The wealthiest person in America in the 1950s was JP Getty.
His worth was about $1 billion. Which would equate to $13.86 billion today.
There were way more deductions available. Basically, nobody ever paid any taxes at such a high rate.
Ok, maybe, I’d be interested in seeing a source on this, but what qualified them for those deductions? Dumping huge sums of money back into the country and the community? There was a time the wealthy built libraries and parks and voluntarily gave some back.
The primary reason for the post-war “golden age” that MAGA waxes nostalgia about is because almost the entire manufacturing sector of most European countries was wiped out. By comparison, the US was almost fully intact, and had a massive new base of workers trained in manufacturing. We went from a nation of farmers to a nation of city-dwelling industrialists almost overnight.
Not at all accurate. Yes, much manufacturing has left because it’s cheaper to off shore it to developing nations, but America isn’t less prosperous now. That prosperity has just been consolidated to the top 1% more and more.
Ok, maybe, I’d be interested in seeing a source on this
It’s really easy to find if you actually wanted to verify, rather than just disingenuously cast doubt. Planet Money has done podcasts episodes on it.
Not at all accurate
Entirely accurate. We were the manufacturing center for much of the world until Europe was able to build back, which was badly hampered by foolish austerity measures. This is literally the reason why America had such a phenomenal post-war boom and an explosion of the middle class.
but America isn’t less prosperous now. That prosperity has just been consolidated to the top 1%
Gee, I wonder if that has anything to do with the loss of manufacturing jobs, disappearing union representation, and subsequent devaluation of labor?
You’re identifying symptoms, not causes. Write less and read more.
You are indeed looking at symptoms and not the patterns that cause them. You can believe billionaires are a curse that shouldn’t exist and still look at the situation rationally. You dont have to pick one.
The wealthiest person in America in the 1950s was JP Getty.
His worth was about $1 billion. Which would equate to $13.86 billion today.
Ok, maybe, I’d be interested in seeing a source on this, but what qualified them for those deductions? Dumping huge sums of money back into the country and the community? There was a time the wealthy built libraries and parks and voluntarily gave some back.
Not at all accurate. Yes, much manufacturing has left because it’s cheaper to off shore it to developing nations, but America isn’t less prosperous now. That prosperity has just been consolidated to the top 1% more and more.
It’s really easy to find if you actually wanted to verify, rather than just disingenuously cast doubt. Planet Money has done podcasts episodes on it.
Entirely accurate. We were the manufacturing center for much of the world until Europe was able to build back, which was badly hampered by foolish austerity measures. This is literally the reason why America had such a phenomenal post-war boom and an explosion of the middle class.
Gee, I wonder if that has anything to do with the loss of manufacturing jobs, disappearing union representation, and subsequent devaluation of labor?
You’re identifying symptoms, not causes. Write less and read more.
Why is it not surprising a shill for the wealthy gets combative and resorts to insults?
You are indeed looking at symptoms and not the patterns that cause them. You can believe billionaires are a curse that shouldn’t exist and still look at the situation rationally. You dont have to pick one.
Switched to an alt to shill some more?
Regressive thinking that protects only your faulty take.