Forbes has an interesting article online titled:
Obama’s Plan is a Stealth Middle Class Tax Hike. So Is Romney’s.
This shouldn’t surprise anyone with any familiarity with economics. There is no way around it. If you want to learn more, Google “tax incidence”. Politicians like to paint a rosy picture (who’d vote for Cassandra?) but reality ultimately intrudes.
Still, we shouldn’t be too pessimistic. Predictions about the economic future are usually wrong and often astoundingly wrong. No one knows what kind of disruptive technology and social change is waiting ahead. We have been enduring an extended period of belt tightening and we may have much more to go, but at the same time we’ve been blessed with amazing improvements in our lives. I suspect that many of our ancestors would have preferred our mix of good and bad over the mix they experienced.
Reality intrudes, but we don’t know what the reality will be tomorrow. For the last few thousand years, reality has improved. The trend is our friend.