By Burt Folsom 26 Aug 2014
Who is “on the wrong side of history,” progressives or conservatives?
Progressives often insist they are “on the right side of history,” but their
ideas failed 100 years ago.
Today, for example, progressives have opposed fracking and have halted the
building of the Keystone Pipeline to bring cheaper oil from Canada through the
United States. As a result, gas prices at the pump have been over $3.00 per
gallon for years. One hundred years ago progressives also stopped the flow of
oil. They used new antitrust laws to break up the Standard Oil Company; and, as
a result, no American company had the venture capital to pursue the foreign
drilling that might have prevented shortages today.
On taxes, President Woodrow Wilson gave us the first progressive income tax. He
and his progressive friends said raising tax rates would not hinder
investments. But the year President Woodrow Wilson left office, the U.S. had a
top tax rate of 73% and unemployment had skyrocketed to 12%. Because of high
taxes, entrepreneurs refused to invest, the national debt spiraled upward, and
the number of Americans reporting $300,000 in income declined from almost 1,300
in 1916 to fewer than 250 in 1921. High taxes chased away wealth and stifled
growth....To Read More....