RSS Feed
November 20th, 2012 
FAKE NEWS for the Zionist agenda Reich doesn’t just write about borrowing, but taxing the rich, too. Nobel Laureate Krugman has written about a time when we did a lot of both, post-WWII, and the result was an economic boom of historic proportions. Truman ran deficits exceeding 100% of GDP(!) just to prime the pump, and Ike continued much of Truman’s policies. It depends on what that $$ is spent, hopefully on highest multiplier effect projects like infrastructure growth and development, research, and worker health and education.
“Above all, the success of the postwar American economy demonstrates that, contrary to today’s conservative orthodoxy, you can have prosperity without demeaning workers and coddling the rich.
… The modern American right, and much of the alleged center, is obsessed with the notion that low tax rates at the top are essential to growth. …
Yet in the 1950s incomes in the top bracket faced a marginal tax rate of 91, that’s right, 91 percent, while taxes on corporate profits were twice as large, relative to national income, as in recent years. The best estimates suggest that circa 1960 the top 0.01 percent of Americans paid an effective federal tax rate of more than 70 percent, twice what they pay today. …
Today, of course, the mansions, armies of servants and yachts are back, bigger than ever — and any hint of policies that might crimp plutocrats’ style is met with cries of “socialism.” Indeed, the whole Romney campaign was based on the premise that President Obama’s threat to modestly raise taxes on top incomes, plus his temerity in suggesting that some bankers had behaved badly, were crippling the economy. Surely, then, the far less plutocrat-friendly environment of the 1950s must have been an economic disaster, right?
…the high-tax, strong-union decades after World War II were in fact marked by spectacular, widely shared economic growth: nothing before or since has matched the doubling of median family income between 1947 and 1973. …
Along the way, however, we’ve forgotten something important — namely, that economic justice and economic growth aren’t incompatible. America in the 1950s made the rich pay their fair share; it gave workers the power to bargain for decent wages and benefits; yet contrary to right-wing propaganda then and now, it prospered. And we can do that again.”
Paul Krugman, “The Twinkie Manifesto”, NYT, November 18, 2012.
http://www.nytimes.com/2012/11/19/opinion/krugman-the-twinkie-manifesto….
On October 13, 2008, it was announced that Mr. Krugman would receive the Nobel Prize in Economics.
Source Article from http://www.nationofchange.org/why-we-should-stop-obsessing-about-federal-budget-deficit-1353335895
Views: 0
Posted in 
