"Trickle down economics" is a lie and a scam. A way for the GOP to pay their puppet masters. Did trickle down economics work for Reagan?
No:
The UPI headline on 12/30, 1989 - a report on Reaganomics included -
"upper income Americans were the main direct beneficiaries of tax cuts in the early 1980s. there is no evidence in our data that those benefits have trickled down to lower-income Americans."
When Reagan came into office in 1981, he inherited a $994 million national debt. by the time he left, it had ballooned to $2.6 billion.
Reaganomics was a spectacular success for the richest Americans in the country who benefited most from the tax cuts. The top 1% had seen their wages rise by 80%. Average wages in the rest of the country remained flat and the poorest Americans saw their income shrink by more than 10%. That was Reaganomics.
The designer of Reaganomics, David Stockman, declared on NPR that “Reagan would never support extending the Bush tax cuts.” Stockman took this assertion a step further in calling out the Republican leadership for perverting the notions of fiscal conservatism and betraying what the Party used to stand for. He laid blame on the Bush administration. Stockton blames the GOP for "destroying the American economy."
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Warren Buffett said that he was taxed at 17.7% on the $46 million he made last year while his secretary, who earned $60,000, was taxed at 30%.
That is what the GOP is fighting for. I think Buffet knows a bit about money. You might care to hear what he has to say.
UPDATE: Obama caves. The puppet masters win again. The GOP push their "Leave No CEO Behind" policy. Bernie Sanders to the rescue?
Some people just don't get it.
George Carlin can explain it to you:
(H/T - Shelly Stone)
George Carlin can explain it to you:
(H/T - Shelly Stone)
2 comments:
Seems Mr. Obama has agreed to extend the Bush-era tax rates for two more years, in trade for an extension of welfare-like unemployment benefits for 3 years, for his core constituencies.
Certainly is a turnaround from his previous mindset of 'my way or the highway', no?
Must've been that shellacking he received in November that's gotten his attention.
Not that this 'deal' is a good thing for us, the Tea Partiers. As Jeff G points out...
"This was an awful deal. The Tea Party just took it in the ass. In exchange for a status quo on tax rates during a recession, they agreed to about $90 billion in spending. Where that money is going to come from is anyone’s guess.
"3 years unemployment? 3 years? And an extension of “tax credits” to people who don’t pay taxes? That’s welfare. That’s unfunded welfare, too.
"Yippie!"
I'm inclined to think less positively of the Obama Tax for Welfare deal, but for different reasons. I truly think our economy is headed for a massive 'event' that will plunge all of us into a place we won't recognize. This deal won't help us avoid that event. If it's even avoidable at all. Unless we make savage, draconian cuts that most modern, soft, squishy Americans won't support, we will have that 'learning' 'event'.
Or, as we know from history what repeats itself, a 're-learning' 'event'.
I agree, this compromoise accomplishes little. Obama should never have compromised on tax cuts for the rich. The puppet masters win again.
The GOP policy of "Leave No CEO Behind" is killing us.
We continue to be owned. Even more now since Citizens United. George Carlin will explain it to you.
As for Obama's failing, the teapaty and Glenn Beck... Maher nails it as usual.
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