An article by Burt Folsom
"You ask me that question, Derek, and you deserve a serious answer.
Your hope is that with hard work you and your generation can help
restore freedom in the U.S., and also restore the greater opportunities
that come with it. The WWII generation asked a variation of the same
question you just asked: “What hope is there for us because we went
through a Great Depression, the bloodiest war in the history of the
world, and now we have a mountain of debt and a 94% tax rate on all
income over $200,000?”
What did that generation do? After the war, they supported
politicians who increased freedom. For example, a bipartisan House and
Senate cut the top tax rate on corporations from 90% to 38%; they cut
the income tax rate as well; and then they slashed federal spending so
much that the U.S. began having budget surpluses again. Businessmen
said they would invest in this country and create jobs for returning
soldiers, if only Congress would give them incentives to invest. In
1945 and 1946 Congress did just that. As Robert Doughton (D-N.C.),
chairman of the House Ways and Means Committee, announced, “We have
given business a green light. They claimed that what they need is
encouragement. Now if they don’t go forward, the responsibility is on
them.” In that new atmosphere of increased freedom, American investment
surged and opportunities soared for young college students."
Read the rest.
Seriously, read the rest.