The Myth of the American Golden Age

[ksen]

http://www.politico.com/magazine/st...s-golden-age-108013.html?ml=m_ms#.U7FtX2cg-Um

Today, inequality is growing dramatically again, and the past three decades or so have proved conclusively that one of the major culprits is trickle-down economics—the idea that the government can just step back and if the rich get richer and use their talents and resources to create jobs, everyone will benefit. It just doesn’t work; the historical data now prove that.

A good piece by one of my favorites: Joseph Stiglitz

 

[fromderinside]

http://www.politico.com/magazine/st...s-golden-age-108013.html?ml=m_ms#.U7FtX2cg-Um

Today, inequality is growing dramatically again, and the past three decades or so have proved conclusively that one of the major culprits is trickle-down economics—the idea that the government can just step back and if the rich get richer and use their talents and resources to create jobs, everyone will benefit. It just doesn’t work; the historical data now prove that.

A good piece by one of my favorites: Joseph Stiglitz

Uh, you aren't talking about the sixties are you. A shame.

 

[DBT]

The sixties was the golden age?

That aside, wasn't it Reaganomics and Thatcherism that released the handbrake on trickle down politics?

 

[Axulus]

What is the definition of a "Golden Age"? What criteria must be met for the age to be considered "Golden"?

 

[EricK]

What is the definition of a "Golden Age"? What criteria must be met for the age to be considered "Golden"?

The conditions are as follows:
You are middle-aged or older
You have pleasant memories of your childhood as you did not have any responsibilities then
You do not understand the complexities of the modern world
You understand the complexities of some bygone age, and mistakenly think that your understanding is due to the simplicity of that age

If those conditions are met, then the last time at which you felt you understood how the world worked is a "golden age".

 

[DBT]

What is the definition of a "Golden Age"? What criteria must be met for the age to be considered "Golden"?

In terms of income: a more than average (perhaps taken over a period of a century) percentage of people who are earning a decent living?
In terms of a happiness scale: a greater than average (over a given period) number of people who say they are happy or satisfied with their lot in life?

 

[repoman]

I think we are living in a singularly unique time in history, in which we are fast running out of resources and have a huge amount of debt that can never be paid with future growth. However the corporations will get bailed out and not the people. This will be the leverage the elites will use at the time of crisis. They need a shit load of cash so they still are loaded after a possible devaluation. They however, must own a huge amount of property and material.

That was a bit of a derail.

But in the 50s and 60s there was still a great deal of room for growth. But was it a golden (in the moral sense) age? seeing that they had the inkling that they were robbing from the future and yet had little chance of paying the price in their own lifetime. We are starting to pay the price now.

But on a more practical note, what were the home ownership (fully paid mortgages) rates then? What was the indebtedness level?