Comment on People who say 'the rich get richer, the lazy live for free, and the middle class pays for it all' don't realize how expensive it is to be rich and how close middle class is to being below the poverty line.

• EightBitBlood@lemmy.world ⁨3⁩ ⁨hours⁩ ago

  You are correct! And it’s crazy how effective those high corporate tax rates were at distributing wealth to better society and create a healthy middleclass of consumers to fuel an economy and prevent it from collapsing.

  Weird how everything’s turning to shit now that corporations don’t pay taxes and use all their earnings to influence government elections instead of needing to actually be accountable to them.

  “Too big to fail” was actually just “too big to stop.” So now where there used to be a US government, there is a handful of billionaire cultists.

  The middleclass 100% existed. Billionaires just stole it. The money that drove US spending across 3 decades is now all in 5 people’s bank accounts doing jack shit to help anyone but those 5 people.

  Higher corporate taxes = a middle class. See most Nordic countries as a great example that still exists.

  Thank you for making this point. A middle class is the sign of a functioning society.

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  • TubularTittyFrog@lemmy.world ⁨2⁩ ⁨hours⁩ ago

    actually most middle class voters voted and supported for the policies that destroyed them.

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    • EightBitBlood@lemmy.world ⁨57⁩ ⁨minutes⁩ ago

      Who do you think was responsible for convincing the middle class to vote against their own best interests?

      It was the people who didn’t have to pay taxes after Reagonomics. They used their money to fill television, print, and eventually social media with propaganda. Propaganda that taxes were too high (for them) despite our entire social safety net outgrowing it’s sustainability.

      And this form of propaganda was SO effective, the Russians figured they would do the same. Then the Chinese. Now the Saudis. So now we have just about every country in the world that hates America purchasing every second of entertainment they can to make sure we’re always voting against our best interests to the point we just about don’t have a country.

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• Triumph@fedia.io ⁨3⁩ ⁨hours⁩ ago

  It is worth noting that:

  • The top income tax bracket in 2025 is 37%, for income earned over $751,600 (~$69,000 in 1960, married filing jointly).

  • In 1960, >$20,000 and <$24,000 was 38% (married filing jointly). (~$219,000 to ~$263,000 in 2025 dollars). The top tax bracket then was 91%, with all sorts of steps between 38% and 91%.

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• owenfromcanada@lemmy.ca ⁨1⁩ ⁨hour⁩ ago

  You’re right, but that’s not middle class–that’s working class. Making minimum wage and having a comfortable life is working class. The concept of “middle” class was a method of pitting one half of the working class against the other, so the rich could move from millions to billions.

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  • DagwoodIII@piefed.social ⁨1⁩ ⁨hour⁩ ago

    Now you’re just playing with definitions.

    “Middle class” is the term most people use.

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    • owenfromcanada@lemmy.ca ⁨34⁩ ⁨minutes⁩ ago

      I mostly agree. They’re synonymous today, but I think there’s still an important distinction.

      The term “middle class” is distinct from the “lower class.” But those two are more or less the same when compared to the “upper class” (what I would call the “wealth class”). Both lower and middle classes need to work in order to survive, while the wealth class has enough money to live without working (many of them still work, but it’s optional for them).

      Any distinction between lower and middle class ends up harming both, and allowing the upper class to hoard more wealth. I generally try to promote the term “working class” because it doesn’t divide us, and more accurately portrays the differences between classes.

      An illustration in this vein:

      1000036719

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• ch00f@lemmy.world ⁨3⁩ ⁨hours⁩ ago

  Was going to bring up interest rates, but apparently a 30 year mortgage in 1960 was something like 7%. Which…isn’t that bad.

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  • DagwoodIII@piefed.social ⁨2⁩ ⁨hours⁩ ago

    Lyndon Johnson wanted to have a massive war in Vietnam without raising taxes, so he printed money to pay for it. Nixon doubled down on LBJ’s plan. The OPEC oil embargo really made inflation soar. Jimmy Carter hired a man named Paul Volker to run the Fed and bring it under control. Carter’s plan worked, but only after Reagan won. Then Reagan turned around and started cutting taxes without a way to pay for the cuts.

    In 1968 when Nixon came in, ‘middle class’ was one Union job supporting a family of four with enough left over for a few luxuries. By the time Bush Sr finished, ‘middle class’ was two incomes. In 1968 $1 million was a massive fortune; by 1993 it was what a rich guy paid for a party.

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  • Today@lemmy.world ⁨2⁩ ⁨hours⁩ ago

    Mortgage rates were in the teens in the early 80s.

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    • ch00f@lemmy.world ⁨2⁩ ⁨hours⁩ ago

      Yeah, that’s why I brought it up. I always assumed they were high in the 60s too.

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