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Bar Stool Economics Aug 31, 2008 5:42 pm
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Bar Stool Economics



Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:





The first four men (the poorest) would pay nothing.

The fifth would pay $1.

The sixth would pay $3.



The seventh would pay $7.

The eighth would pay $12.

The ninth would pay $18.

The tenth man (the richest) would pay $59.





So, that's what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a

curve. 'Since you are all such good customers, he said, 'I'm going to reduce the cost of your daily beer by $20. Drinks for the ten now cost just $80.







The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men - the paying customers?How could they divide the $20 windfall so that everyone would get his 'fair share?' They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested

that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.





And so:





The fifth man, like the first four, now paid nothing (100% savings). The sixth now paid $2 instead of $3 (33%savings). The seventh now pay $5 instead of $7

(28%savings). The eighth now paid $9 instead of $12 (25% savings). The ninth now paid $14 instead of $18 (22% savings). The tenth now paid $49 instead of $59 (16% savings).



Each of the six was better off than before. And the first four continued to drink for free. But once outside the restaurant, the men began to compare their savings.





'I only got a dollar out of the $20,'declared the sixth man. He pointed to the tenth man,' but he got $10!'





'Yeah, that's right,' exclaimed the fifth man. 'I only saved a dollar, too. It's unfair that he got ten times more than I!'



'That's true!!' shouted the seventh man. 'Why should he get $10 back when I got only two? The wealthy get all the breaks!'



'Wait a minute,' yelled the first four men in unison. 'We didn't get anything at all. The system exploits the poor!'



The nine men surrounded the tenth and beat him up.



The next night the tenth man didn't show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!







And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.







David R. Kamerschen, Ph.D.

Professor of Economics, University of Georgia
4 Comments
light at the end of the tunnel Aug 31, 2008 5:37 pm
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Its been a long time. I find myself always looking forward instead of looking back. I know it is not going to be much longer. If I looked back it would make things sometimes unbearable. There are a lot of things going on that could turn out pretty good. I thank God for all of it.

He is my provider. Unmerited love for sure. Thats what is so wonderful about God. We sure do not deserve his blessings. But I am thankful for them.
6 Comments
really do not like working on Sundays Aug 31, 2008 5:28 pm
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It just seems like it puts one in a grumpy mood. But we had to today. A condo needs to be up and ready to be rented. They did not want to repaint everything in there which would have made it look its best. That in itself is kinda annoying. I consider it half stepping because my finished work is not complete in my way of thinking.

One of my favorite Jimmy Stewart movies is on tonight. "The Cheyenne Social Club. His brother passes and he travels from Texas to Cheyenne to find out he has inherited a house of prostitution, when he thinks he had inherited a saloon. It doesn't sit well with him. Henry Fonda also stars. I watched it with my parents over 35 years ago. It is well written. Just a cute show.

I got home about 3pm today and I slept until 8:15 pm. I was just so tired. Sometimes we need a crash and burn day. I was too tired to even ride over to the beach. let alone drive myself.
2 Comments
I aint got any spit! Aug 31, 2008 4:43 am
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I will always remember that line from the original Jaws movie when he is getting in the water. They spit on the inside of the visor of their goggles to help keep it clear.

Well I guess the meaning was he was scared spitless. I don't need spit because I am not going where Richard Dryfeuss went.

I am just thinking today about the day ahead. I have to go and pressure clean the outside of a condo and do some interior painting. Fix some holes etc. I don't like working on Sundays, because normally this is my jaunt over to the beach and of course to relax. But this has to be done today. I have no choice.

Soon as I get done with this little post I will attempt to call Mercy. They have been under heavy rains as of late. Her three week military training has her out in it. She didn't sound too good yesterday. She is a girly girl and for her this is a excursion into unchartered waters. She is trying very hard to make do. My concern is for her health issues in these conditions.

I hope everyone has a nice Sunday. I hope you have a wonderful time with your families. Perhaps you can think of a friend you haven't contacted in awhile and catch up.
3 Comments
 

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