As Krugman notes, the post-WWII years were years of amazing prosperity in the U.S. But they were also years of: high taxes, big unions, higher minimum wage, and investment in infrastructure!
There’s such a blizzard of misinformation out there that it’s hard to pick any one thing to single out, but David Frum picks up on one bit from the Paul/Paul show: the remarkable way many on the right now portray the postwar years of prosperity as a triumph of libertarian principles.
Yeah, it was a libertarian paradise all right — with a top marginal tax rate of 91 percent, a third of the work force in unions, and a minimum wage much higher relative to the average wage than it is today.
Propose a return to those conditions now, and everyone on the right would predict utter disaster. What we actually had was unprecedented prosperity.