Krugman's Howdy Doody Time

Paul Krugman recently praised the 1950s, or at least the high tax rates of the 1950s. "And the high-tax, strong-union decades after World War II were in fact marked by spectacular, widely shared economic growth: nothing before or since has matched the doubling of median family income between 1947 and 1973." If we are to employ the post-hoc-ergo-propter-hoc logical fallacy with as much abandon as Krugman does, perhaps what we really need to do is drop a couple of atomic bombs on heavily populated cities overseas. It's also a bit funny that he used the period of 1947-1973 to evaluate the 1950s. President Kennedy slashed those 1950 tax rates about as soon as he entered the presidency in 1961. So about half of Krugman's "golden years" were after the tax rates of the 1950s were cut. In the seven decades since World War II, there have been 11 recessions in the US. Three of them started in just the seven years of 1953 to 1960, or exactly the period of our highest tax rates on personal...(Read Full Article)

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