I posted about my judgement From the brand new e book by Norbert J. Michel, Crushing Capitalism: how populist policy threatens the American dream.
In my overview I mentioned:
Though even folks with a low earnings are doing higher, a method is to not assist them impose excessive charges. Even earlier than President Donald Trump’s first time period of workplace, Michel notes: “Charges for imported clothes have been 9 occasions as excessive as the common charge for all imported items.” Charges on many meals are additionally excessive. These excessive charges are regressive. In 2019, he famous that households within the lowest earnings Quintile spent 36 % of their earnings after taxes on meals and seven % on clothes, whereas households within the highest quintile spent 8 % of their earnings on meals and solely 2 % on clothes.
I precisely quoted that a part of Michel’s e book. However Norbert has written to inquire that he made a mistake. The information within the above part is just not from 2019; They’re from 2015.
I’ve a request to my editor to make the correction.
