Posted at Hartmann Report on Aug. 15, 2024
Will the Morbidly Rich Ever Go Back to Being Good American Citizens?
With the election of 1980, Americans — most unknowingly — chose great wealth over democracy, oligarchy over a middle class, billionaires over working people.
Twenty-two years ago, Nobel Prize-winning economist Paul Krugman wrote for The New York Times Magazine about the era in which he and I both grew up, when the top income tax rate on the morbidly rich ran between 74 and 90 percent...
Back then most business people avoided politics, preferring to stick to running their companies; in large part this was because when the rich seized political control of America in the Roaring 20s they crashed the economy so bad they were shamed into staying out of the political arena.