Poverty in the U.S. Was Plummeting—Until Lyndon Johnson Declared War On It

One of the more elementary observations about economics is that a nation’s prosperity is determined in part by the quantity and quality of labor and capital. These “factors of production” are combined to generate national income. I frequently grouse that punitive tax policies discourage capital. There’s less incentive to invest, after all, if the government imposes extra layers of … Continue reading Poverty in the U.S. Was Plummeting—Until Lyndon Johnson Declared War On It