An Economics Lesson at the Grocery Store
October 6, 2023
Looking over the steak selections at a Publix grocery store recently, I overheard an interesting conversation between two Publix employees. One of them was explaining why he didn’t want the promotion and pay raise that was being offered to him. “I cleared 40 grand last year,” he said. “If I take the promotion it will put me from the 12 percent tax bracket to the 22 percent tax bracket and I’ll be worse off.” “I’m not giving Biden any more of my hard-earned money!” Then he said, “The government doesn’t want to give Americans an incentive to work.”
And my guess is that he never heard of Art Laffer and “supply-side economics.”
Dr. Thomas DiLorenzo [send him mail] is a former professor of economics at Loyola University Maryland and a longtime member of the senior faculty of the Mises Institute. He is the author or co-author of eighteen books including The Real Lincoln; How Capitalism Saved America; Lincoln Unmasked; Hamilton's Curse; Organized Crime: The Unvarnished Truth About Government; The Problem with Socialism; and The Politically-Incorrect Guide to Economics.
Halloween Decoration Lampooning the Military Wing of the Demo-Bolshevik Party