The most prosperous economic era in the US in the past century was the 1950’s. The rate of economic growth was robust, the middle class expanded, and economic inequality decreased. Powerful labor unions were instrumental in providing members with benefits and wages which, in turn, provided workers with affordable housing and the ability to retire comfortably. Yet, the highest marginal tax rate was 90% and the government ran at a budget surplus despite financing the entire interstate Highway system.   Republican icon Ronald Reagan took care of all that with deregulation, tax cuts, the destruction of unionized labor, and slashing discretionary spending. Racial minorities certainly did not share equally in the prosperity of the 50’s, and that is another story. But, Eisenhower in the 50’s and Clinton in the 90’s showed that progressive taxation could facilitate growth, while Nixon, the Bush’s and Trump cut taxes, increased income inequality, and precipitated recessions.

The most prosperous economic era in the US in the past century was the 1950’s. The rate of economic growth was robust, the middle class expanded, and economic inequality decreased. Powerful labor unions were instrumental in providing members with benefits and wages which, in turn, provided workers with affordable housing and the ability to retire comfortably. Yet, the highest marginal tax rate was 90% and the government ran at a budget surplus despite financing the entire interstate Highway system.   Republican icon Ronald Reagan took care of all that with deregulation, tax cuts, the destruction of unionized labor, and slashing discretionary spending. Racial minorities certainly did not share equally in the prosperity of the 50’s, and that is another story. But, Eisenhower in the 50’s and Clinton in the 90’s showed that progressive taxation could facilitate growth, while Nixon, the Bush’s and Trump cut taxes, increased income inequality, and precipitated recessions.

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