substandard lifestyle.
Substandard? WHat are they lacking? A mercedes benz? WHo me the Lacking.
EARNED income is from work; unearned income is from savings [no work] or excess from decent living wages that can generate a cushion to save.
First, No one, least of all Obama is talking about taxing Savings (he is not that stupid). SO your point is half over. And the other one is simply class warfare. WHO decides what is excess? That "poor" guy has a standard, not substandard of living.
Cushion for savings? My how we forget. You dont need a color TV. Save that money. But wait! They spent it! Just like I did. WHen I was young and starting out. But as I got older, my income went up, and I started saving (it helped as my children grew up and left too). Are you going to DICTATE that they save? You have to in order for your rant to work. After all, we have seen what they do when they have money to save - they spend it. Not on necessities. But on creature comfort (or waste).
So what is next? A tax on you that goes into a government savings account? Sorry to tell you that, but we already have it. And the ROR? 0%. It is called Social Security. You know the Ponzi scheme?
Face it, you want the economy to be fixed? INvest. And who is going to invest? The rich. The poor wont. They will waste it on extravagances (dont beleive me? Check out the Sirloins that are bought with food stamps - check out the lottery winners). I eat chicken a lot. And save some too. I rarely eat steak.
If you want "stagflation", go ahead and give that poor man a bunch of money. He will spend it. On what we dont know since there will be no entrepreneurs to create thigns to buy. But that wont stop them. It has not yet. And of course he wont have money to buy more - there will be no jobs. The poor do not create jobs - investment does. And if you are thinking that "Wait! The government can invest with the tax money". That has been done. It was called the USSR. Worked well, didn't it?
Yea, and people yell when we call Obama a socialist? My god! If he takes your advice, we will be wrong. He will be a communist.