The Failure of Reaganomics

You do not have to look very far to see what the disastrous legacy of reaganomics has done to our country. Our founding fathers could not have been more opposed to having so much wealth in the hands of so few, yet that is exactly what has happened as a result of reaganomics.

Category:

News & Politics

Tags:

• reagan
• reaganomics
• supply side economics
• l curve
• corporatists
• wealth
• congress
• taxes

[AnotherMasterMind]

Wouldn't raising taxes scare away businesses and wealthy investors? If a business can pay less taxes in illinois than indiana, they'd move to illinois. How would raising taxes attract investment? I'm openminded and really want to know how it would attract or repel businesses and investment to raise taxes.

[tonkman7]

@AnotherMasterMind Taxes pay for things like schools, roads, sewer and water systems, and countless other things that increase the quality of life.

What attracts businesses and people to a community are good schools and infrastructure so that their business, employees and their families

all benefit from and have access to these services. It is true businesses can play states off of each other to pay less and less in taxes, but to what end?

[AnotherMasterMind]

@tonkman7 I tend to agree with you, I just have these frustrating conversations with my republican father who always brings up how businesses provide jobs and by raising taxes, we are punishing financial success and driving jobs away to other countries. I feel like this is one of the conservatives strongest talking points. How would you respond to someone who says that "lowering taxes gives business incentives to create jobs, thus encouraging investment while spreading earned money to others."?

[tonkman7]

@AnotherMasterMind The only thing that creates jobs is demand. Tax breaks for the wealthy do not create jobs, it never has. When people have no money, there is no demand which is why our economy is in the state it is in with no end in sight. 

[tonkman7]

@AnotherMasterMind Congress could put an end to the practice, but it won't. You speak of scaring away business by raising taxes, business has already left our country by trade polices over the last 30 years of which both republicans and democrats are responsible for. What is happening to this country would take

much more space then I have here. I would highly suggest you google thom hartmann. Listen to his radio show, watch his videos, or purchase his books. You won't regret it

[yaidonyknowwhattoput]

regulation caused the great depression you dumb ass have you ever heard of the Smoot–Hawley tarriff? why dont you do your homework be fore you show everyone your cute little football graphs. Reagan spent money on defeating the communists. that was his goal and it worked. dont go blaming deregulation for all your problems.

[tonkman7]

@yaidonyknowwhattoput I usually just let people spew their vitriol and ignorance without comment because it just goes to show the depth of our nation's problems. Just a quick note. The great depression was caused because of deregulation, not regulation. The great depression occurred in 1929 under a republican Congress and a republican president. The Smoot–Hawley tarriff was enacted into law in 1930 by the same republican administration who brought us the great depression. Have a nice day.

[mikeswanon8989]

@bhothemetallhead Why? What did this video teach you? It simply showed that Bill Gates has a lot more money than the average American family. You will find this is true in any developed economy.

[mikeswanon8989]

Who is your audience? This is the most absurd presentation supposedly centered on economics. To say the great depression was caused by tax cuts is absurd. It was caused by poor monetary policy on behalf of the Fed. Your "L-Curve" is a joke, you simply stole the premise of the Lorenz Curve, while taking all meaningful data out of the graphic. You sir are incompetent and should not be allowed to be teaching anyone.

[ZAGGNUT1]

@LeftsMakeMeAngry- FYI.

When IBM built its first business\personal computer, they needed an operating system to use with it. They went to Bill Gates after their top programer guy wasn't available; Bill bought an existing software program, QDOS, for $50,000, renamed it MS-DOS, and ended up collecting a royalty every time a PC was sold. Gates didn't need billions of dollars to improve the system.

[LeftsMakeMeAngry]

if it wasnt for billionaires, you wouldnt even be typing these comments. you wouldnt own a computer. if you dont think the rich help people then your saying bill gates has done nothing for anyone. microsoft has changed the world and plus he gave billions to charity

[GrandAmGT1990]

@AnotherMasterMind your dad is a very smart man i use to be a liberal and i was for raising taxes i live in Michigan this is a liberal state and every year we have a thing were we compete against Indiana for job and they ALWAYS WIN they took are industry and jobs WHY cause they are more of a conservative state and have LESS Regulations and LESS taxes so yes it does work LISSIN to your dad bro

[UtopiaMinor666]

@TheCaliCapitalist got that right, i wish this was longer too.

[CommanderGene]

@tonkman7

Socialism means the government has very much power and can own the means of production. Things like the court system, patents, the police, the army, etc. are things we get for our tax money. But that is part of the social contract. We will bear the burden of taxes as long as we get from the government: defense from foreign invaders, defense from domestic threats, settling of disputes through the court system, etc.  That does not make us socialist.