One thing that is not mentioned is that during this time of super high marginal tax rates, there was also: -Much less regulation in general in many sectors of the economy. -Generous deductions for productive investment, etc. My grandfather started and grew two very successful businesses during the 50's and 60's. While the high taxes crimped down on consumption substantially, the deductions for business investment meant that people could still get rich, as after all investment is how the rich get richer, Flashy consumption which requires high realized income is how people ultimately get poorer. The "buffett" style modest business owner is not as overly harmed by the type of system that was in place during this time as one would think. I am opposed to the super high marginal tax rates, but I do think our system needs to be reconfigured to deal with the realities of the modern economy. The leverage of global property rights has created a system that is utterly imballanced, and one which neither the "liberal" or "conservative" school of thought is equiped to handle. The most laughable thing to me is the conservative smoke screen that being wealthy or getting wealthy is about working hard. Ha, ha. No, it is about owning property rights and getting massive leverage (legal, financial, social, branded,etc). If or if not you must work hard is incidental. Lots of people work their ass off and stay broke! Just the facts.
There was a time when citizens were concerned about "how/how much" Federal tax monies were spent. Now the government greedily believes they can "do anything/spend any amount they want.. just because they are the Federal Government"... no accountability required. With a near-majority (47%) of the population being parasites... WHO PAY ZERO FEDERAL INCOME TAX... they couldn't care less about how Federal Agencies spend tax-payer monies. After all THEY are not the ones footing the bill! Am I the only one who sees the WRONG in all of this??
Currently they are riding the back of the economy like never before. The combined budgets of all the Public Sector entities are > half the GNP and they never have enough money. The federal sector will get itself out of it's jam with a war most certainly and then the States and all the rest of the criminals can get their bailout. My reco: if you can't beat them, join them.
This has been the utopia of the democrats/liberals since FDR. They have worked hard at destroying our freedoms and capitalism to enslave so many on the dole of the guberment to ensure votes forever! The demorats are the party of the KKK, against freeing the slaves, against the civil rights movement, for Jim Crow laws, union circle jerking (more buying votes), and race baiting. People are surprised that MLK was a Republican. They are even more surprised that the Republicans freed the slaves. Why? The dem's are trying to rewrite history. They want a banana republic, and it may happen by this next election. Then watch the f*ck out!! If the amnisty goes forward, it all but guarantees a democratic sweep of the House. Taxes will go to french style!! Socialism is the utopia of the party of JFK....go figure!
that's what i was thinking about. seriously. start part time at TSA on weekends just to get into the system and move on. let them train you for free. i'm in mid forties. i believe that one can build pretty solid career in this homeland security 'business' and retire at 55. look at this madness,look at the salaries- https://www.usajobs.gov/jobsearch/search/getcontrolresults?keyword=tsa&location=&search=search! right now they(the gvt) are just abusive and ignorant(see IRS example above). but as appetite grows-soon they will be aggressive to their own citizens. i've seen this before. you better be a part of the system at that stage to survive. i'm not kidding. and i'm not alone http://www.youtube.com/watch?v=UnX7TNFIELg we are entering into the era of total GLOBAL gvt control. something that never been seen before. globalization baby!
Just want to point out that I looked at that USAjobs.gov site for the first time and some of those salaries are insanely good. Wow⦠I wish I could get one of those jobs.
i'm telling you..six figures is not out of question within 5 years or less. plus full benefits and no worry,no 401K investment s**t guaranteed retirement
I was walking my 9 month old in Riverside Park this past weekend and I saw this dis sheveled, almost homeless looking old geezer walking toward us. As I made the obligatory wide circle to avoid this miscreant, I realized it was none other than Krugman himself! I was about to circle back and introduce my son, then kick him in the nuts for advocating that my kid bear the burden of his quasi-homosexual lifestyle, whereby his ilk spends and enjoys the fruits of tomorrow's labor. The fact that he does not, and never will have kids is the problem with his economic theories.