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Wednesday, November 2, 2011

Midcentury economic nostalgia

An emerging left-wing meme:

In the 1950s & 1960s when the top tax rate was 70-92%, we laid the interstate system, built the Internet, put a man on the moon, defeated Communism, our education system was the envy of the world, our middle class thriving, our economy unparalleled. You want that back? Raise taxes on the rich.
Also during that time, the defense budget was around 10 percent of GDP (about twice today's percentage), immigration was relatively restricted, and public-sector unions were largely just beginning to be allowed. That's without mentioning many other factors the OWS people surely don't want, such as the Organization Man ethos of staying with a company your entire career. Leftists who indiscriminately praise the midcentury economy should be careful what they wish for.

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