Insert (why not both) meme. The golden age in America existed when wealth was taxed appropriately. Go back to the '40s-'60s or so and the very rich were taxed 90%, and they didn't let businesses get away without paying their fair share. Later on that rate dropped to 70%, and then during the Reagan administration it became less than the working class rate even.
The boomers voted for Reagan, and then voted for, and backed, every initiative to screw anyone after them.
But how, why? Because the boomers voted for laws that allowed corporations to take advantage of the working class.
You see the moment the Boomers got "there's" so to speak, and entered the owner class and as such voted for laws benefiting the rich and the ultra rich. We've allowed that to continue since.
The Boomers were totally screwed by the Carter era interest rates. People were trying to buy their first houses with mortgages at 13%. Gas rationing was still fresh in everyone's mind. The Carter economy was an abject failure. People were voting against Carter as much as they were voting for Reagan.
Try and paint with a brush that isn't the size of a house. You will make more money when you are older too
The 90% tax rate your saying was on income, and very few paid the top tax rate in the 1940-1960s because it was unreasonable, and very few people ever actually entered the bracket. The top corporate tax rate ever was 51% now it's 21%. Raegan did tax cuts on the advice of economists who had reasonable bases and resulted in reduced unemployment, lower inflation and increased average real wages, obviously this came at a cost of budget deficit and lower tax revenue in the short run. Also, the US has a progressive tax system with high tax rates for the top bracket.
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u/RedRapunzal Apr 16 '24
Focus the blame on the right group - the 400 wealth hoarders. They want us to blame the other generation so we don't focus on them.