The always interesting Ron Unz, publisher of The American Conservative, has a new piece (Raising American Wages…by Raising American Wages) arguing for his plan to raise the minimum wage to $12/hr. In retrospect, clearly Mitt Romney should have taken Reihan Salam’s advice that he run on Unz’s plan. (h/t Tom Hickey).
But I digress, the most interesting part of Unz’s piece is the graphic showing the distribution of the US’s $60 trillion or so in household net wealth.
That’s really astonishing. BTW, the comparable income distribution figures for the top 1%, next 4% and remaining 95% are income shares of 20%, 15% and 65% respectively, a good deal more equally distributed than wealth. To that end, I think its worth considering Daniel Altman’s suggestion in the Times this morning that we replace the income and estate taxes with an annual wealth tax (Ronald McKinnon and James Bowery have also proposed taxing net wealth).
Finally, this sad story about the Pete Peterson Day festival (with contestants competing for best austerity plan) has made me resolve to type up and post my Kobayashi Maru deficit reduction plan tomorrow. There’s a rather simple way to cut deficits by $4 trillion over the next decade without raising taxes, cutting discretionary spending or touching entitlements. Did any of Peterson’s gimps mention it? Of course not. I’ll post the plan (and born doer of good that I am, I’ll even throw in the necessary legislative language) when I get back from court tomorrow.