Sometimes, a Tax Cut for the Wealthy Can Hurt the Wealthy

From the New York Times. The poor surely suffer as programs are cut. Our capacity for growth suffers as basic research falters. And the rich gain nothing on the Layard scale of happiness. And the deficits are going to put the bite on them as well.

"Large federal budget deficits and low household savings rates have also forced our government to borrow more than $650 billion each year, primarily from China, Japan and South Korea. These loans must be repaid in full, with interest. The resulting financial burden, plus the risks associated with increased international monetary instability, fall disproportionately on the rich."