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“Space Race” (just finished the video)

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1 “Space Race” (just finished the video)
Soviet R-7 Rocket (1957) … Establish NASA (1958) … Yuri Gargarin (1961) … Apollo 11 (1969) … Crisis of Sputnik (1957) … This all relates to M.A.D. – “Mutually Assured Destruction”

2 Flood Control Act of 1944, “Pick Sloan Act”

3 Changes in American Society, Post-WWII
G.I. Bill (1944) Low-cost mortgages, low-interest loans to start businesses, college tuition & living expenses to attend university, or vocational education

4 Changes in American Society, Post-WWII
Levittown and Suburban America Mass produced homes, providing Americans homes outside cities *** For $8,000 you could …

5 Turn to page 5 in handout, “What statistics stand out to you?”
** Handout, “1950’s America”

6 1950’s – ’60’s American Prosperity
97% of eligible people for marriage were married 90% of Americans owned refrigerators, and 3/4 had washing machines, telephones, and vacuum cleaners U.S. owned 80% of the world’s electrical goods U.S. produced 40% of world’s electricity, 60% of its oil, and 66% of its steel

7 1950’s and ‘60’s American Prosperity
Average American ate 50% more food than the Average European U.S. population, 5% of world’s population had more wealth than rest of world 2/3’s of the world’s productive capacity From 1940 to 1955, average American incomes tripled

8 The 1950’s U.S. economy grew by 37%. Inflation, which had wreaked havoc on the economy immediately after WWII, was minimal, because of President Eisenhower's persistent efforts to balance the federal budget.

9 Changes in American Society, Post-WWII
“Baby Boomers” … , 65 million children born Affluent Society & the Suburban America Average income for Americans tripled!!! Reasons for this?

10 Changes in American Society, Post-WWII
Federal Highway Act of 1956 10-year effort, constructing more than 40,000 miles of interstate highways

11 1950’s – The Era of the Classic American Cars

12 Pay attention to these prompts and we’ll discuss after the video, “Happy Days”: America's Time, (0:47 – 13:25) (1) Real wages went up … (2) Culture of conformity at work … (3) Working environment for women … (4) By 1957, percentage of marriage eligible Americans that were married … (5) During the 1950’s, ______ Americans entered the “Middle Class” each year. (6) T.V.’s in _____ and percentage of time watching T.V. …

13 1950’s – ’60’s America Role of Women in Society
Median household income rose … Number of women working outside the home doubled between … Few women pursued long-term careers, but without their income … In the movie the Tender Trap, actress Debbie Reynolds declared … By 1960, women held ______ of nation’s jobs.

14 President Eisenhower’s Domestic Policies
Cut spending on some programs, TVA, RFC, etc. Extended Social Security to 10 million people Extended unemployment benefits to 4 million citizens Raised federal minimum wage Federal government aid to farmers Balanced budget through higher taxes on wealthy!!

15 18% increase in wages from 1950 to 1960!!!
Average family income in 1950 was $3,300, or $200 higher than in 1949. Average family income in 1957 was $3, Average family income in 1960 was $4, 18% increase in wages from 1950 to 1960!!!

16

17

18 Gross Domestic Product
** In billions of dollars, a figure expressing how much the economy has produced. ,018 ,165 ,425

19 Ray Kroc – franchised McDonalds
The Founder (2016) Sam Walton – founder of Wal-Mart chain

20 Reasons for 1950’s – 1960’s Economic Prosperity
Untouched by WWII … Government invested $26 billion in new factory construction (1941-’45) … (**) Pick-Sloan Act (1944) … (**) G.I. Bill (1944) … (**) Marshall Plan (1948) … (**) Federal Interstate Highway Act (1956) … High progressive taxation … Cheap homes … High wages … Large amounts of accumulated $$$$$$ NASA (1958) …

21 High Marginal Income Tax
Rates

22 The truth about taxes: EVERY AMERICAN PAYS THE SAME TAX RATES

23 If you’re a garbage man in the 1950’s and you make $4,000 a year, you would pay ________ in taxes.

24 $696 in taxes And you’ll keep $3,

25 If you’re a doctor in the 1950’s and you make $4,000 over the course of three months, you would pay ________ in taxes.

26 And you’ll keep $3,304 .00 in those three months.
$696 in taxes And you’ll keep $3, in those three months.

27 If you’re a CEO and run a company in the 1950’s and you make $4,000 a month, you would pay ________ in taxes.

28 And you’ll keep $3,304 .00 in that first month
$696 in taxes And you’ll keep $3, in that first month

29 1950’s Marginal Tax Rates $0 - $4,000 $4,000 - $8,000 $8,000 - $12,000
$4,000 X 0.174% = $3, kept $4,000 ($4,000 to $8,000) X % = $3, kept $4,000 ($8,000 to $12,000) X % = $3, kept

30 1950’s Marginal Tax Rates $12,000 - $16,000 $16,000 - $20,000
$4,000 ($12,000 to $16,000) X 0.273% = $2,908 kept $4,000 ($16,000 to $20,000) X % = $2,762.4 kept

31 1950’s Marginal Tax Rates $0 - $4,000 $4,000 - $8,000 $8,000 - $12,000 $12,000 - $16,000 $16,000 - $20,000 $20,000 - $24,000 $24,000 - $28,000 $28,000 - $32,000 $32,000 - $36,000 $36,000 - $40,000 Of the first $20,000, Americans kept $15, of their money!! Of the first $40,000, Americans kept $26, of their money!!

32 1950’s Marginal Tax Rates Of the first $88,000, Americans kept $48, of their money!! $40,000 - $44,000 $52,000 - $64,000 $64,000 - $76,000 $76,000 - $88,000

33 1950’s Marginal Tax Rates $88,000 - $100,000 $100,000 - $120,000
$120,000 - $140,000 $140,000 - $160,000 $160,000 - $180,000 Of the first $180,000, Americans kept $75, of their money!!

34 1950’s Marginal Tax Rates $180,000 - $200,000 $200,000 - $273,438
$273,438 - $300,000 $300,000 - $400,000 $400,000 and over Of the first $400,000, Americans kept $114,647 of their money!!

35

36 2019 Tax Rates

37 A study by the World Bank found that if the debt-to-GDP ratio of a country exceeds 77% for an extended period of time, it slows economic growth. Every percentage point of debt above this level costs the country 1.7 percent in economic growth. It's even more pronounced for emerging markets. There, each additional percentage point of debt above 64 percent will slow growth by 2 percent each year. Current U.S. Debt to GDP ratio is 106% = w/ current $ trillion / $ trillion!!!!!!! The U.S. national debt in 2001 was $5.7 trillion!!!!!!! 75% of this debt is from your lifetime!!!!!!!

38

39 Reasons for 1950’s – 1960’s Economic Prosperity
Untouched by WWII … Government invested $26 billion in new factory construction (1941-’45) … (**) Pick-Sloan Act (1944) … (**) G.I. Bill (1944) … (**) Marshall Plan (1948) … (**) Federal Interstate Highway Act (1956) … High progressive taxation … Cheap homes … High wages … Large amounts of accumulated $$$$$$ NASA (1958) …

40 Flood Control Act of 1944, “Pick Sloan Act”

41 Changes in American Society, Post-WWII
G.I. Bill (1944)

42 Reasons for 1950’s – 1960’s Economic Prosperity
Untouched by WWII … Government invested $26 billion in new factory construction (1941-’45) … (**) Pick-Sloan Act (1944) … (**) G.I. Bill (1944) … (**) Marshall Plan (1948) … (**) Federal Interstate Highway Act (1956) … High progressive taxation … Cheap homes … High wages … Large amounts of accumulated $$$$$$ NASA (1958) …

43 Cold War Begins (1945 – 1990) Marshall Plan, April, 1948

44 Changes in American Society, Post-WWII
Levittown and Suburban America Federal Highway Act of 1956

45 Reasons for 1950’s – 1960’s Economic Prosperity
Untouched by WWII … Government invested $26 billion in new factory construction (1941-’45) … (**) Pick-Sloan Act (1944) … (**) G.I. Bill (1944) … (**) Marshall Plan (1948) … (**) Federal Interstate Highway Act (1956) … High progressive taxation … Cheap homes … High wages … Large amounts of accumulated $$$$$$ NASA (1958) …

46 Discussion about taxes and tax rates is simply a discussion about what kind of society we want …
Social Security ? Medicare and Medicaid ? A large military ? Public highways and roads ? FAA (Federal Aviation Admin) and FDA (Food & Drug Admin) ? Public Schools and libraries ? Etc.

47 Billionaire Gets Schooled On Taxes By MIT Professor

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