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The Trouble with Billionaires
Sunday, December 5th, 2010
Dec. 4, 2010
… the three decades following the Second World War were marked by strong economic growth, a highly regulated financial sector, a significant middle class with steadily rising incomes, heavy taxation of the rich (whose marginal tax rate reached 91 per cent under Eisenhower) and, consequently, record-low levels of inequality. By contrast, the neo-con era, kicked off by Ronald Reagan in 1980, gave us generous tax cuts for the rich, deregulation, stagnating middle-class incomes, sharp increases in inequality, a bloated and wildly speculative financial sector and, ultimately, financial collapse.
Tags: economy, globalization, standard of living, tax
Posted in Equality Debates | 1 Comment »
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