Ariel replied on Permalink
PC Revolving Door - Public and Private Sectors
Mr. Armey can be 2009's poster child for the under taxed privileged class's revolving door between the public and private sectors. Middle Class Americans are always on the outside looking in. Voting every two years makes the Middle Class feel as if they somehow have a say in what goes on at the top of the public sector's hierarchical pyramid...but it just isn't so. The only way to keep the privileged class under some kind of control is to raise their taxes. Unfortunately, it is the public sector privileged class that must, in effect, do that to themselves. Once the top marginal rate was lowered to 70% from 91% in 1964, Middle Class control began slipping away. Then, between 1981 and 1986, the top rate was cut from 70% to 50% to 28%. It now sits at 35%...and the U.S. Public Debt has increased from $1 Trillion in 1981 to at least $15 Trillion today. Not only does America now have runaway debt...it also has a runaway privileged class. Will the Obama administration yank back on the bit by raising the top marginal rate? Even though America can't sustain the current deficits...and Obama/Pelosi/Rangel/Reid know what must be done...the question remains, "Will they do it...or not?"
