Look at the distribution of wages from 1920 to 1938, 1938 to 1960, and 1960 to today. It overlaps nicely with income tax rates at the top in an inverse way.<quoted text>
Substantiate, please. When?
Cycles by definition have reversal points at BOTH ends of the cycle.
Major technology advances also have contributed to wealth EROSION at the top, as those clipping coupons from large industrial concerns whose profit picture is suddenly blighted by new technology shifts discover to their horror from time to time.
Ask our friends from Gloversville what happened to the incredibly rich leather tycoons and their mansions there.
Ask our friends from Rochester how the Eastman Kodak multi-millionaires there are dominating all with the power of their wealth since Kodachrome became obsolete.
But that's right - your progressive class warrior ideological goggles are polarized and only permit you to see one way. I forgot. Sorry.
While technology (not to be confused with industrialization) causes some at the top to be lost, it generally decreases need for labor permanently while the wealth at the top merely stops going from the typewriter manufacturer to the computer manufacturer.
What the computer did to secretaries and file clerks.
What cell towers are doing to linemen.
Both represent huge reducations in labor.