The absurdity of raising taxes in the midst of a downturn that increasingly looks and feels as though a depressive disorder only underscores the Democrat’s historic and failed procedures from days gone by; the same ones they continue to push these days. In “New Deal or Raw Deal? How FDR’s Economic Legacy has Damaged America”, historian Burton Folsom, Jr., examined the countless ways the Great Depression was long term and deepened.
In his first week in office, Roosevelt had taken America off the precious metal standard and “issued a professional order, under penalty of a fine or a prison term, forcing Americans to surrender almost all their gold to the U.S. Today, in an era of economic uncertainty, the television airwaves are filled up with advertisements to buy silver. Roosevelt was all about high taxation, while portraying himself as a friend of the people and a foe of “economic royalists”, by which he supposed business, industry, wall, and banks Street.
Historians and economists point to FDR’s tax guidelines for the failure of the country to recuperate from the Great Depression. By 1936, the new taxes rate began at 5% on low-income taxpayers and skyrocketed to 79% on top incomes. In October 1929, when the stock market crashed The Great Depression began. A season later my older sibling was born A. Our father was an avowed Public Accountant, occupation people need in good times and bad. The knowledge of the Depression still left an indelible impression on both my parents.
My Father never bought any stock. His biggest investment was the house he bought in 1942 in a posh NJ suburb. My Mother used to tell me of the large bill they ran up at the butcher’s during the Depression. World War Two enforced strict rationing because food and other items were scarce.
In all the years after the battle our refrigerator was always held filled up with food. Those recollections imprint themselves on people. I don’t think there is a lot of historical or institutional memory space left in the. The educational system, the media, and what passes for news nowadays has erased “just how it was” for some Americans in that era.
Only the older persons and their children recall it. The country, however, is duplicating all the previous errors. It is difficult to believe that the country is on the brink of financial collapse, but it is. Robert Williams of the Tax Policy Institute was interviewed on an April 14th National Public Radio program. 100,000 represent about 56% of all income and pay about 70% of all taxes.
“About 75% to 80% folks pay more payroll taxes than tax.” Taxing the rich of instituting a fair tax instead, based on usage, is a very bad idea. In February 2011 Writing, Bonner said, “Probably the most exceptional proposition of the whole decade arrived to focus before half a year. 2.3 trillion to the nation’s monetary supply. Fed Chairman Ben Bernanke, a reputed expert on the Great Depression, added three times as many dollars to America’s core money supply as all the Treasury secretaries and Fed chairmen who arrived before him put together!
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There is and always has been only 1 way money retains confidence which is by making and offering goods and services. Lies true value Therein, not the idiocy of simply printing dollars. “In 1913,” notes Bonner, “the dollar was worth a comparable thing it turned out worth 100 years before. Bonner observed, “The Great Depressive disorder may have been an accident, but the debasement of the buck was not. Writing on July 30, 2010, Bonner said, “Mainstream opinion is contradicted by the facts.
Fewer people are employed today in the United States than when the stimulus program began. Sales down are. Growth is failing. John Maynard Keynes: the economist whose ideas FDR and other administrations have structured their guidelines upon, “thought consumer spending was the main element to success; he saw cost savings as a risk.
