Word: economist
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Dates: during 1940-1949
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London's independent Economist wrote icily: "Fustian and bromide . . . [The program] will cause some stirrings in the Socialist graveyards ..." The Liberal Manchester Guardian sniffed: "Skillful patchwork . . . but the triumphant Socialist spirit has evaporated...
...Says the Economist: "A state which taxes away 40% of all incomes, and much more of the incomes of the successful and energetic, is killing the motive power that keeps it alive...
...Capital? The Economist wants to know how a state that takes 40% of all income is going to find enough savings to maintain its capital. "The harassed Chancellors of the Exchequer of the future will be hard enough put to it to balance their [current] books, without putting on still more taxes to provide a fund of public savings...
Writing primarily for Britons, the Economist does not have to explain why this process no longer works in their country. Had it needed to, the Economist could have turned to some figures released last week by the Oxford University Institute of Statistics. These show, that in the years 1938-47, the real income after taxes of the British middle class* dropped 9%, while that of the working class rose 7%. To hold its part of the middle-class vote, the Labor government checked this trend in 1948, but the Oxford report expects it to be resumed: "The movement toward equality...
...replacement capital cannot come from individuals of either class, it must come from the state. Can the state, without calamity, take a higher bite in taxes out of all the incomes of its citizens? The Economist thinks not. In fact, it said: "The long continuance of taxation of anything like 40% of the national income will ruin the country. It will not do so spectacularly in any one year or the next-there might be more hope if it would...