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Andrew Tobias

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Andrew Tobias
Andrew Tobias

Money and Other Subjects

12 Steps And A Ditty

November 3, 2025

THAT OTHER 12-STEP PROGRAM


Countries that slide from democracy toward autocracy tend to follow similar patterns. To measure what is happening in the United States, the Times editorial board has compiled a list of 12 markers of democratic erosion, with help from scholars who have studied this phenomenon. The sobering reality is that the United States has regressed, to different degrees, on all 12.

Our country is still not close to being a true autocracy, in the mold of Russia or China. But once countries begin taking steps away from democracy, the march often continues. We offer these 12 markers as a warning of how much Americans have already lost and how much more we still could lose.


→ A must-read examination by the editorial board of the New York Times: Are We Losing Our Democracy?



PRINTING MONEY

This dark ditty, under three minutes, is exquisitely done.

Watch!


It’s insane that we’re adding trillions to the national debt to extend unneeded tax cuts to billionaires.  The last time we allowed our debt to grow so high relative to the size of our economy was when we fought World War II to defeat fascism.  Back then, the country was overwhelmingly (though not entirely) anti-fascist (antifa for short), and it was felt that — whatever the cost — we and our British allies simply had to win.

I’ve written before about my copy of the 1941 federal budget.  FDR’s transmittal letter noted two things: (1) taxes should be raised to pay for the necessary military buildup; (2) they should be collected from those most able to pay — the rich.  The top federal income tax bracket was set at 91% and would remain there until 1964.  Yes, a lot of money had to be printed, as well — the national debt rose to about the same level it is today relative to GDP.  But as much as possible was paid for through taxation, with a robust IRS empowered to collect what was due.

How times have changed under Trump and his Cabinet of billionaires.


No one is suggesting a 91% top rate; but there certainly could be a modest surcharge for that portion of your income above $1 million; and somewhat higher surcharges for income above $10 million, $100 million, and $1 billion.

Most rich people are wonderful citizens.  They shouldn’t be vilified — just taxed a bit more.

On a related note, I can’t recommend Evan Osnos’ The Haves and the Have Yachts highly enough.  Such great stories.  And, boy, will it make you angry that we’ve largely done away with the estate tax.  (“Only morons pay the estate tax.”)


Join Indivisible!

Support “my” 26th annual DNC LGBT Leadership Council dinner even if you’re not L, G, B, or T and even if you can’t come.  An adequately funded opposition party is absolutely necessary for democracy to prevail.  Next year: give to candidates.  This year: to infrastructure.

Have a great week.

 

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