HOW COME The American Middle Class So Damn Poor?
AND SO HAS AMERICAN EDUCATION; MANY this is no coincidence. WHICH COUNTRY HAD THE HIGHEST AFTER-TAX INCOME? His fundamental bottom line is that the “rich are really getting richer” and, “Wealth doesn’t trickle down, it trickles up” (something I have been saying all along; he just proved it). Further, he firmly believes his data demonstrate his 18th-century metaphor will become fact if the inequality is still left unchecked.
Piketty discovered that in America, the only times inequality decreased was during battle, depressions. New Deal and the Marshall Plan. He requires US tax policy task blaming it as being the area of the inequality problem. Ironically, one reason the graduated tax was started in 1913 (progressive period) was to redistribute income or “level the performing field” as it were. But, on the intervening a century the Conservatives generally received out in taking the “gradients” out of the “graduated” thereby moving the wealth back to the wealthy; within the last 30 years especially. The last tax cut by President Reagan effectively made the income tax almost a flat tax with only a small nod to the poor.
In fact, the longest period between recessions of any sort since 1789 to 1940 was 5 years! Capital in the Twenty-First Century Buy Now What Did These Other Countries Do Right That America Did Not? THEY COMMITTED TO EDUCATION. THEY BEEN TRAINED IN NEW SKILLS, AND THEY REDISTRIBUTED WEALTH, that is what they did. He knew the majority of the continuing state and local governments would education as one of their first austerity moves; all he had to do was look ever sold to understand that back. His effort paid off for a couple of years but the amount of money ran out, the economy hadn’t recovered because of the political headwinds he faced and the States cut education big time.
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Finally, they understand that capitalism still left unchecked leads to income inequality, so they do something positive about it (yes, most of Europe and Canada are capitalistic countries essentially, I believe only Norway is still socialist in conditions of financial systems). They use their tax system to show the “trickle up” effect that Piketty established actually occurs into a genuine “trickle down” which conservatives wrongly declare happens.
It is the combination of these factors that you will see, if America does not change its ways, another column in the table above to contain only the top two rows with the name USA. IN FACT, WE ARE DOING IT TO OURSELVES DELIBERATELY! Well, that is kind of stupid isn’t it; shouldn’t we just stop? Unfortunately, it isn’t that simple.
Like the climate-change deniers, the same group of politicians and people deny, of what the reality show regardless, that the financial system their idea tells them to adopt may have such a terrible outcome. It never before has, they state. Well, yes it has, but they won’t think that either, for there’s always a way to rationalize each individual exemplary case of failure away.
The problem is, they have to rationalize 25 failures away, if you count the number the 2008 Great Recession. There have been 24 major recessions between 1785 and 1929 that require detailing as well. To counter this criticism, they indicate the great economic boom since America was created because of their philosophy.
Well that is not quite true either. Yes, there have been periods of great economic development, between recessions, depressions, and wars; but most of it was generated by the push West and then your expansion into those territories. So long was there is new land to overcome or negotiate, the overall economy could increase. It wasn’t until the West Coast was pretty well settled that the overall American economy started since the same constraints we see today.
Because of the ability to increase, there was a natural protection valve when the overall economy proceeded to go south, people relocated West. As a total result, it wasn’t until 1929 when people and policymakers understood there was something amiss with just how we “always do things economically” and FDR and John Maynard Keynes delivered us down a fresh path; which worked far better.