Krugman is not right when it is convenient. He is just right.

[cthulu2016]

11. Good post.

I would be delighted to see the rich taxed at very high levels, but to do that without net harm requires a second component.

The thing cannot be viewed independently.

Whenever we talk about raising taxes we also talk about the purpose of the revenue.

So there is no right economic answer to "should we tax the rich more?"

Should we tax the rich for the purpose of then redistributing money in such a way as to increase net demand?

Yes. Absolutely.

Should we tax the rich more for the purpose of making the US economy smaller in 2014?

No. Of course not.

And I get frustrated that we have been in a demand crisis for four years and these questions are barely part of our national dialog because the electorate rejects the economic premises.