Obama assures liberals he'll raise taxes on wealthy

[NoOneMan]

6. It sort of is, as that is the dominant cultural meme

Yes, I understand it doesn't "work" as far as growing the economy. That doesn't mean it won't be implemented to accomplish other goals

What helps an economy grow is increasing the velocity of capital throughout the system. While putting more money into poor people's hands tends to due this, it can also be negated by taking more money away from higher-income earners that intend to inject it (yes, some of them do spend their earnings, though a far smaller proportion of it than the lower classes). The main key is the velocity of capital though, so if taxes are raised and not used for stimulation, they will have a negative effect on the economy (period); this is the most likely course of action.

The bright side is that any economic activity that is cut via taxation & austerity, the lower the increase in atmospheric carbon.