It’s also an indication of an increased appreciation of the market distortions caused by government redistribution.
As is often pointed out, the working poor face the highest marginal tax rates, often exceeding 100%. How so? An increment of earned income can be more than offset by the loss of benefits as you’re pushed over the income limit for a benefits program. Any worker near that boundary would see that with the new program, they’d be better off not working, and some non workers would be made more prosperous than they are. They know that’s a rather perverse way to run a society, and so oppose the increase.
On the flip side, they’ve seen all the high flyers gambling on the housing market get bailed out to the tune of trillions. I mainly see that as a bailout to the investors in mortgages, whether in the direct purchase of mortgages, or in refinancing underwater borrowers, who should really just declare bankruptcy and move on anyway.
The working poor work and make little money from it, surrounded by enormous wealth and prosperity. They see the non working poor living as well as they do, and the poor gamblers above them getting checks and bailouts from the government. Both dumb and unjust. They’re against it.
I suspect that far more of the population DOES reason well enough to see the points. I’m not sure if I would say enough to constitute the average person, but I’d be surprised if this was above the 60th percentile of sophistication, say.
It’s also an indication of an increased appreciation of the market distortions caused by government redistribution.
As is often pointed out, the working poor face the highest marginal tax rates, often exceeding 100%. How so? An increment of earned income can be more than offset by the loss of benefits as you’re pushed over the income limit for a benefits program. Any worker near that boundary would see that with the new program, they’d be better off not working, and some non workers would be made more prosperous than they are. They know that’s a rather perverse way to run a society, and so oppose the increase.
On the flip side, they’ve seen all the high flyers gambling on the housing market get bailed out to the tune of trillions. I mainly see that as a bailout to the investors in mortgages, whether in the direct purchase of mortgages, or in refinancing underwater borrowers, who should really just declare bankruptcy and move on anyway.
The working poor work and make little money from it, surrounded by enormous wealth and prosperity. They see the non working poor living as well as they do, and the poor gamblers above them getting checks and bailouts from the government. Both dumb and unjust. They’re against it.
I doubt the average person’s reasoning on this issue is this sophisticated.
I suspect that far more of the population DOES reason well enough to see the points. I’m not sure if I would say enough to constitute the average person, but I’d be surprised if this was above the 60th percentile of sophistication, say.