Tuesday, April 17, 2007

Cafe Hayek: Find the error

Cafe Hayek: Find the error: "Robert Frank wants higher taxes on the rich to finance universal health care coverage. His argument:

Providing universal coverage will be expensive. With the median wage, adjusted for inflation, lower now than in 1980, most middle-class families cannot afford additional taxes. In contrast, the top tenth of 1 percent of earners today make about four times as much as in 1980, while those higher up have enjoyed even larger gains. Chief executives of large American companies, for example, earn more than 10 times what they did in 1980. In short, top earners are where the money is. Universal health coverage cannot happen unless they pay higher taxes.

Can you find the logical error in the second sentence of that paragraph? It's subtle, but readers of Cafe Hayek should be able to find it. The error can be summarized in five words."
I cannot do it in five words, but how about "you have it, I want it, hand it over."


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