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highplainsdem

(49,004 posts)
Sat Oct 19, 2013, 10:38 AM Oct 2013

Must-read (and please circulate): The Abject Failure of Reaganomics

Brilliant article by Robert Parry. Best concise explanation I've seen yet of our economic problems, and the best rebuttal of Tea Party arguments.

http://www.commondreams.org/view/2013/10/18-0

originally published at Consortium News:

http://consortiumnews.com/2013/10/17/the-abject-failure-of-reaganomics/

Even as the Republican Right licks its wounds after taking a public-opinion beating over its government shutdown and threatened credit default, the Tea Partiers keep promoting a false narrative on why the U.S. debt has ballooned and why the economy struggles, a storyline that will surely influence the next phase of this American political crisis.President Ronald Reagan, delivering his Inaugural Address on Jan. 20, 1981.

If a large segment of the American public continues to buy into the Tea Party’s fake reality, then it is likely that both the political damage and the economic decline will continue apace, with fewer good-paying jobs, a shrinking middle class and more of the bitter alienation that has fed the Tea Party’s growth in the first place. In other words, the United States will remain in a vicious circle that is also a downward spiral.

The pattern can only be reversed if American voters come to understand how and why their economic well-being is getting flushed down the drain.

-snip-

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Must-read (and please circulate): The Abject Failure of Reaganomics (Original Post) highplainsdem Oct 2013 OP
He should be dug up and beaten. russspeakeasy Oct 2013 #1
K&R livetohike Oct 2013 #2
knr hedda_foil Oct 2013 #3
a nice title hfojvt Oct 2013 #4
+1 Well put. Egalitarian Thug Oct 2013 #6
More succintly: johnp3907 Oct 2013 #5

hfojvt

(37,573 posts)
4. a nice title
Sat Oct 19, 2013, 01:50 PM
Oct 2013

but not a very good article.

Ignores many historical facts.

1. That George H.W. Bush signed tax increases

2. That Bill Clinton attacked him for it, and promised "middle class tax relief"

3. That Bill Clinton infamously embraced Reaganomics when he declared to the entire nation "The era of Big Government is over"

4. that even after his re-election, Bill Clinton for some reason felt obliged to sign into law tax cuts that heavily favored the rich http://www.democraticunderground.com/?com=view_post&forum=1002&pid=2665533

5. That Obama embraced Reaganomics, promising to NOT raise taxes for anybody making less than $250,000 a year.

6. That Obama again embraced Reaganomics to the whole nation in his first State of the Union in 2010 saying "Now, let me repeat: We cut taxes. We cut taxes for 95 percent of working families. (Applause.) We cut taxes for small businesses. We cut taxes for first-time homebuyers. We cut taxes for parents trying to care for their children. We cut taxes for 8 million Americans paying for college. (Applause.)

I thought I'd get some applause on that one. (Laughter and applause.)"

Ha ha ha, isn't Reaganomics great?

7. That Obama embraced Reaganomics AGAIN after keeping the Bush tax cuts from dying in December of 2010, bragged about how great that was in his next SOTU "We did that in December. Thanks to the tax cuts we passed, Americans' paychecks are a little bigger today. Every business can write off the full cost of new investments that they make this year. And these steps, taken by Democrats and Republicans, will grow the economy and add to the more than one million private sector jobs created last year."

8. Obama AGAIN embraced Reaganomics in September 2011. Speaking to Congress and the nation, he proposed a jobs plan. What was the jobs plan? Tax cuts. And not just tax cuts. Nope. Tax cuts that favored the rich. Well, there he goes again. Pushing the absurd idea that tax cuts for the rich will create jobs.

So while I agree with the title, that Reaganomics has been an abject failure (except it did not fail in what it was designed to do - enrich the rich). But if we want the nation to stop embracing Reaganomics, a first step would be - for the Democratic Party to stop embracing Reaganomics.

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