I received a phone call from a reader, questioning my use of statistics. I thank him for his call, because in an era of social media on the one hand, and accusations against the press on the other, it is critically important to carefully assess information we receive. In the case of statistics, we need to determine: • whether the source is credible, • the exact meaning of the reported data, • any possible bias underlying the statistics, • the depth and breadth of the topic.
As you know, tax "reform" is on the agenda in Congress. Let's consider the impact of the Trump/Republican tax proposal. There are three purposes of taxes: They can 1) provide revenue for government spending, 2) alter income distribution, and 3) stimulate the economy. Let's consider the effects of both corporate and personal income taxes. We don't have all the details yet, but we can address what we do know.
Donald Trump's address to the United Nations on Sept. 19 focused on many political issues that have clear economic implications. Let's consider the economics of these topics in two separate columns in the River Falls Journal. 1."Wherever true socialism or communism has been adopted, it has delivered anguish and devastation and failure."