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During the 1950s and early 1960s, the top bracket income tax rate was over 90%--and the economy, middle-class, and stock market boomed.
As the Cold War unfolded in the decade and a half after World War II, the United States experienced phenomenal economic growth. The war brought the return of prosperity, and in the postwar period the United States consolidated its position as the world's richest country. Gross national product, a measure of all goods and services produced in the United States, jumped from about $200 thousand-million in 1940 to $300 thousand-million in 1950 to more than $500 thousand-million in 1960. More and more Americans now considered themselves part of the middle class.
The growth had different sources. The automobile industry was partially responsible, as the number of automobiles produced annually quadrupled between 1946 and 1955. A housing boom, stimulated in part by easily affordable mortgages for returning servicemen, fueled the expansion. The rise in defense spending as the Cold War escalated also played a part.
After 1945 the major corporations in America grew even larger.
After World War II, according to the Potsdam conference held between July 17 and August 2, 1945, Germany was to pay the Allies US$23 billion mainly in machinery and manufacturing plants. Reparations to the Soviet Union stopped in 1953.
Beginning before the German surrender and continuing for the next two years, the United States pursued a vigorous program of harvesting all technological and scientific know-how as well as all patents and many leading scientists in Germany
originally posted by: cenpuppie
If you were black, the 50s and 60s sucked. Big time. Looking back, there never where any "Good Ol Days" for black folks. Every bleepin day was a damn struggle made worse by pricks that didn't like ya simply because you looked different. In those days, black folks where straight up murdered and they got no justice and i'm not talkin bout getting shot by the cops. At least now, a brother gets a candle light vigil and a blurp on the news. if it's the cops, i can die knowing that least the fam will broke off (but life is invaluable).
It's just that looking back, after talking to relatives who lived through that crap and what they saw, hell. America sucked back in the day. Ain't nothin happy about it, keep your terrorism of the 50s and 60s and yes, that's how it was described.
I can see your parents perspective, no disrespect to you or your parents hun, all good. For the conservative mindset (even the black conservative) the old days where the best days, I ain't hate on your parents for this.
law school tuition has risen nearly 1,000 percent after adjusting for inflation: around 1960, "median annual tuition and fees at private law schools was $475 ... adjusted for inflation, that's $3,419 in 2011 dollars.
Prior to the 1970s, college tuition rates only increased only about 2-3% a year, which was fairly on par with the rest of the economy. Since the mid-seventies, however, college prices have soared, going up 5-6% above inflation.
Since the Great Depression, the wisdom of saving 10% out of a paycheck had been as deeply ingrained into the American mentality as free speech, apple pie, and baseball. By the mid 2000s, the personal savings rate was effectively zero and many millions of people were deeply in debt -- not from productive investment but from living beyond their means
No other single action by Nixon has had a more profound and deleterious effect on the American people. In the end, breaking the solemn promise that a dollar was worth 1/35th of an ounce of gold doomed his Presidency, and marked the beginning of the worst 40 years in American economic history.
originally posted by: richapau
a reply to: Southern Guardian
Nope, whenever ANYONE reminisces about the good old days they are remembering their youth, youth feels good. Feeling old sucks. Plain and simple.
Truth be told in the 50's and 60's there wasn't as many people living beyond their means,people were more frugal,when we were kids we didn't get all the new stuff that came out,and I always had to get a job to buy something out of the ordinary,made you think if you really wanted it,now people kids are quick to jump on fads,no self esteem