Both of these measures were on the side of increasing spendable income, though unfortunately they were largely without effect. The tax reductions were negligible except in the higher income brackets; businessmen who promised to maintain investment and wages, in accordance with a well-understood convention, considered the promise binding only for the period within which it was not financially disadvantageous to do so.


Chapter IX, Cause and Consequence, Section V, p 183 - The Great Crash, 1929 (1954 and 1997)

John Kenneth Galbraith Quotes

Both of these measures were on the side of increasing spendable income, though unfortunately they were largely without effect. The tax reductions...

Both of these measures were on the side of increasing spendable income, though unfortunately they were largely without effect. The tax reductions...

Both of these measures were on the side of increasing spendable income, though unfortunately they were largely without effect. The tax reductions...

Both of these measures were on the side of increasing spendable income, though unfortunately they were largely without effect. The tax reductions...