Word: classing
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Dates: during 1940-1949
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...fund of public savings." When new machines or other capital goods are needed in the U.S., they are normally paid for by the investment of the savings of those private individuals who have more than they require to support life. In general, these individuals make up "the middle class...
...explain why this process no longer works in their country. Had it needed to, the Economist could have turned to some figures released last week by the Oxford University Institute of Statistics. These show, that in the years 1938-47, the real income after taxes of the British middle class* dropped 9%, while that of the working class rose 7%. To hold its part of the middle-class vote, the Labor government checked this trend in 1948, but the Oxford report expects it to be resumed: "The movement toward equality is quite noticeable," it concludes...
...standards of social justice and decency, the rise in working-class incomes may be approved-certainly the majority of Britons approve it. But approval does not answer the question: Where is the money coming from to replace capital equipment as it wears out? Less & less of it will come from investment by the gradually impoverished middle class, and this will certainly not be balanced by more & more capital investment from the rising working class. The new income of the working class will not go into capital goods; it will go into more milk, more education, more dentures...
...replacement capital cannot come from individuals of either class, it must come from the state. Can the state, without calamity, take a higher bite in taxes out of all the incomes of its citizens? The Economist thinks not. In fact, it said: "The long continuance of taxation of anything like 40% of the national income will ruin the country. It will not do so spectacularly in any one year or the next-there might be more hope if it would...
...National Invitation Tournament in Madison Square Garden was to be the big climax of the season. Last week the big moment came, but neither Kentucky nor St. Louis was there to meet it. In the biggest double upset of the season they had been knocked out of the championship class...