Just watched the videos and they were fantastic. It all started with prime lending interest rates jumping from 6.5% in 1976 to 21% in 1980. It was meant to slow inflation, but it destroyed the economy. The years these enourmous rates were in effect the rich got very rich and those who depended on credit to buy homes and cars paid the price. Then anothe thing happened to make matters much worse. Reagan took office and chopped the progressive tax structure for the rich from a cap from 70% cap down to 27%. This was coupled with massive deregulation that led to stock market crashes, the savings and loan failures, unions busted, monopolies created and a general feeling on Wall Street that they were above the law, which is still how it is today.
What we have left is a broken economy, where the top 1% own it all.
If you take the national debt and spread it equally to everyone with any net worth (many have none since the mortgage meltdown) and what we are is a bankrupt nation.
I totally agree with Thom on the billion dollar asset cap, but also a progressive tax rate on income, like they had in the Eisenhower days, with a cap at 91%.
Yes I think it is high time we tried Demand Side Economics!
A billion dollar income has social injustice and fraud laced all through it......there is no other way to pig that insane amount from your fellow man. My answer, confiscate the money, and than prosecute to the full extent of the law. Of course that would only happen in a truly representative democracy ,but so would the idea of a 100% tax rate after a billion. REVOLUTION!
We should get rid of our fixed amount tax rates and set a progressive percentage based on standard deivation from the mean income. The rates should go up progressively as the income moves away from the mean until at some standard deviation the rate is 100%. This limits the income disparity independent of inflation or other factors while still allowing for fair individual incentives to stimulate economic growth and change. It also would encourage investments that raise eveyone's income (the mean) as the only way for the super rich to increase their income.
"Through compelling personal stories, Hartmann presents a dramatic and deeply disturbing picture of humans as a profoundly troubled species. Hope lies in his inspiring vision of our enormous unrealized potential and his description of the path to its realization."
—David Korten, author of Agenda for a New Economy, The Great Turning, and When Corporations Rule the World
From Screwed:
"Once again, Thom Hartmann hits the bull’s eye with a much needed exposé of the so-called ‘free market.’ Anyone concerned about the future of our nation needs to read Screwed now."
—Michael Toms, Founding President, New Dimensions World Broadcasting Network and author of A Time For Choices: Deep Dialogues for Deep Democracy
From The Thom Hartmann Reader:
"Right through the worst of the Bush years and into the present, Thom Hartmann has been one of the very few voices constantly willing to tell the truth. Rank him up there with Jon Stewart, Bill Moyers, and Paul Krugman for having the sheer persistent courage of his convictions."
Just watched the videos and they were fantastic. It all started with prime lending interest rates jumping from 6.5% in 1976 to 21% in 1980. It was meant to slow inflation, but it destroyed the economy. The years these enourmous rates were in effect the rich got very rich and those who depended on credit to buy homes and cars paid the price. Then anothe thing happened to make matters much worse. Reagan took office and chopped the progressive tax structure for the rich from a cap from 70% cap down to 27%. This was coupled with massive deregulation that led to stock market crashes, the savings and loan failures, unions busted, monopolies created and a general feeling on Wall Street that they were above the law, which is still how it is today.
What we have left is a broken economy, where the top 1% own it all.
If you take the national debt and spread it equally to everyone with any net worth (many have none since the mortgage meltdown) and what we are is a bankrupt nation.
I totally agree with Thom on the billion dollar asset cap, but also a progressive tax rate on income, like they had in the Eisenhower days, with a cap at 91%.
Yes I think it is high time we tried Demand Side Economics!
Totally agree with William King !
A billion dollar income has social injustice and fraud laced all through it......there is no other way to pig that insane amount from your fellow man. My answer, confiscate the money, and than prosecute to the full extent of the law. Of course that would only happen in a truly representative democracy ,but so would the idea of a 100% tax rate after a billion. REVOLUTION!
We should get rid of our fixed amount tax rates and set a progressive percentage based on standard deivation from the mean income. The rates should go up progressively as the income moves away from the mean until at some standard deviation the rate is 100%. This limits the income disparity independent of inflation or other factors while still allowing for fair individual incentives to stimulate economic growth and change. It also would encourage investments that raise eveyone's income (the mean) as the only way for the super rich to increase their income.