In response to:

The Perils of Tax Rate Nostalgia

Roscoe Mendago Wrote: Dec 05, 2012 4:09 PM
Yeah, there's a group of economic geniuses who are nostalgic for the tax rates of the past, who'd all do their resumes a favor, if rather they were reminiscing about the rate of spending from the past!!!

A version of this column appeared originally in USA TODAY.

Americans have always reveled in nostalgia about the music, fashion or favorite foods of bygone eras, but a sudden yearning for the high tax rates of yesteryear represents a startling new development. While some opinion leaders pine openly for the tax system that once claimed a big majority of income from top earners, their cozy, communitarian vision offers a deeply distorted view of those good old days.

In his defiant "Twinkie Manifesto," professor Paul Krugman, Nobel Prize winner in economics, affectionately cites "the '50s — the Twinkie Era"...