From the New Deal until Reagan, when labor unions were strong and the United States toyed briefly with the idea of a safety net, income inequality went down. Wealth was still concentrated in the wealthy, but more of it was spread around.
This was an era when George Romney, Mitt's dad, paid about a third of his income in taxes and could have paid less tax than he did. He didn't take legitimate deductions because he "wanted to give something back" to the country.
It was government that taxed progressively and guaranteed union and civil rights. In order to turn things around, the 1% went on a campaign against government. With government diminished, the fat cats could play! They did and do!
Comments