Setting Economic History Right
Paul Krugman points out that the postwar economic boom in the United States was in no way “a triumph of libertarian principles.”
Yeah, it was a libertarian paradise all right — with a top marginal tax rate of 91 percent, a third of the work force in unions, and a minimum wage much higher relative to the average wage than it is today.
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Propose a return to those conditions now, and everyone on the right would predict utter disaster. What we actually had was unprecedented prosperity.
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