To end the Great Depression we tripled tax rates on the richest and spent it on WWII. Shouldn't we do the same now and spend it on our nation's infrastructure, thereby stimulating the economy and creating jobs?
The parallels between today's financial crisis and the Great Depression are unavoidable, but unlike then, this time our government bailed out the financial industry thereby avoiding a sudden crash, soup lines etc. But since our economy continues downward shouldn't we learn a lesson from the biggest tactic we used to end the GD which is to raise taxes on the wealthy?
Back then we took the upper rates from around where they are now up to 70%-90%. It is often said that it was the massive government spending on WWII that really ended the Great Depression...that is true, but it was raising taxes on the most wealthy that paid for WWII and surely we could spend massively on our nations infrastructure and have the same effect, without a World War. Right?
The parallels between today's financial crisis and the Great Depression are unavoidable, but unlike then, this time our government bailed out the financial industry thereby avoiding a sudden crash, soup lines etc. But since our economy continues downward shouldn't we learn a lesson from the biggest tactic we used to end the GD which is to raise taxes on the wealthy?
Back then we took the upper rates from around where they are now up to 70%-90%. It is often said that it was the massive government spending on WWII that really ended the Great Depression...that is true, but it was raising taxes on the most wealthy that paid for WWII and surely we could spend massively on our nations infrastructure and have the same effect, without a World War. Right?
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