Thursday, September 6, 2012

“What Hope is There for This Next Generation in College?”

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.

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