Alan Greenspan says "Trickle Down" Reaganomics failed

[blueberriesandbanana]

Oh NOOO the GDP!!! Who cares about the working class, the upper middle class are no longer able to afford a 4th family car and will be forced to cut back on their large purchases from CostCo! That is completely unacceptable. So there are children in the ghetto drinking mountain dew out of their bottles you say because their mothers cant afford nutritious food because there are no healthy grocery stores in the 'hood. Boo hoo to you! The upper middle class need their 4th car dammit.

[como651]

Those were the good old days under Greenspan making thousands of dollars a day in the stock market. The 1999 tech bubble was every investor's dream come true. Can't everyone just pretend the economy is great again and drive up PE ratios to over 1000 so we can all be rich again? I liked the make believe bubble economies a lot better than this one. Let's get another asset bubble started!

[Welsh77]

i dont know why we take advice from the guy who printed money like a wild baboon and kept interest rates soooo low that we had a massive housing bubble

[elviscash56]

The top marginal tax rate was 90% in the 1950s under Eisenhower, a Republican, and the 50s was one of the largest economic expansions in our history. But the reason has nothing to do with taxes. The reason our economy was good then but bad now is because we had the mightiest manufacturing base on earth. It is no coincidence that as our manufacturing base has eroded, our prosperity has gone with it.  FUCK corporations and bring back MADE IN AMERICA

[kalendello]

@DAGDAsRevenge you failed to make the case that intelligence trickles up. Generally speaking, when something trickles either up or down, it implies that there is an excess on one end and the other end acquires some the benefits from being off-balanced.

If you say that the poor are smart and the rich are dumb; what happens when a poor guy becomes rich... he becomes dumb?

You show me a poor intelligent guy with a strong heart, and I'll show you someone who used to be poor...

[vaibanez17]

Raising the minimum wage is the best way to boost the economy. It takes money to make money; i know that's not what that saying means but used in this context it rings true. How can consumers spend money they don't have? If they have it, they'll spend it.

[kalendello]

@vaibanez17 raising minimum wage causes inflation. When min wage is increased, where does that $ come from? The consumer. Say McDonalds had to pay their ppl $30/hr, how could they afford it? They would increase their prices... so it takes from everyone to give that person more money.

How about, if you cannot live off minimum wage, then dont... get a skill set and get a better paying job. Leave min wage jobs to kids in high school.

[kalendello]

Name 1 thing that "trickles up".

That's an oxymoron & defies both logic & physics; just like the notion that taking from the rich & giving to the poor helps the poor. No, it divides the poor from the "middle class" because those near poverty will try "poor" so they can get $, and it eventually makes you a nation with too few rich people to take from... so they move on to take from the middle class.

If you want to know what millions have died for.... read the 5000 Year Leap!

[SechyoolarYOOESAY]

@kalendello "Name 1 thing that "trickles up"."

Who do you think are the main consumers in this country? You know, the people who buy goods and services... Is it the extreme rich people? I'm pretty sure they save their money so they can die on a golden toilet someday.

Getting more money into the hands of people who actually SPEND, is stimulating to the economy

[kalendello]

The US govt cannot honor their promises in SS, Medicare, Healthcare. A drastic change is needed to fix our problems & we need to pull TOGETHER. We need to help our neighbors.

The rich are taxed 40%+ & portrayed as monsters, while the "poor" receive a rebate exceeding what they've paid - they're not giving at all!

How would you feel if you gave 40% and people who give 0% surrounded you, demanding more, implying that you're taking from them & giving nothing?

I'd move.. now who's paying?

[perdondaris]

@kalendello The rich are not taxed 40%. 35% and under Clinton 39%. The corporate tax rate is 35% but it is uncollected due to subsidies, loopholes, and credits otherwise known as corporate welfare. Oil companies that used public land paid no royalties during the Bush administration. The rich use every tax gimmick and in actual cases paid less taxes (in dollar amounts not % or even marginal revenue) than people making minimum wage.There are free lunches and it is the rich who are getting them.

[kalendello]

In 2010, Greenspan said he was right only 70% of the time. Which is this, the 30 or 70? The federal government grew on Reagans watch, & that IS the problem.

The highest corp. tax rate in the world can be found... HERE! Why would Foreign Investors choose the US?

U cannot "give money to the rich" without first TAKING it. If I took my neighbor's 2 cars, I couldnt offer 1 back & call it "giving"! The govt takes our $ and our ability to be charitable to those who need it.

[kn9ioutom]

GOP TRICKLE DOWN ECONOMICS IS A PROVEN FAILURE !!!

[exenrontexas]

Trickle down has not worked, never have, never could and was a major mistake by Reagan. Another downside is the fact that the rich spirit their money OUT of the US to hire NO Americans and pay NO taxes. Trickle UP does work since the middle class MUST spend their money in the USA which ALWAYS increases employment and rewards innovation and hard work and pays taxes. ONLY a brain dead boob would use Reaganomics and extend the BUSH tax cuts.

[David12King]

@305catsquid It would help to some degree. Getting rid of personal income taxes (state and federal) altogether would put 1 trillion dollars into the private sector. It would certainly make a difference in the economy.

With that said, it's almost impossible we'll ever see the personal income tax abolished. 1/4 GDP dollars goes to the Govt. Until you revert back to a government described in the Constitution, we will always have a bad econ because you're taking money out of the economy for govt

[blevr1234]

Trickle-down – something for nothing; Con-Job of the 20th Century ! Played on the –‘greed of the stupid ...’-

Something for nothing = decimation of the middle class/labor/unions;

exportation of the manufacturing potential of America

– for the huge profits of “a few ....”

Now we are at the mercy of our manufacturers [overseas] and their profits – are supporting our 30+ years of compounding debt, from hateful interference and wars [profiting corp. donors] !

Cont

[blevr1234]

... After 30 years ... you screwed America – maybe forever !!! ‘-a few’- are egregiously wealthy and –‘the majority are a few pay checks’- away from welfare ! - And your [pyscko-phant] –‘backers’- are selling your fantasies, superstitions, as religion ! - Saying that it should be continued – give more to the wealthiest among US; and we will all live happily ever after ! - At reduced wages, no pensions, no social net ... ... except for “the few” ! ..

[21tikcah]

-‘Reagan Insiders ..’-

“GOP Policies Have Crippled Our Economy" 2010 by David Stockman [Reagan's Budget Director]

thenation com/blog/108027/reagans-budget­¬-director-gop-policies-have-c­r¬ippled-our-economy

CONT

[21tikcah]

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“How the Economy was Lost” by Paul Craig Roberts 2009 [Reagan’s Assistant Secretary of the Treasury]

counterpunch org/roberts02242009.html

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“A Taxing Experience” by Bruce Bartlett [Former Reagan adviser]

old.nationalreview com/nrof_bartlett/bartlett2003­¬10290853.asp

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[21tikcah]

Reagan, Budget director David Stockman

... "None of us really understood what was going on with all these numbers and that supply-side economics –‘was always a Trojan Horse to bring down the top rate’-."

[KEV8551]

hey alan, MAYBE you didn't need to keep dropping the interest rates...creating more m2 money, and less savings...at some point, you have to let it 'reset.'

you'd have a hard time looking at the whole record of Reagan's 43% growth in GDP, with the deficits % of GDP less than 5% and shrinking each year along with unemploymnt, to blame the economy on him.

[proatmetazine30906]

Ronald Reagan doubled tax Revenue in the long run and tripled the deficit.If you pay off your deficit when you have some years of this new revenue compounded up, and you have no deficit and still have that double tax revenue!!!!!!!And Ronald Reagan was not the originator of the cuts.The fed chairman at the time wanted it.

[debthelpOK]

super post!

[mrdebtrelief]

informative file!!

[twisted45]

alan looks messed up