Language Check - Wallet

In election years we always hear that a sizeable proportion of the populace will inevitably vote its wallet. The explanation for this is that people only care about the amount of money they have in their bank account at the end of the day. This goes hand in hand with cutting taxes. If your top concern is about your disposable income then you will probably vote for the candidate who promises to give you the most tax cuts, who will usually be a Republican.

But let's think this through for a minute. Even though people have been receiving tax cuts and have more money in their wallets, they are becoming worse and worse off every year. Medical, education, and housing costs are rising and people are sliding more and more into debt. If they vote their wallets but their utility is not maximized at the end of the day then there must be a logical flaw in voting one's wallet.

I propose that what really maximizes people's utility is not necessarily their wallet (disposable income after taxes), but their household's utility. Sure, you might take a tax hike or two, but now you've got medical coverage for your family. That probably exceeds the cost of your tax hikes. Your local colleges can now offer more generous scholarships and you have more investment in your community.

So when someone (a Republican) says that the amount of money in your wallet is your measure of economic well being at the end of the day and that is why taxes should be cut, he is completely wrong. When Bush gets up and says that by cutting taxes you are better off, he is lying to you. The counter to these people who vote on narrow minded self interest is to remind them that instead of voting their wallet they should be voting their household, or their family, because that is really what they are trying to benefit by voting their wallet, but by voting their wallet they are clearly not maximizing their utility. If they try to argue with you, simply pose the question "What's more important to you, your money or your family's well being?" I think the answer is pretty obvious.