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Friday, June 05, 2009
Blogs: Fate of Nations: Analysis of Current Recession/Depression re Income Distribution
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Here's why this happened: In Roosevelt's first term, he realized that, nobody really needed more than $3 million/year (1938 dollars--roughly equivalent to 10-15 million of today's dollars) in income, so, the IRS started taxing any income ABOVE $3million at about 90%. Fast forward to the "Reagan Revolution", when that rule was scrapped. The results are plain as day. During the time between Roosevelt and Reagan, most of the income was in the MIDDLE CLASS--kinda like a bell curve, as it should be. The only other relevant issue here is that most economists will tell you that when the middle class disolves, so does a democratic form of government. And, as most are feeling, the rich continue to get richer, and the poor, poorer--thus, a shrinking middle class. Can anyone tell me why Rush Limbaugh needs his $400 million/year contract? Especially when every day, thousands of people (many formally in the middle class) are ending up in the street. I'm not blaming Rush for that, but how does our system allow for this????
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