Thomas Piketty On 1%

Just about every economist in the world is currently reading a book written by Frenchman Thomas Piketty which offers solid proof that the notorious 1% have been with us for a few hundred years and they continue to dominate every aspect of our society. There was a brief interlude of their power in the years following World War II. During the war, President Franklin Roosevelt had pushed through a tax rate of 90% for money earned over $1,000,000. In the aftermath of the war, Congress felt enormous guilt toward those who had served and the famous G.I.Bill of Rights provided free education-plus living expenses for those who fought in World War II– a similar bill provided these benefits for those who fought during the Korean War. In addition, veterans were provided low cost loans for houses, and anyone who wanted technical training was given this right. In other words, wealth of the famous 1% was redistributed so that a vibrant middle class could emerge.

At the same time, business decided to work WITH unions which allowed millions of workers an opportunity to receive decent wages. They were able to purchase homes and to send their children off to college for further education. In other words, the ONLY way to create a viable middle class is to REDISTRIBUTE THE WEALTH! Of course, the end result is a healthy American society. And, wealthy people do very well. However, they do not do VERY VERY VERY WELL.