Learning From History

Powerline posts an important reminder for all of us:

Marginal income tax rate increases during the Great Depression, courtesy of TaxProf; click to enlarge:

During the campaign, Barack Obama pledged to mimic the Hoover-Roosevelt policies that lengthened the Depression. Let's hope that like Obama's other promises, this one is subject to reconsideration.

Let's review: Obama promises to do precisely the same things that made a recession into the Great Depression. Why people wanted (and voted for) that philosophy I have no clue, but 'be careful what you wish for' seems every bit as applicable here as 'those who forget the mistakes of the past are doomed to repeat them'.

Let's learn before things crash again, shall we?

There's my two cents.