1960 US Republican Party Platform

[MrFun]

Ah the 1960s, when people believed that unionization was good, racism and sexism were fine, 90% tax rates not counterproductive, regulation Q sensible, and homosexuality a disease. We've regressed so far since then.

Wasn't the 1960s a time of economic prosperity? If so, that would undermine your statement that the taxes back then were counterproductive.

[giblets]

Wasn't the 1960s a time of economic prosperity? If so, that would undermine your statement that the taxes back then were counterproductive.

Wasn't the 1960s also a time when we cut tax rates?

http://en.wikipedia.org/wiki/Revenue_Act_of_1964

[KrazyHorse]

Wasn't the 1960s a time of economic prosperity? If so, that would undermine your statement that the taxes back then were counterproductive.

Median real wages (as well as productivity, GDP per capita and most other measures of wealth) are far higher today than in the 1960s. Are you confusing levels and growth rates?

[KrazyHorse]

Anybody who thinks that people will be throwing effort into their work when they get to keep a tenth of what they make is living in a fantasy world. No reasonable economist thinks that 90% rates are on the correct side of the laffer curve.

[MRT144]

Ah the 1960s, when people believed that unionization was good, racism and sexism were fine, 90% tax rates not counterproductive, regulation Q sensible, and homosexuality a disease. We've regressed so far since then.

I love thinking this way when people wax nostalgic for any era as a whole.

[MRT144]

Anybody who thinks that people will be throwing effort into their work when they get to keep a tenth of what they make is living in a fantasy world. No reasonable economist thinks that 90% rates are on the correct side of the laffer curve.

Can we try it once every 20 years, randomly selected, just for hilarity's sake

[Dinner]

Nice troll but I think Dinner is putting everything on a left-right spectrum and claiming the Republicans have moved further right and therefore are closer to Hitler than before.

No, I'm pointing out who Republicans really truly have moved waaaaayyyyyyy far to the to the right compared to where they were just a few decades ago. Many of their current positions, which they call people RINOs for not supporting and then kick them out of the party, are in fact the exact opposite of the party's official positions held for decades.

I don't know why you made a Nazi reference other than to Godwin yourself.

[Dinner]

Zevico the ONLY government program which required banks to invest in certain areas was the community reinvestment act which has been in effect since the 1970's and was a response to criminal actions by the banks, in essence it was a punishment for banks blacklisting areas with lots of minorities. BTW less than 1% of all bank loans were covered by or required by the CRA and CRA loans actually had the single highest repayment rate of ANY MORTGAGE LOANS IN THE COUNTRY. Something like 30%-40% of mortgage loans either went bad, had the house returned to the bank, or fell behind so obviously the problem was much, much bigger than the tiny 1% of loans in the CRA.

[Dinner]

http://www.economist.com/blogs/democracyinamerica/2008/09/the_bailout_and_the_elite

If you can get behind the pay wall then that is a great article.

[Sava]

Anybody who thinks that people will be throwing effort into their work when they get to keep a tenth of what they make is living in a fantasy world. No reasonable economist thinks that 90% rates are on the correct side of the laffer curve.

People in the top income bracket don't actually "work" for a living.

[KrazyHorse]

I beg to differ.

[KrazyHorse]

Leaving aside the horrible confusion that most of you have around the meaning of income and the sclerotic way many tax tax systems operate, the share of income earned nowadays at the top of the distribution (as opposed to unearned) is far higher...

[Sava]

I beg to differ.

In the strictest sense, sure. But very few jobs that pay more than six figures contain any actual legitimate work. Scheming how to screw people out of their money is technically a job... I suppose. But then again, so is running a child sex trafficking ring.

It's a shame. You are such a smart guy. You could do some good in the world.

[Sava]

You should drink and then come back. You get more angry when you're drunk.

[KrazyHorse]

In the strictest sense, sure. But very few jobs that pay more than six figures contain any actual legitimate work. Scheming how to screw people out of their money is technically a job... I suppose. But then again, so is running a child sex trafficking ring.

It's a shame. You are such a smart guy. You could do some good in the world.

Ah, the "I know better than the market what's valuable" fallacy...