The way most fiscal conservatives see it, the 1950s and earlier were the good 'ol days. This was back before the turbulent 60s replete with all those populist movements and progressive legislation passed under the Kennedy and Johnson administrations.
Yes, the 1950s was the time of Beaver Cleaver, Ossie & Harriet, and Father Knows Best. Everybody had their little house, white picket fence, and a new car in the driveway. Some people even had this strange new invention -- television -- in their little abode!
But for all their wistful reminiscing, fiscal conservatives neglect to note a very important element -- during the 1950s the top income tax rate was 91% on income over $200,000! Oh, there were still rich people, but the taxes they paid on their incomes helped to benefit the nation as a whole.
The vast majority of the new interstate highway system was built during the 50s with federal tax dollars. Our educational systems were upgraded and many hospitals were improved. All in all, it was a time in American history in which many -- though certainly not all -- boats were being raised simultaneously.
Compare that bucolic picture with today. The income threshold has surged upward, while the upper income tax rate has plummeted to 28% and even our president thinks 28% is far too high! Our infrastructure is crumbling beneath our feet, teachers are being laid off and hospitals are being closed.
Now only the most expensive yachts are being raised; almost every other type of boat is taking on water and some have sunk to the bottom altogether.
So, the next time you speak to a fiscal conservative who waxes poetically for the good 'ol days, please remind them of WHY they were good. It was a time when everyone was paying into the system and those who had more shared more for the benefit of all.
Yes, the 1950s was the time of Beaver Cleaver, Ossie & Harriet, and Father Knows Best. Everybody had their little house, white picket fence, and a new car in the driveway. Some people even had this strange new invention -- television -- in their little abode!
But for all their wistful reminiscing, fiscal conservatives neglect to note a very important element -- during the 1950s the top income tax rate was 91% on income over $200,000! Oh, there were still rich people, but the taxes they paid on their incomes helped to benefit the nation as a whole.
The vast majority of the new interstate highway system was built during the 50s with federal tax dollars. Our educational systems were upgraded and many hospitals were improved. All in all, it was a time in American history in which many -- though certainly not all -- boats were being raised simultaneously.
Compare that bucolic picture with today. The income threshold has surged upward, while the upper income tax rate has plummeted to 28% and even our president thinks 28% is far too high! Our infrastructure is crumbling beneath our feet, teachers are being laid off and hospitals are being closed.
Now only the most expensive yachts are being raised; almost every other type of boat is taking on water and some have sunk to the bottom altogether.
So, the next time you speak to a fiscal conservative who waxes poetically for the good 'ol days, please remind them of WHY they were good. It was a time when everyone was paying into the system and those who had more shared more for the benefit of all.
OZZIE and Harriet.
ReplyDelete(Copy editor attack...)
Wow. This is an extremely important post you make. Was the tax really that high? Wow. No wonder it was America's supposed golden age (for the developers, anyways, if not the environment). We actually had money to do things. Wonder what the deficit/debt was back then. Pretty sure that didn't get kickin bigtime until Reagan, right?
ReplyDeleteBaroness,
ReplyDeleteOh, I'm referring to that different show on my off-center TV. :-D
Brandon,
It is rather eye-opening, isn't it? And you nailed it. Everything started going down the toilet during the Reagan years and shows no signs of stopping soon.