Yeah, I vaguely remember loads of pop stars bitching about it and running away to America, then coming back a couple of decades later and voting for Brexit.
Good post to remind people about relationship between economic equality and economic inequality during WW2 postwar period of US prosperity.
Read anything by Robert Reich, Thom Hartmann, Peter Truchin etc(actually any economist) and they constantly point out the nature of the inverse relationship: when ultra wealthy increase their wealth, it is at expense of working people wages. Only progressive taxation on wealthy maintains a fair balance and distribution of wealth.
I think one has to be a little careful in looking at these stats in context. There had been mass death and destruction in the 6 years before that period and the world economy was rebounding.
Which makes the contrast even more stark, as the country was in an unprecedented amount of debt (even compared to how it stands today), yet still built the entire welfare state. You're entirely missing the point.
While this is not wrong, it's oversimplified. A huge contributor (and imo the biggest) was the abundance of cheap labor (Boomers!) that drove productivity *and* consumption.
Steve Woods •
MiniMia 🏴 🇵🇸 •
Steve Woods •
Of course, loads of those pop stars have been awarded gongs by (and been recruited into) the corrupt establishment.
MiniMia 🏴 🇵🇸 •
10tothe22 •
yuhasz01 •
Read anything by Robert Reich, Thom Hartmann, Peter Truchin etc(actually any economist) and they constantly point out the nature of the inverse relationship: when ultra wealthy increase their wealth, it is at expense of working people wages. Only progressive taxation on wealthy maintains a fair balance and distribution of wealth.
Tim Finnerty •
MiniMia 🏴 🇵🇸 •
Fabian Transchel •