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| [Nov 06, 2012, 10:48 am ET] - Share - Viewing Comments |
Well today is Election Day here in the U.S., our annual opportunity to practice democracy (insert joke here about continuing to practice until we get it right). Here's hoping all those who are registered get out and vote, and that the process proceeds smoothly.
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Re: Out of the Blue |
Nov 8, 2012, 14:36 |
Beamer |
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Mr. Tact wrote on Nov 8, 2012, 14:28:
Outside the "Bush tax cuts", unless I missed something tax policy hasn't changed much since 1990. And the economy overall, seems to have done well since then.
It takes a while for effects to take hold. And the economy did well in the 90s due to the internet really pushing economic growth.
But we've had a squeeze on the middle class going on despite that. On another page I posted the share of wealth of the top 1% (again, I hate that sticking point.) It was about 35% in the 1910s, when there was no middle class, about 19.5% in the 1960s, when the middle class was exploding, and is back to about 35% now. There's a direct correlation there. And that also directly correlates with tax policy. Top marginal tax rate was extremely low in the 1910s, peaked at 94% in the 1950s, and was scaled back into the ~30% range in the 1980s. That's when the middle class share of the wealth shrunk. And that's when incentives started being created on the job creating class to, well, create fewer (or negative) jobs. |
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