Daniel Henninger makes some interesting parallels while comparing the 1920s with the 2020s in Will the ’20s Roar Again?. He notes that the tax rate in 1920 was 77%. However, tax cuts in 1921, 1924, and 1926 brought the top rate down to 25% which fueled a booming economy. Likewise, Trump's tax cuts fueled a booming economy.
Then the Smoot Hawley tariffs helped put the world economy in a spin. So currently we have Trump's tariffs. And it's easy to try to make a comparison. But, it may not be so bad as Trump is already reducing those tariffs.
This is a long introduction to the quote of the week, which is Henninger's final paragraph:
If there is one valid correspondence with the first Roaring ’20s, it is that the earlier decade produced a wave of new thinking about everything. We are overdue today for another wave of creative thought—about politics, culture, education and morality. This time, hold the roaring.
Yeah, bring on that new thinking.
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3:18 PM 1/3/2020
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