Reaganomics FAILED us ALL

Reaganomics moved massive amounts of cash to those at the top and removed it from the bottom. David Stockman was Reagan's Budget Director. Stockman now says the basis of the thought of Reaganomics...Supply Side Economics and tax cuts for the rich....FAILED MASSIVELY!!! We have a perfect storm of economic issued facing us that we would not have faced if Reagan did not enact his tax cuts (they are deferred tax payments which we NOW pay more for) and Bush's tax cuts to the rich. Remember that Clinton lowered the debt and balanced the budget with NO GOP VOTES IN THE SENATE NOR THE HOUSE....NOT ONE GOP VOTE

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[Newenlightenmentnow]

@brendanmcwilliams Oh and let's not forget that St. Reagan raised taxes 11 times. 11 TIMES!! See he realized that his initial policy of tax breaks didn't work, so he reversed himself. I'm very sorry but your religion of absolutist free market-ism and cult of supply side economics is nothing more than fantasy on par with the bullshit stories of religion.

[Newenlightenmentnow]

@brendanmcwilliams Really, how about this. Jimmy Carter managed to create 9million new jobs in 4 years while St. Reagan only managed 8. Inflation was a problem, which did create a perception of declining standard of living. Carter's FED reacted properly by RAISING interest rates, restoring confidence in the USD. Carter's FED chairman (Volcker) was so incompetent, that Reagan reappointed him. Carter mirrored the FED by keeping taxes high, which crushed inflation. Basic Macro econ.

[NowPleaseReadThis]

We need to feed the rich so we can eat their poo

[sfjeff1089]

@sfjeff1089 (continued). Much of our physical economy is already gone under the constant pressure of fewer and fewer earnings dollars in the hands of people who buy stuff (after netting out asset purchases which bubbled). Our mostly flat performance included huge growth in the asset industries. When the asset industries disappear, only an obscene money multiplier can make up for the vanishing middle class. We need to fix the problem.

[sfjeff1089]

Well, Now at least David Stockman is half right... There is a very simple issue going on here. Fewer dollars are in the hands of people who spend them therefore the economy is facing a severe head wind. The only thing that is keeping the economy moving forward at all is inflation of the money supply. If we stopped inflating the money supply without fixing the underlying structural problems, then we would instantly be in a severe deflationary position.

[questioneverything2]

MSMBC all propaganda

[Newenlightenmentnow]

@naym2011 That's nice, but that doesn't diminish the correctness of Carter's fiscal policy, nor the policy of then FED chairman Volcker (Carter's appointee). At that time the USD was the ONLY currency that was universally viable. Increased interest rates made the availability of dollars rarer, increasing the purchasing power of dollars. Plus new technology, and cheating by OPEC members made the embargo unsustainable. As for the claim or Israel, I chalk that up to your bigotry.

[tc545]

Dear Lord people! He is saying that the policies used in 1981 when the taxes were sky high will not work in 2011 when the taxes are to the floor low. He basically is saying that this is a different type of problem vs. 1981. You don't use antibiotics to cure a virus or a vaccine to cure a bacteria...

[naym2011]

@Newenlightenmentnow inflation that carter saw, was international and due to middle east oil crises started by isreal

[vechorik]

@callouschristian -- Hey don't blame me for constant war. I'm voting Ron Paul!