It's not a popular thing to say, but my suspicion is that it is upper income groups who tend to invest, and it's really investment that leads to stronger future growth, not consumption. If the tax code were skewed more in favor of middle-income groups, it's not clear to me that we would have a positive long-run impact on the economy.
More Quotes from Paul Kasriel:
OPEC doesn't suffer from money illusion. It decided they want an honest dollar for an honest barrel of oil.Paul Kasriel
Up until 2000, households in the post-War period had never experienced a decline in their net worth on a year-end to year-end basis, ... But they did in 2000, they did in 2001, and they're on course for it again in 2002.
Paul Kasriel
We really don't want to give Greenspan a grade yet. You want to wait a year or two to see whether the seeds turn to weeds.
Paul Kasriel
If people start losing their jobs, ... it's going to be hard for them to keep current on all that debt.
Paul Kasriel
A recession is in the eye of the beholder, and the eye of the NBER, but clearly we're struggling here. We're at stall speed and it's not clear what, in the short term, is going to get the economy's nose up.
Paul Kasriel
This is a warning signal ... that we are on recession watch now.
Paul Kasriel
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Based on Topics: Business & Commerce Quotes, Fame Quotes, Investment Quotes, Tax QuotesBased on Keywords: long-run, middle-income
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