If you believe that there’s a 50-50 chance that your take-home pay will be cut by almost one-fifth beginning in as little as five months from now, would that belief affect your current spending habits? Of course it would. But that idea apparently never occurred to the Associated Press’s Mark Jewell. In the course of a 950-word article Monday about how the rich are getting more stingy, he focused on how “the economic slump” and “downturn” are affecting their spending, while ignoring the massive hits high-income earners will likely have to absorb (illustrated in detail below the fold) if Barack Obama wins the presidency and the Democratic Party retains its control of Congress. On Tuesday, Rush Limbaugh made the point (link will expire next Tuesday evening) that Jewell at least conceded that what the rich do with their money...
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