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View Diary: FIXED IT: Pls Watch Planet Greed is Doomed - My 1st Progressive Cartoon (24 comments)

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  •  The Democratic Party Proved the Solution to This. (3+ / 0-)

    It's simple fractional arithmetic, not rocket science.

    For individuals, the rewards of excessive greed have to be surrendered to government. When greed has no more reward at the point where it would have been dangerous, it is no longer driving that kind of behavior and returns to being merely one of our many healthy appetites.

    1960's median family income of $5600 would be about $40,000 today.

    The income tax marginal rate took 1/3 of income at 16k or less than 3x median family income. It took 50% at $32k or 5 1/2 times the median, 80% at 10x the median, and 90% at 54x median. Capital gains taxes were higher than today, and there were massive financial gambling and anti trust brakes on businesses.

    It's no accident that this was the period that created the only large comfortable middle class with upward mobility--worldwide, including upward of a billion people somewhere on the ladder to that middle class.

    Since no few sectors could return astronomical jackpots, a large array of economic activity was interesting for investors. The rich accumulated their smallest share of national wealth in our history, with the common people having their largest.

    8 years later we had passed our last major liberal economic program for the middle class, Medicare, and they hit their all time economic high water mark as the Beatles were still recording.

    Within 10 years we had begun weakening our economic protections, liberating the rich to keep most income no matter how extreme, and the middle class began a slow largely-unnoticed decline that has accelerated ever since.

    Not rocket science, not a secret either.

    We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

    by Gooserock on Sun Jul 10, 2011 at 12:41:53 PM PDT

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