Mediapost announced yesterday that Rupert Murdoch is planning to do away with the paywall in front of the Wall Street Journal. This is great news for bloggers who will no longer have to parenthetically remark subscription required after linking to Journal content – and it’s also a great boon for the reading public who will now have free access to America’s best business journalism. And – fingers crossed – this new birth of economic literacy might even have some impact on the know-nothing statements coming out of the current crop of GOP presidential candidates.
“… unfortunately, fealty to the most extreme supply-side views is de rigeur in some segments of the Republican party.” — Greg Mankiw
Of course, this stupidity isn’t isolated to the GOP or the campaign trail – take a look at this this gem from our beloved Congress:
Some pro-business Democrats joined Republicans in expressing concern that the carried interest provision could hurt venture capital and real estate investors as well as hedge fund managers making hundreds of millions of dollars.
Oh please. The “carried interest provision” is a proposed change in tax law that says billionaires like Stephen Schwarzman should pay the same rate of income tax that you and I do. What a surprise that a coalition of bought-off scumbags should rise up with righteous indignation to defend their paymasters. Clearly the current 28% of approval rating of Congress is far too high. (Undecided on carried interest? Even the Financial Times of London – hardly a leftist mouthpiece – says it should be taxed like ordinary income upon realization.)