Not only can countries not tax themselves to prosperity, but they also can't tax themselves to a better education. You can steal money in the name of the so-called middle class and distribute it to unions and social welfare programs, but it won't make matters any better.
On the contrary, redistribution would make matters worse because once higher taxes rob bank accounts it proceeds to rob incentive. The chain of events would eventually mean fewer rich people to slaughter but more people in line to share the spoils. This pirate economics is reckless, demoralizing, and dishonest.
Beyond outright theft, the dishonest part is not dealing with the issues. One end of the spectrum sees a lot of people made lavish promises of money and health benefits for life based on little actual financial sacrifice or investment.
The other end of the spectrum is keeping the economy moving along with a workforce that doesn't have proper skills. While the administration is demanding higher pay for jobs with low skill thresholds, but high union membership, the nation is missing the boat on big money jobs that fuel massive economic prosperity.
I've been pointing out for years that the decline of educational standards is the critical problem as the best jobs require less brawn and more gray matter. With these jobs comes power because smart jobs, not smart energy, are the future.
Oh ... and the future is now!
Brookings Institute published a report on job openings and educational requirements. The results are a stark call to arms, not to steal from the local plumber and his family, but to send your kids to school to learn about science and math instead of victimization and self-loathing. This whole thing is getting old and real fast, too.
You can't make things right by overpaying assembly line workers; it ruined Detroit, and is holding back the rest of the nation at this very moment.
Hussman's Open Letter to the Fed; The Problem with Bubbles; Textbook Pre-Crash Bubble; Reflections on Not Chasing Bubbles; Integrity vs. Respect | Mike Shedlock