The Progressive era and New Deal in the United States successfully turned off the wealth pump through sustained policy: raising taxes on the wealthy to 90% by 1960 (for million-dollar incomes), introducing and continuously raising minimum wage faster than inflation, and empowering workers to organize and bargain collectively.
factualpending
Speaker
Peter TurchinEvidence Quote
“The New Deal increased taxes on the wealthy in by 1960 the million people with million uh dollars in income paid 90% of that income in taxes. Can you imagine that? Right?”
Created: 8/12/2026, 10:18:20 PM
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