Brian Small The New American Oligarchy ... The origins of oligarchy lay in the late 1970s and in the unlikely figure of Jimmy Carter, a Democratic president presiding over a Congress controlled by Democrats. It was Carter’s successes and failures, they argue, that kicked off what economist Paul Krugman has labeled “the Great Divergence.”In 1978, the Carter administration and Congress took a red pen to the tax code, slashing the top rate of the capital gains tax from 48% to 28% — an enormous boon for wealthy Americans. At the same time, the most ambitious effort in decades to reform American labor law in order to make it easer to unionize died in the Senate, despite a 61-vote Democratic supermajority. - TomDispatch with Andy Kroll: New American Oligarchy
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#Carter #JimmyCarter #PresidentCarter #PresidentJimmyCarter #Oligarchy #AndyKroll #TomDispatch