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Politics : American Presidential Politics and foreign affairs
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To: Peter Dierks who wrote (32042)2/2/2009 1:13:29 PM
From: TimF  Read Replies (1) of 71588
 
The phenomenon of taxing income was new and neither had smart enough advisors to foresee the disincentive effect that confiscatory taxes would have on the economy.

Classical economics spoke out against very high taxes from long before FDR Its true that the taxes they where talking about where mostly tariffs, or other non-income based taxes, but the ideas would obviously apply to income based taxes as well.

FDR and others at the time figured the depression showed classical economics as imperfect, and it was, but they threw the baby out with the bathwater. An imperfect first approximation of how a free market economy works, was still better than having the government try to manage the economy.

Having the government manage the economy (and more things in general) was a popular theme at the time. Socialism (government, or at least nominally worker, ownership of the means of production), was battling it out with fascist economics (government control of the economy for "the national interest" without actually owning most of it). FDR at least kept us from those extremes, pushing milder ideas that took some points from each, but didn't go as far as the socialists or fascists would.
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