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Such a complicated subject area and maybe too much simplification to make any point

Posted by JDK on June 7, 2021 at 18:14:40:

50's America was working its way out of the Great Depression and WW2.
Like Australia, there was a general frugality, carried over from the pre-war depression and WW2 rationing.
There was a huge reluctance to go into debt - except for housing and maybe cars.
No credit cards.
So while living was quite frugal by todays standards, household debt was next to zero - which is definitely not our standard today.
OTOH, poverty in America was well over 25% in the 50's. Lowered rapidly in the 60's and 70's, but had been on an upward creep since - except for the over 65's who have set themselves up nicely in the zero debt generation ..........
But working out if corporate taxation rates made any of this happen is rather simplistic.
The rise and rise of materialism/consumerism and the idea that workers get chained to the debt machine are, I would think, more pertinent.