Obama-loving New Yorkers learn Econ 101 the hard way

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Legal Insurrection:

Obama-loving New Yorkers learn Econ 101 the hard way

 

Posted by Joel Engel Saturday, December 29, 2012 at 7:45am

Folks freak at size of tax hikes if fiscal cliff isn’t averted in the coming days is a story from Thursday’sNY Post.

Three reporters interviewed New Yorkers (most of whom, statistically, voted for Obama) of all income groups, asked them what they earn per year, and passed on how much extra they’ll be paying unless a comprehensive deal is worked out.

The story is a terrific primer on the impact of higher taxes on a consumer economy—how what Person A spends on goods and services from Person B affects what Person B can afford to buy from Person C, who in turn… You get the idea.

Unfortunately, the Post didn’t realize that it was publishing such a story and left unsaid the best stuff. So let’s fill in the picture.

“It’s that much higher?” asked IT worker Vikas Kataria, 34, who discovered that his combined household income of about $250,000 per year will cost him nearly $10,000