The most important things you need to know about economics

Note that between 1933 and 1980 those who benefited most from the economy paid progressively higher income and estate taxes. We even had an excess corporate profits tax at one time. Government pro-labor policies, like protecting workers’ right to organize into unions, raised wage levels for both union and non-union workers whose employers wanted to remain non-union.

From 1980 to today, tax cuts for the wealthy and stagnant or declining wages for workers — relative to the inflation caused by the wealthy — caused the huge wealth and income disparity between the rich and everyone else we see today.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store