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Bar Stool Economics
Jokes, funny stories and general humor
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1895ss
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Joined: Jul 21, 2005
Posts: 2613
Location: West of Here!!

PostPosted: Sat Apr 14, 2007 9:48 am    Post subject: Bar Stool Economics Reply with quote

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 on 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
For those who understand, no explanation is needed. For those who do not understand, no explanation is possible.

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A cruel truth is much more desirable than a really nice lie.
'Tis far better to walk alone than to follow a crowd or an a**hole going the wrong way.
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Dimitri
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Joined: Nov 25, 2005
Posts: 5906
Location: Southern Ontario

PostPosted: Sat Apr 14, 2007 10:22 am    Post subject: Re: Bar Stool Economics Reply with quote

Too bad he didn't write it but it does make sense. Smile

http://davidk.myweb.uga.edu/ wrote:
Contrary to Internet folklore, Dr. Kamerschen is NOT the author of "Tax Cuts: A Simple Lesson in Economics." Additionally, he does NOT know who wrote it.

Dimitri

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A thousand hills, but no birds in flight, ten thousand paths, with no people's tracks. A lonely boat, a straw-hatted old man, fishing alone in the cold river snow.
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tracker
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Joined: Nov 08, 2006
Posts: 1175
Location: Manitoba, Canada

PostPosted: Mon Apr 23, 2007 9:48 am    Post subject: Re: Bar Stool Economics Reply with quote

I don't care who wrote it, it makes sense and more people need to see it. Now I'm off to try to get a free beer Very Happy

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"If God hadn't meant for man to eat animals, he wouldn't have made them out of meat!"
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SwampFox
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Joined: Jul 15, 2005
Posts: 1040
Location: Destin, Florida

PostPosted: Wed Apr 25, 2007 1:22 pm    Post subject: Re: Bar Stool Economics Reply with quote

Reminds me of something I have seen before, just can't remember where or when...... Hum, hum..... next verse...
Ed

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The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery.
-Winston Churchill
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