Tuesday, June 21, 2022
Bompa and Economics
I wanted to bring up to the main page a comment from my dad last week, posted in response to my opinions on inflation. His grandfather was a remarkable man in many ways:
I grew up with a grandfather who turned red when corporations reported huge profits. After surviving the depression he began writing about the cyclical economic damage this caused. He had retired from his career in engineering at the Westinghouse Corp. He became an important voice in the national conversation to contain America's huge economic swings. He was joined by corporate leaders and progressive Republicans like himself. Excess profits and the fat cats who received them were the culprits.
Mark, your great grandfather was probably right. About that time, Ike warned us not to lower taxes on corporations below 80%. The reasoning was that when profits are not so attractive, investments in workers and equipment go up and products get cheaper. Today the cost of products we buy includes the massive payments to those who do not add value. It may be time to dig up Bompa's papers.
Mark, your great grandfather was probably right. About that time, Ike warned us not to lower taxes on corporations below 80%. The reasoning was that when profits are not so attractive, investments in workers and equipment go up and products get cheaper. Today the cost of products we buy includes the massive payments to those who do not add value. It may be time to dig up Bompa's papers.
