Three numbers from Greg Mankiw (September 29, 2007)
Greg Mankiw has posted two
interesting numbers and an attack on a third one, all of
which are relevant for current political discussions:
- "How the Rich Got Rich".
Of the Forbes 400, 74 people inherited their riches
and 270 are self-made.
- "Question for Democrats".
Each percentage point of new taxes for the top two income brackets
yields $6 billion per year for the government. Since the
current federal spending on health care and social security is about
$400 billion each, the question is: where will the funding come from
for any major increase in these programs?
- "How
big a problem is lack of health insurance?". Mankiw points out
that most of the people not insured in the U.S. either could be, or
have so much income that they do not really need it, or are illegal
immigrants. The question he asks: what are the real numbers, after
you account for these groups?
Believe it or not from these quotes, Mankiw generally favors
progressive policies. I appreciate, though, that he is not simply a
cheerleader of one party or the other.