Paul Krugman: The Twinkie Manifesto
Paul Krugman is an economist at Princeton University and an op-ed columnist for the New York Times.
The Twinkie, it turns out, was introduced way back in 1930. In our memories, however, the iconic snack will forever be identified with the 1950s, when Hostess popularized the brand by sponsoring “The Howdy Doody Show.” And the demise of Hostess has unleashed a wave of baby boomer nostalgia for a seemingly more innocent time.
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....
...[I]n the 1950s incomes in the top bracket faced a marginal tax rate of 91, that’s right, 91 percent, while taxes on corporate profits were twice as large, relative to national income, as in recent years. The best estimates suggest that circa 1960 the top 0.01 percent of Americans paid an effective federal tax rate of more than 70 percent, twice what they pay today....
comments powered by Disqus
- Climate of Change: The Catholic Church's Dance With Science
- Sacrificed Humans Discovered Among Prehistoric Tombs
- Nazis Triumph Over Communists in Ukraine
- Obits for Happy Rockefeller blamed her for his political decline. Don’t believe it.
- Historian investigates claim that Bugsy Siegel wanted to kill Goring
- NYT hosts debate including Eric Foner: How Americans should remember Reconstruction
- William Leuchtenburg says historians and the media have been too hard on Obama
- Hugh Ambrose, historian who helped develop WWII Museum, dead at 48
- Historian discounts claim that Churchill and other British PM's were gay
- Nick Bunker Wins $50,000 2015 George Washington Book Prize