The Trail: A Daily Diary of Campaign 2008

Meghan McCain Speaks with Post's Balz

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Meghan McCain speaks with The Post's Dan Balz about her children's book and her optimism about her father's campaign at Sen. John McCain's Colorado campaign headquarters. (Video by Dan Balz.)

Posted at 2:05 PM ET on Oct 24, 2008  | Category:  Video Report
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Bar Stool Economics 101
Suppose that every day, ten men go out for beer and the bill for all ten comes to \$100. If they paid their bill the way we pay our taxes,
it would go something like this:

The first four men (the poorest) would pay nothing.
The fifth would pay \$1.
The sixth would pay \$3.
The seventh would pay \$7.
The eighth would pay \$12.
The ninth would pay \$18.
The tenth man (the richest) would pay \$59.

So, that's what they decided to do.
The ten men drank in the bar every day and seemed
quite happy with the arrangement, until one day,
the owner threw them a curve.
'Since you are all such good customers, he said, 'I'm going to reduce the cost of your daily beer by \$20.
Drinks for the ten now cost just \$80.
(So he reduced their bill in proportion to what they currently paid-)
'I only got a dollar out of the \$20,'declared the sixth man.
He pointed to the tenth man,' but he got \$10!'

'Yeah, that's right,' exclaimed the fifth man.
'I only saved a dollar, too. It's unfair that he got ten times more than I!'
'That's true!!' shouted the seventh man. 'Why should he get \$10 back when I got only two? The wealthy get all the breaks!'
'Wait a minute,' yelled the first four men in unison. 'We didn't get anything at all. The system exploits the poor!'

The nine men surrounded the tenth and beat him up.

The next night the tenth man didn't show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.

David R. Kamerschen, Ph.D.
Professor of Economics, University of Georgia
For those who understand, no explanation is needed.
For those who do not understand, no explanation is possible

Posted by: thecannula | October 25, 2008 2:06 PM

thecannula

Ashley Todd the twenty year old woman who had a reverse B on her right cheek that she claimed was "carved" into her face with a knife by a six foot four black assailant. By coincidence she is a campaign worker for John McCain and her assailant only bettered her when he found out she was a McCain supporter. He was a politically active criminal. If that sounds a little contrived and farfetched, that is because it is. She admitted today that the story was a fabrication.

Her story is no less a fabrication than thecannula's assertion that he is a business man.

He now wants us to believe that as a businessman that he will spend time talking about things for which he has no particular expertise. I could critique the ridiculousness of his proposition. If you are really interested in polls and polling accuracy I will refer the reader to:

http://www.fivethirtyeight.com/

There you will find that the chances of a McCain victory is in one in 25 or the kind of thing that occurs once a century.

The Republican Party has been led by a man who has put campaign further in the gutter than any candidate in the post Truman era. His supporters seem to have no integrity and are wont to dissemble and distort and in the case of Ashley commit a crime for their win at all cost attitude. It would seem to me just to get rid of this gutter mentality in politics that a vote against McCain even not for Obama would send a message how unwanted is their presence in the political system.

To win McCain must win all three of OH, FL and PA. Hold NC, MO, IN, and NV. He must reverse the trend that put Obama in the lead and do it in one fourth the time. Furthermore the financial crisis continues and no issue has captured the attention of the American people while this rages on.

Posted by: Gator-ron | October 24, 2008 5:44 PM

Anyone with a 401K should care what she and her father thinks!

From- Investment News- the leading news source for investment advisors

Congress mulls major 401(k) changes
By Sara Hansard
October 7, 2008, 5:18 PM EST Post a Comment Recommend (252)

A wide range of sweeping changes to the 401(k) system were proposed Tuesday at a hearing on how the market crisis has devastated retirement savings plans.
Chief among them was eliminating \$80 billion in tax savings for people enrolled in 401(k) retirement savings plans.

This was suggested by the chairman of the House Committee on Education and Labor.

“With respect to the 401(k), it appears to be a plan that is not really well-devised for the changes in the market,” Rep. George Miller, D-Calif., said.

“We’ve invested \$80 billion into subsidizing this activity,” he said, referring to tax breaks allowed for 401(k) contributions and savings.

With savings rates going down, “what do we have to start to think about in Congress of whether or not we want to continue and invest that \$80 billion for a policy that is not generating what we … say it should?” Mr. Miller said.

Congress should let workers trade their 401(k) assets for guaranteed retirement accounts made up of government bonds, suggested Teresa Ghilarducci, an economics professor at The New School for Social Research in New York.

When workers collected Social Security, the guaranteed retirement account would pay an inflation-adjusted annuity under her plan.

“The way the government now encourages 401(k) plans is to spend \$80 billion in tax breaks,” which goes to the highest-income earners, Ms. Ghilarducci said.

That simply results in transferring money from taxed savings accounts to untaxed accounts, she said.

“If we implement automatic [individual retirement accounts] or if we expand the 401(k) system, all we’re doing is adding to this inefficiency,” Ms. Ghilarducci said.

Rep. Robert Andrews, D-N.J., raised the issue of which investment advisers are allowed to offer workers investment advice.

The Department of Labor is considering “loopholes” that would allow advisers to offer “conflicted investment advice if the advisers work for subsidiaries of financial services companies that sell the investments,” he said.

With American workers facing \$2 trillion in losses from retirement plans over the past year and Democrats expected to gain seats in the House and the Senate, actions being contemplated by the committee are an important harbinger of what could come out of Congress next year.

(Wonder if a Democratic Congress and White House could get this done? Can't do much about the former, But Can about the latter. Same plan was pushed through in Argentina!)

Posted by: thecannula | October 24, 2008 5:25 PM

I care what Ms. McCain thinks.

Posted by: MarkInAustin | October 24, 2008 5:07 PM

Who will you support in 2012, take part in a national poll at http://www.skip08.com

See Mike Huckabee and Al Sharpton fight about Acorn http://www.huckabeeshow.com

Posted by: pastor123 | October 24, 2008 4:59 PM

She is unemployed no one cares what she thinks. Time to get a job.

Posted by: julian9682 | October 24, 2008 4:41 PM

Like I could care less what a bunch of liberal elitists think of me?!

Posted by: MarkInAustin | October 24, 2008 4:14 PM

Mark, you really ought to pretend a little integrity. It might enhance your credibility.

Posted by: zukermand | October 24, 2008 4:11 PM

...and the news value of publishing on the Washington Post site the talking point re-recitation from the wealthy young heiress is what, exactly?

Posted by: zukermand | October 24, 2008 4:10 PM

I doubt there's anything legitimate to "fear" from Ms. Todd. By all means, though, fear away.

Posted by: MarkInAustin | October 24, 2008 3:43 PM

I fear people who just make stuff up.

AP- PITTSBURGH – A McCain campaign volunteer made up a story of being robbed, pinned to the ground and having the letter "B" scratched on her face in a politically inspired attack, police said Friday.

Ashley Todd, 20-year-old college student from College Station, Texas, admitted Friday that the story was false and was being charged with making a false report to police, said Maurita Bryant, the assistant chief of the police department's investigations division. Police doubted her story from the start, Bryant said.

Todd, who is white, told police she was attacked by a 6-foot-4 black man Wednesday night.

Posted by: republicrat | October 24, 2008 3:27 PM

McCain "people"? What did you think about the Tawana Brawley story?

Posted by: MarkInAustin | October 24, 2008 3:15 PM

No limits to what the McCain people will do... Campaign volunteer attacked for being part of the McCain campaign.... Not...

http://kdka.com/local/attack.McCain.Bloomfield.2.847628.html

Posted by: kka123 | October 24, 2008 2:58 PM

Man is she scary or what? I hear she's kinda easy too.

Posted by: Snakeheader | October 24, 2008 2:48 PM

Posted by: Snakeheader | October 24, 2008 2:43 PM

McCain is not qualified to run for PRESIDENT!

This link gves the details.

http://muddythoughts.blogspot.com/2008/02/panmanchurian-candidate-mccain.html

Here's the short form.

1. The 14th Amendment and matching policy limit citizenship to either natural born or naturalized, but not both.
2. John McCain was born in 1936 in the Canal Zone to citizen parents.
3. 8 USC 1403(a) declares naturalized citizenship in 1952 on persons born in the Canal Zone to citizen parents.
4. Therefore, 8 USC 1403(a) applies to John McCain at age 16.
5. Therefore, John McCain is a naturalized citizen.
6. By treaty, the Canal Zone was not part of the United States.
7. Therefore, John McCain was not born in the United States.
8. Therefore, John McCain is a citizen not born in the United States.
9. Therefore, John McCain is not a natural born citizen.
10. Article II of the Constitution states to be President a person must be a natural born citizen.
11. THEREFORE, John McCain is not eligible to be President of the United States under Article II of the Constitution; he should be decertified and removed from all present and future Presidential ballots; and his past results should be disallowed, including unbinding all of his committed delegates.

It's really that simple. If anyone doubts me I suggest they check out the link and read for themselves.'

Posted by: AJ2008 | October 24, 2008 2:21 PM

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