Sunday, April 20, 2014

Thom Hartmann: The middle class is not "normal"

Thom Hartmann explains why the middle class is not "normal."
There’s nothing “normal” about having a middle class. Having a middle class is a choice that a society has to make, and it’s a choice we need to make again in this generation, if we want to stop the destruction of the remnants of the last generation’s middle class. Despite what you might read in the Wall Street Journal or see on Fox News, capitalism is not an economic system that produces a middle class. In fact, if left to its own devices, capitalism tends towards vast levels of inequality and monopoly. The natural and most stable state of capitalism actually looks a lot like the Victorian England depicted in Charles Dickens’ novels.
If we make that societal choice, then we need pre-Reagan tax policies that were responsible for a robust middle class and fair wages.  Hartmann concludes:

And if we want to go down the road to letting working people back into the middle class, it all starts with taxing the rich. The time is long past due for us to roll back the Reagan tax cuts.
How he gets to that conclusion is a good read.

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