Pocket Realities

The real problem with our national debt is nothing like what Republican debt scolds say it is:

In the 1950s, wealthy families had an effective tax rate (what they actually paid, after deductions, etc.) of around 50%. The rich paid about half of what they made. Since Ronald Reagan, and then George W. Bush, and then Trump enacted one Rich Man’s Tax Cut after another, what the wealthiest pay has shrunk drastically, to an average effective tax rate of 8.2% over recent years, less than many middle-class Americans. What does this have to do with the debt ceiling, or the federal debt in general? I’m glad you asked.