Tuesday, February 14, 2012

Mother Jones: Senate's Income Inequality Hearing

Some of these charts aren't news in Rightardia. We have been talking about this for along time.The top 1 per cent are now doing as well as the most affluent Americans in the Guilded Age prior to the Great Depression.

The top marginal tax rate has a lot to do with the national deficit. JFK dropped it to 70 per cent, Ronald Reagan dropped the top rate to 50 per cent and then to under 30 per cent. Clinton raised it to 40 per cent and Bush cut it back to 35 per cent. Bush also lowered capital gains to 15 cent and suspended the Estate Tax.

Did the Bush tax cuts accelerate the Great Repression. Rightardia would attribute the Great Recession to the Bush tax cuts and Bush Ownership society policies that lead to the real estate meltdown.

The GOP will attribute the meltdown to Fannie Mae and Freddy Mac, a position Wikipedia does not support.

Likewise, Republicans have suggested Chris Dodd and Barney Franks have a lot to do with the meltdown. Time magazine listed the top 25 people to blame for the financial crisis:,29569,1877351,00.html

You won't find either Senator Dodd or Rep. Franks name on the Time  list.

See the other charts in this article at
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