This is an interview worth sharing with everyone. What I particularly enjoyed was the hopefulness found by Paul Krugman in our country and its history. What I have taken away from all of the discussions surrounding Thomas Picketty epic work is that what we are experiencing as a nation and throughout the world is not a fait accompli necessarily, it is by human design; the laws of economic growth are not of nature, we can change them and we have the power to do so. As Paul Krugman states, it wasn’t only by the fact that two World Wars and the Great Depression alone that dismantled the hold the wealthy had on capital, but also the progressive nature of American society in the form of political activism during Teddy Roosevelt’s time. As Krugman noted we invented progressive taxation on capital, remember President Eisenhower’s time, 90% was the rate for incomes over 400,000. and the capital gains rate was 25% though under Wilson, the capital gains rate was 70% but that was during World War 1, someone had to pay for War. I hope that given the fact that Thomas Picketty book is experiencing huge book sales, that the general public will come away with the lesson that we have a choice as to what type of society we want and it is within our power to elect officals that will bring us back to a stronger middle class with a tax code that will function as it should; equitably.
read the article: