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
- How the Vikings Saved Europe and Got a Terrible Reputation
- Hard Hats On: Members of the Media Tour Exhibits under Construction at the National Museum of American History
- Shaman dancers, coolies and suffragettes: rare photos of 1900s Beijing discovered from Austrian archive
- England's King Richard III died painfully on battlefield
- 93-year-old former Auschwitz guard charged
- Pro-Israel groups going after federal support of Middle East Studies
- 100th Anniversary of Beard's 'An Economic Interpretation of the Constitution' commemorated
- University of Illinois Bigwig to Native American Studies scholar Jean O’Brien: Drop Dead
- 2 of 21 MacArthur Fellows for 2014 are historians
- Ken Burns electrifies Jon Stewart show