Obama’s budget deficit numbers are already mindblowing, but we feel they’re going to get a lot worse. Because not only are the growth projections way too optimistic, but the base of top taxpayers is rapidly melting away.
Case in point: the disappearing hedge fund industry. After shedding 10,000 jobs last year, another 20,000 are expected to disappear this year. That’s about 14% of the industry, according to Bloomberg. That might even be optimistic.
Obvious conclusion: The free market is doing for social equality what tax policy couldn’t hope to do in a million years.
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