The Real Culture War Is Over Capitalism
Arthur C. Brooks
Arthur C. Brooks argues that free enterprise is at the heart of America's culture wars.
There is a major cultural schism developing in America. But it's not over abortion, same-sex marriage or home schooling, as important as these issues are. The new divide centers on free enterprise -- the principle at the core of American culture.
How FDR's New Deal Harmed Millions of Poor People
Jim Powell of the Cato Institute explains how the massive increase in taxes used to fund FDR's New Deal policies disproportionately affected poor people.
Until 1937, New Deal revenue from excise taxes exceeded the combined revenue from both personal income taxes and corporate income taxes. It wasn't until 1942, in the midst of World War II, that income taxes exceeded excise taxes for the first time under FDR. Consumers had less money to spend, and employers had less money for growth and jobs.
New Deal taxes were major job destroyers during the 1930s, prolonging unemployment that averaged 17%. Higher business taxes meant that employers had less money for growth and jobs. Social Security excise taxes on payrolls made it more expensive for employers to hire people, which discouraged hiring.