Sunday, December 5, 2010

The LIE of 'trickle-down economics' - Republicans fight for tax cuts for the rich

At the expense of the American people, Republicans fight to increase the wealth of the top 1% - their puppet masters.

"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?


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.

Trickle down economics is not trickling to American jobs, it’s trickling to China. What percentage of your clothing and manufactured good are made in America and who is earning the money for those goods? The top 1/10 of 1% – the CEOs. Delusional Republicans think the tax breaks to CEO’s and big corporations put Americans to work. No, the big corps instead oursource to improve their profit margin. They don't give a shit about putting Americans to work if they can make a few buck by moving operations to Malaysia.

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)


Serr8d said...

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.


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'.

William said...

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.