06-01-2016, 03:23 PM
[Galen]I have always found it interesting that those who are so public about supporting the poor will not recognize the harm that inflation does.
[Mike]The reason is history. One can read about the positions on money during the gold standard and see which policy each side favored. Inevitably, the banksters were all huge gold standard fans, while the various populist parties were opposed. People are not stupid. If you have money, inflation is enemy #1, given a choice between inflation and confiscatory taxation, wealth holder will chose the latter, Why else did President Hoover and the Congressional Republicans choose to raise the top tax rate from 25% to 60% in the early 1930's? Also anyone who lived through the 1970's can tell you how inflation was hell on investments. America got its first billionaries in the 1930's. By 1980 all the billionaires were gone despite the fact the dollar was worth much less than it had been less the richest men simply were absolutely richer in 1940 than in 1980. It was inflation over 1940-1980 that killed them. Didn't hurt working people.
Since 1980 it has been hell on working people just like it had been hell on their bosses in the forty years earlier. The reason, the capitalists have had the upper hand since 1980 whereas labor and their political allies had had the upper hand before then.
[Mike]The reason is history. One can read about the positions on money during the gold standard and see which policy each side favored. Inevitably, the banksters were all huge gold standard fans, while the various populist parties were opposed. People are not stupid. If you have money, inflation is enemy #1, given a choice between inflation and confiscatory taxation, wealth holder will chose the latter, Why else did President Hoover and the Congressional Republicans choose to raise the top tax rate from 25% to 60% in the early 1930's? Also anyone who lived through the 1970's can tell you how inflation was hell on investments. America got its first billionaries in the 1930's. By 1980 all the billionaires were gone despite the fact the dollar was worth much less than it had been less the richest men simply were absolutely richer in 1940 than in 1980. It was inflation over 1940-1980 that killed them. Didn't hurt working people.
Since 1980 it has been hell on working people just like it had been hell on their bosses in the forty years earlier. The reason, the capitalists have had the upper hand since 1980 whereas labor and their political allies had had the upper hand before then.