they don’t start spending — and I mean really spending — some economists think their tight-fisted attitude could push the economy back into recession.
Sounds kind of selfish, to me. A true patriot would be willing to spend freely to get the economy bustling again.
According to this AP report, the wealthy have stuffed their cash in a lockbox because they don’t know what’s going to happen to the Bush tax cuts which are set to expire in January.
President Obama wants to see higher tax rates for individuals making at least $207,000 and couples earning $250,000. The prez is in a tough spot and needs to find new revenue to pay for ever-gowing government spending.
Let’s not quibble about whether $207,000 is a rich man’s salary.
Ordinarily, I would go along with soaking the wealthy — what’s a few extra bucks for the taxman to somebody who makes big money.
But this time I think there is a better way.
I suggest keeping the Bush tax cuts in place in exchange for requiring rich people to go on a shopping spree. Make ’em sign a pledge to buy an extra car or two, maybe a couple of designer suits or a new house.
It’s a win-win — the rich avoid a tax increase and the economy gets a shot in the arm.
Think about it.