The Platinum Privileged Class lived very high off the hog, as they would say back then, during the Depression. The rest of America called them The Swells.
For the most part, the platinum privileged class, The Swells, hated Roosevelt (whom they often referred to as Rosen-velt or “that man”), whom they considered a class traitor.
The austentatious lifestyles of The Swells prompted a song most famously performed by Judy Garland and Fred Astaire to poke fun at the Swells:
The Lyrics:
We're a couple of swells
We stop at the best hotels
But we prefer the country far away from the city smells
We're a couple of sports
The pride of the tennis courts
In June, July and August we look cute when we're dressed in shorts
The Vanderbilts have asked us up for tea
We don't know how to get there, no siree
No, siree
We would drive up the Avenue, but we haven't got the price
We would skate up the Avenue, but there isn't any ice
We would ride on a bicycle, but we haven't got a bike
So we'll walk up the Avenue
Yes, we'll walk up the Avenue
And to walk up the Avenue's what we like
Wall Street bankers are we
With plenty of currency
We'd open up the safe but we forgot where we put the key
We're the favorite lads
Of girls in the picture ads
We'd like to tell you who we kissed last night but we can't be cads
The Vanderbilts are waiting at the club
But how are we to get there, that's the rub
That's the rub
We would sail up the Avenue, but we haven't got a yacht
We would drive up the Avenue, but the horse we had was shot
We would ride on a trolley car but we haven't got the fare
So we'll walk up the Avenue
Yes, we'll walk up the Avenue
Yes, we'll walk up the Avenue till we're there
We would swim up the Avenue but we haven't any lake
So we'll walk up the Avenue
Yes, we'll walk up the Avenue
Yes, a walk up the Avenue's what we'll take
Mitt and Ann Romney would have been considered Swells in the 1930s. Hey, and good for them. Their inherited and Bain wealth is as apple pie as America.
There is so much in common with the era prior to the Depression and our current economic downturn it's uncanny.
You will find the Income Tax History and an analysis for High Earners here.
From 1913 (with the exception of years 1925-1929 when the tax rate for high earners dropped to 25%), high wage earners have paid an average of at least 70% tax. For many years the highest earners even paid up to 90% tax.
The tax rate going into the Great Depression was 25% (dropped from 73% in 1921 by Republicans).
What have we learned from history?
Most importantly, we have learned that the LOW TAX RATE ON THE SWELLS INCOME OF THE 1920s didn't create jobs, the reduction in taxes on The Swells preceded the GREAT DEPRESSION.
The unabashed absurdity of the GOP position on lowering taxes to stimulate the economy is simply mind-boggling.
I guess the lying and/or self-deluded GOP are depending on one of two things to win the 2012 Presidential Election:
1. Facts mean nothing
2. The manufactured hatred for Liberals and Progressives, and most specifically for President Obama.
They are offering nothing else. Paul Krugman agrees:
On 'This Week,' Paul Krugman Destroys Romney Surrogate, Calls Ryan Plan a 'Fraud'
Krugman's Conclusion about The Romney Plan
Where does the governor stand, Governor Romney, on the Ryan plan? Does he endorse it?
FEHRNSTROM: Oh, he's for -- he's for -- he's for the Ryan plan. He believes it goes in the right direction. The governor has also put forward a plan to reduce spending by $500 billion by the year 2016. In fact, he's put details on the table about how exactly he would achieve that. So to say he doesn't have a plan to -- a plan to restrain government spending is just not true.
KRUGMAN: Can I say, the Ryan plan -- and I guess this is what counts as a personal attack -- but it isn't. It's not an attack on the person; it's an attack on the plan. The plan's a fraud. The plan is a big bunch of tax cuts, some specified spending cuts, basically for poor people, and then a huge magic asterisk which is supposed to turn into a deficit reduction plan, but, in fact, if you look what's actually in it, it's a deficit-increasing plan.
And so to say that -- just tell the truth that there is really no plan there, neither from Ryan, nor from Governor Romney, is just the truth. That's not -- if that's -- if that's being harsh and partisan, gosh, then I guess the truth is anti-bipartisanship.
FEHRNSTROM: So may I ask you, Paul, do you prefer the president's plan?
KRUGMAN: Oh, yeah. I mean, the president -- at least it's -- you know, I don't approve of everything, but there are no gigantic mystery numbers in his stuff. We do know what he's talking about. His numbers are -- you know, all economic forecasts are wrong, but his are not -- are not insane. These are -- these are just imaginary.
In fact, not that this will amount to a hill of beans, as they used to say, to the blind haters, the GOP are the Party of Deficits.
And, in true Cato form, the case is made by the GOP that the 1920s tax cuts were actually good for the deficit and economy.
Cato's conclusion:
The tax cuts of the 1920s were the first federal experiment with supply-side income tax rate cuts. Data for the period show an initial decline in federal revenues as tax rates were cut, but revenues grew strongly during the subsequent economic expansion. After the cuts, total tax payments and the share of total taxes paid by the top income earners soared. President Bush's current proposal to make phased-in rate cuts effective immediately also promises to expand the tax base. Indeed, Congress should consider further rate cuts to stimulate even larger gains in incomes and economic growth.
But, isn't the proof in the pudding, as they used to say?
Tax Cuts 1920s preceded the Great Depression.
Tax Cuts in the 2000s preceded the Great Recession.
Maybe I'm too simple-minded, but I see a correlation here.
Of course, the Obama haters will point to the deficit during his term which resulted from BushCo passing their deficit to Obama, BushCo passing forward two unfunded wars, BushCo passing forward the unfunded Medicaid/Donut Hole legislation, and the necessity of a Stimulus Plan to avoid worse than The Great Depression.
Most of The Swells would have done just fine without The Stimulus, if you don't figure in the potential danger to them from having too few police men and huge swaths of hungry men and women worried about their hungry children. Well, they can afford private security to protect their mansions and bunkers, and private helicopters/jets, so perhaps most Swells would be able to avoid the dangers of social unrest.
The Swells want 100% control of America. I think they will get their wish if Romney and a GOP majority Congress are elected.