You know things are bad when a socialist Eastern European country passes a bill to lower taxes in order to help its economy recover. Hungary's socialist government passed a tax bill that will cut current personal income taxes and "social contributions" paid by employers to the government. It will also raise the lower income tax bracket to that "average" incomes are taxed at a rate of 17%.

They didn't get it all right, though. The parliament did pass a "wealth tax" on real estate and luxury items.

Wealth envy is universal .. but at least the Hungarians know that lowering tax rates will be the shortest route to economic recovery.