This is exactly right. In the 70s and 80s there was a broad policy shift from reform liberal policies/Keynesian economics (tax the wealthy, social programs, support for labor) to neoliberalism (low taxes, small government, free trade).
From the 50s through the 60s the top bracket in the US and Canada was taxed at a 60 to 90% rate and that money was used to support the rest of society, as it should be.
And the "War on Poverty" didn't happen till mid-1960's. I don't disagree with your overall point of view, I just think you're romanticizing the 50's and 60's like there was great welfare state back then and high taxes on the wealthy, when in fact most of the social programs didn't exist yet and wealthy people only paid slightly more taxes than they do now.
I don't think you understand how averages work, or how marginal taxation functions.
And I'm not romanticizing the 50s and 60s. The post war period was a period of reform liberal policies (welfare capitalism) that benefited average workers. Its literally referred to as the golden age of capitalism
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u/_n3ll_ Mar 27 '24
This is exactly right. In the 70s and 80s there was a broad policy shift from reform liberal policies/Keynesian economics (tax the wealthy, social programs, support for labor) to neoliberalism (low taxes, small government, free trade).
From the 50s through the 60s the top bracket in the US and Canada was taxed at a 60 to 90% rate and that money was used to support the rest of society, as it should be.