At the end of WWII, our national debt was almost 120 percent of our GDP, higher than today. For the 35 years after the war, we not only paid for significant infrastructure like the interstate highway system, dams for electricity, electricity distribution to rural America, we paid for millions of GIs to get college degrees, we paid workers a wage that beat inflation, we created the greatest middle class in our history, we paid for the Korean and Vietnam Wars, we paid to send several Amerians to the moon and back, AND we still managed to pay down the national debt to 40 percent of GDP.
The National Debt was being fixed with tax revenue.
Then authoritarians stepped in.
In the last 32 years, however, greedy conservatives without conscience have reversed that. One key differences was/is our income tax structure. After WWII it was as high as 91 percent and stayed high for those 35 post war years. Starting thirty-two years ago taxes have been slashed, especially for the upper income citizens.
Lower tax rates for the last 32 years
have created our revenue problem. Why is it so hard for so many to accept that we have a revenue problem?
The country needs income –
not ripping holes in our safety net.
