Democrats never truly challenged this choice in the Clinton (1992-2000)
and Obama (2008-2016) years, which stabilized the taxation rate at
around 40% (two times lower than the average level for the period 1930
to 1980). This triggered an explosion of inequality coupled with
incredibly high salaries for those who could get them, as well as a
stagnation of revenues for most of America – all of which was
accompanied by low growth (at a level still somewhat higher than Europe,
mind you, as the old world was mired in other problems).
Thomas Piketty
