The educating of the American underclass
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Even a broken clock is right twice a day…
Krugman recently wrote that the “right’s denunciation of AOC’s ‘insane’ policy ideas serves as a very good reminder of who is actually insane.”
But many forget that the top tax rate was more than 90 percent during the 1950s, and 70 percent for all income above $216,000, right up until Ronald Reagan became president, in 1981. He then declared government the enemy and slashed taxes for the rich. Thus ended the most successful period of middle-class economic growth in America’s history.
Some of us actually remember those halcyon days. Dad’s salary alone was enough to support a middle-class family of four or five, to buy a modest home, get the kids most of the way through college, and still swing a vacation on the Cape in July.
Hard to imagine now. But when the rich paid more, the government built highways and bridges. The MBTA parking garage wasn’t collapsing at Alewife station. The Red Line tracks weren’t catching on fire.
No one talked about the 1 percent vs. the 99 percent, because income inequality was far less severe and it was hard to conceive of a single human amassing a net worth of, say, $88 billion (Warren Buffett, CEO of Berkshire Hathaway) or even $53 million (Robert Iger, CEO of Walt Disney).
This is what I’ve been saying all along, the people may say they’re republican but they are actually
in favor of Bernie’s platform….
“Never argue with a fool, onlookers may not be able to tell the difference.”
January 13, 2019 at 10:37 AM #11865jwirrParticipant
- Total Posts: 1,750
I totally agree with you BUT I was the daughter of a small farmer and during those years the push to larger farms was driving small farmers out. A lot of us were having big problems. And if I am not mistaken it wasn’t so great for minority groups especially in the inner cities.
So we had a long way to go even with the 90% tax. But it could have been accomplished – with todays 1% tax deadbeats we are getting nowhere fast.
January 13, 2019 at 11:23 AM #11887AnonymousInactive
- Total Posts: 17
it’s possible at that time the US still had a lot of domestic manufacturing/production left over from the end of WWII. it’s more than just taxes
January 13, 2019 at 5:46 PM #11990Mr. Mickeys MomModerator
- Total Posts: 4,929
I recall those days (as a lower middle class, when we HAD those tiers)…
As Reagan ascended the scales of not hearing the press and ignoring the middle class, we then lost the electronics industry.
The redistribution of wealth via Reagan’s Ruling Class (good book by Ralph Nader) has caused us ALL to suffer… and you’re right. These issues are the same for everyone, no matter HOW they vote.
Hell, no... I'm not giving up...
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