"Where there is no vision, the people perish: but he that keepeth the law, happy is he."
-- Proverbs 29:18, King James Bible (KJV)

Friday, November 07, 2014

Also in Law, The Rich Get Rich and the Poor Get Poorer as Law Schools Continue to Churn Out Too Many Too Highly Indebted Graduates

At the New Yorker, Jeffrey Toobin has the story in Law Schools and the Legal One Per Cent.

The solution (tongue-in-cheek here of course) is to adopt the same awesome logic we now find being bantered about by those caught in the thrill of the Republican win of the majority in the U.S. Senate, whose first "cause" seems to be to reduce corporate taxes, thus allegedly opening the floodgates of employment.

Analogously, what one needs to do then is to reduce the taxes of corporate law partners around the country, and the number of new hires of law graduates will arguably increase astronomically via the increased "in pocket" partner income....

or in the case of corporations, the equally gullible view that outsourced, expatriated and off-shored companies such as Apple and Google and similar, who, we have read online, pay only about 2% corporate income tax in the USA, will thus suddenly be induced to repatriate onto American shores by the reduction in the corporate tax rate from let us say the current 35% (which few pay) to 25%. It is not going to happen.

Such is the empty, vapid intelligence that guides the many economically confused heads that are being elected to U.S. Congress, and their uninformed supporters.

See our next posting.