A Lesson in Statistics from the WSJ

Posted: Feb 26, 2009 12:39 PM
I hope you can take a few minutes and give this great editorial in today's Wall Street Journal a read: The 2% Illusion -  Take everything they earn, and it still won't be enough.

To pay for the trillions in spending that President Obama and his Congressional Democrat allies have passed and are about to pass in the months ahead, our President has assured us that taxes on Americans making less than $250,000 will not be raised by "one single dime." His plan is to increase the tax rates on Americans making more than $250k a year to offset the spending. But is this even statistically feasible was the question the Wall Street Journal set out to answer?

You've got to read this for yourself to get a firm grasp of the numbers and statistics we're talking about here. But this sentence really stuck out to me:

"The bottom line is that Mr. Obama is selling the country on a 2% illusion. Unwinding the U.S. commitment in Iraq and allowing the Bush tax cuts to expire can't possibly pay for his agenda. Taxes on the not-so-rich will need to rise as well."

Give it a read for yourself, and see what you think.