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Sun Nov 18, 2012, 10:44 PM

Paul Krugman: The Twinkie Manifesto

http://www.nytimes.com/2012/11/19/opinion/krugman-the-twinkie-manifesto.html?smid=tw-NytimesKrugman

OP-ED COLUMNIST
The Twinkie Manifesto
By PAUL KRUGMAN
Published: November 18, 2012

- snip -

Needless to say, it wasn’t really innocent. But the ’50s — the Twinkie Era — do offer lessons that remain relevant in the 21st century. Above all, the success of the postwar American economy demonstrates that, contrary to today’s conservative orthodoxy, you can have prosperity without demeaning workers and coddling the rich.

Consider the question of tax rates on the wealthy. The modern American right, and much of the alleged center, is obsessed with the notion that low tax rates at the top are essential to growth. Remember that Erskine Bowles and Alan Simpson, charged with producing a plan to curb deficits, nonetheless somehow ended up listing “lower tax rates” as a “guiding principle.”

- snip -

Strange to say, however, the oppressed executives Fortune portrayed in 1955 didn’t go Galt and deprive the nation of their talents. On the contrary, if Fortune is to be believed, they were working harder than ever. 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.

Which brings us back to the nostalgia thing.

There are, let’s face it, some people in our political life who pine for the days when minorities and women knew their place, gays stayed firmly in the closet and congressmen asked, “Are you now or have you ever been?” The rest of us, however, are very glad those days are gone. We are, morally, a much better nation than we were. Oh, and the food has improved a lot, too.

Along the way, however, we’ve forgotten something important — namely, that economic justice and economic growth aren’t incompatible. America in the 1950s made the rich pay their fair share; it gave workers the power to bargain for decent wages and benefits; yet contrary to right-wing propaganda then and now, it prospered. And we can do that again.

11 replies, 2779 views

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Arrow 11 replies Author Time Post
Reply Paul Krugman: The Twinkie Manifesto (Original post)
Hissyspit Nov 2012 OP
antigop Nov 2012 #1
JEFF9K Nov 2012 #2
Overseas Nov 2012 #3
SoapBox Nov 2012 #4
Angry Dragon Nov 2012 #5
rhett o rick Nov 2012 #6
panAmerican Nov 2012 #7
ProSense Nov 2012 #8
Hissyspit Nov 2012 #9
FredStembottom Nov 2012 #10
HiPointDem Nov 2012 #11

Response to Hissyspit (Original post)

Sun Nov 18, 2012, 11:13 PM

1. That was great. Thanks for posting. n/t

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Response to Hissyspit (Original post)

Sun Nov 18, 2012, 11:35 PM

2. if you

If you read only one columnist, it should be Paul Krugman.

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Response to Hissyspit (Original post)

Sun Nov 18, 2012, 11:46 PM

3. K&R! Well said!

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Response to Hissyspit (Original post)

Mon Nov 19, 2012, 12:05 AM

4. Indeed...

maybe I'll consider the perfect reply to Pukes, Baggers and Haters to be:

So you want,

1. Minorities and women to know their "place".

2. Gays stay firmly in the closet.

3. CongressMEN are free to ask, “Are you now or have you ever been?”

It does sum it all up for the Party of Puke.

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Response to Hissyspit (Original post)

Mon Nov 19, 2012, 12:12 AM

5. and that was under a 70% tax rate

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Response to Hissyspit (Original post)

Mon Nov 19, 2012, 12:24 AM

6. That was before the oligarchs figured out how easy it was to buy Congress.

Be hard for us to buy it back.

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Response to Hissyspit (Original post)

Mon Nov 19, 2012, 12:24 AM

7. Freedom rates higher than equality - study

Another article from this site was cited by another DUer: https://www.impartial-review.com/stories/the-self-confrontation-technique-as-an-andedote-to-politicians-who-attampt-to-redefine-freedom-508. It really helps you understand why some people who wrap themselves in the flag and talk about freedom all the time, do not necessarily have a high regard for the concept of equality.

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Response to Hissyspit (Original post)

Mon Nov 19, 2012, 08:40 AM

8. Great commentary. n/t

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Response to Hissyspit (Original post)

Mon Nov 19, 2012, 10:02 AM

9. Kick nt

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Response to Hissyspit (Original post)

Mon Nov 19, 2012, 12:11 PM

10. We can do that again.

I fight this out over and over. With modern Randian lunatics, of course but even ocassionally with "pragmatic" people here.

1) Backing away from Right Wing extremism isn't extremism.

2) Moving towards higher tax rates on the wealthy isn't extremism. It's 1948 to 1980. .

3) Restoring what worked before, what all of America thrived under isn't extremism.

May the false equivalencies die forever.

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Response to Hissyspit (Original post)

Tue Nov 20, 2012, 03:04 AM

11. Wm Black responds to Krugman...re banker extortion...

 

This is also playing out in Ecuador. The legislature has given preliminary approval to a bill that would impose an excess profits tax on banks and limit the compensation of bank executives. The four largest banks (with over 80% combined market share) responded with a coordinated email campaign to every depositor implying that the legislation would place their deposits at risk.

Yes, they are actually threatening to induce a run on their own banks if their compensation is limited. They are trying to extort President Correa into withdrawing the bill by holding the finance sector (and through it the general economy) hostage.

Correa was in Spain — trying with other Latin American leaders to convince Spain’s conservative government to reject austerity — when the large Ecuadorian banks launched this effort to panic their depositors. As an economist, he is particularly well-positioned to explain why regulating executive compensation is essential to limit the perverse “agency” incentives that have been a leading cause of bank failures and bank illegality.

If banksters had tried this type of extortion during the S&L debacle we would have immediately issued a temporary cease and desist order prohibiting their action and then removed and prohibited them from office and/or placed the S&L in conservatorship and appointed new controlling officers.

http://neweconomicperspectives.org/2012/11/william-blacks-comment-to-krugmans-twinkie-manifesto.html

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