Well that certainly is a stupid headline. But in today’s whacko conservative mind, it apparently is true. (Cross Posted at RMG)
Adam Smith the founder of modern economics and author of The Wealth of Nations that first outlined the virtues of the emerging capitalist system, wrote the following in his seminal work:
The necessaries of life occasion the great expense of the poor. . . . The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. . . . It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
Let me repeat that:
It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
Hat tip to The New Yorker for bringing this to light.
So more than 40 years before Karl Marx was even BORN, Adam Smith in 1776 was in favor of a progressive tax code…the same kind of tax code that Obama favors and the same progressive tax system we’ve had in this great country for nearly 100 years. But yet today’s conservatives call this system a socialist, radical, Marxist “redistribution of wealth”.
The simple reality is that it is modern conservatives that have the radical ideas and Obama embraces a concept deeply rooted in the capitalist system.