Public infrastructure, decent wages, national health care, public transport, and such ain't "beyond the pale" guys...
Though, to be frank, European politicians are influenced by this and want to bring more of it here faster. Private profit of the few above people, and let the suckers believe in wealth "trickling down"...
It is common for poor industrial areas to end up with large transient populations, but that’s a case of convergent evolution.
The banking runs were caused by the fixed exchange rate between gold and fiat money - in 1929 one could double one's wealth by buying gold from banks at the official exchange rate. This naturally caused endless runs until the banks either collapsed or FDR (correctly) suspended such sales. The banks remained crippled for lack of money because the Federal Reserve Bank (not a free market bank) failed to understand what the problem was.
The country came out of the Depression late in the 30's because of vast quantities of money flowing into the country from foreign countries buying arms.
By that logic it was most efficient with slavery? And the next best thing with serfs?
With this mindset soon there wont be any left.
>As someone whose parents grew up without electricity in their home that's nonsense and tone deaf. (...) You have no idea how positively we brown 1st and 2nd gen immigrants view America
It's easy to view the current status positively if you start from a low bar.
But sure, the US has electricy AND running water. I'll give you that. Well, mostly ( https://www.cnbc.com/2021/03/26/how-texas-tough-winter-expos... ).
Mind you, there's more to it than that; just setting the high-income-band taxes high won't do it. Efficacy of taxation and control of corruption is also important. Ireland's an interesting case; in the 80s its income tax was quite high (and it was a substantial net beneficiary of EU funding) but its GINI index was the worst in the EU (it was actually worse than the US for part of the decade). Today, income tax is still quite high (though not as high), and it's a donor of EU funding, but the GINI index is middle of the road European, far better than it used to be. The main thing that changed, beyond overall economic development, is reduction of corruption; there's no point in having big high-income-band taxes if no-one pays them.
They will always have incentive to movw money into a tax heaven, their rate is zero
it's not trickling down anywhere.
While it might be in most corporations best interest to have consumers that can afford to buy all the thing they are selling, it's also in their own immediate interest to squeeze as much money as they can, and keep it for them self.
And each year laws get passed (or reverted) that help corporations , and they get better and better at squeezing.
Look at the trends, middle class is disappearing, and more and more wealth is captured and kept at the top. (corporations are getting bigger and bigger, and rich people are getting richer)
and it's happening in USA even faster than in most of Europe. Pretty much the only place where middle class is growing is China (and other developing countries), but that is because they are still catching up.
So it can't be just the EU taxes.
Trickle down is nice theory, too bad it doesn't work in practice.
And no I don't even pretend to know what the solution is.
I just think that lowering taxes for corporations, will just make even more money for corporations, make them more powerful and not really help anyone else.
But Biden has the "once in a generation infrastructure plan"!