The page finally starts to turn
March 6, 2009 2 Comments
from a Fox News poll:
Reagan, as a reminder, is the Republican Godhead of the Trickle Down Theory, which stated that cutting taxes on the rich would then trickle down to create more jobs for the not-as-rich.
It didn’t work. At all.
Instead, it created the largest expansion in income inequality in history. The rich got richer and the poor got poorer, the national deficit went through the fucking roof and about ten years after it was instituted (along with some deregulation that led to such proud moments as the Savings & Loan Scandal and Bailout), it created a crazy deficit and recession that forced Reagan’s Veep (the guy who famously labeled the trickle down theory “Voodoo Economics”) to raise taxes, which combined with a wide-eared billionaire with a hard on about the crazy deficit it created, led to said Veep’s own dismissal from the Big Chair.
The next guy, Clinton, raised taxes on the rich, jump-starting government revenues and leading to a balanced budget and even a surplus, as well as growth throughout his presidency.
THEN, another family money Disciple of Reagan interested in increasing the bank accounts of his wealthy friends cut the hell out of taxes again and again, and just like the first time, income inequality soared, revenues dropped, deficits got out of hand and about 10 years later we are square in the heart of another recession.
But now it seems the tide is finally turning. As the baby boomers (who, let’s not forget, were also the Yuppies) are slowly fading from power, the bloom of Reagan’s eight years are finally starting to come off the rose and more and more people are finally looking beyond the Gipper.
It’s about fucking time.