A LITTLE MORE EVIDENCE AGAINST A BAGGER MEME

In September in the Financial Times, Richard Bernstein noted that the Bush tax cuts did not lead to increased investments in "r real non-residential capital investment" and now Bloomberg reports that Moody's Analytics has come to the same conclusion. (h/t Susie Madrak at Crooks & Liars)

Rich Americans Save Tax Cuts Instead of Spending, Moody's Says
By Timothy R. Homan - Sep 13, 2010 9:00 PM MT
Bloomberg News

Give the wealthiest Americans a tax cut and history suggests they will save the money rather than spend it.

Tax cuts in 2001 and 2003 under President George W. Bush were followed by increases in the saving rate among the rich, according to data from Moody’s Analytics Inc. When taxes were raised under Bill Clinton, the saving rate fell.