Robert Reich (The New Tax Deal: Reaganomics Redux): “Yes, the pending tax bill will give Americaâ€™s middle and working classes slightly more cash next year. But only for one year. They wonâ€™t spend it. Theyâ€™ll use it to help pay down their debts. Will lower taxes on the rich spur them to create more jobs? Not a chance. Since 1980, Reaganâ€™s supply-siders have said lower taxes on the rich will trickle down to everyone else. Nothing could be further from the truth.”
I hope this bad idea actually works, but I have my doubts. I mean, the eight years under President Bush were so fruitful with this strategy. Yes, that’s a bit of sarcasm. It’s too bad the GOP lawmakers aren’t interested in helping America, they’re only interested in helping the top 1% fill their pockets. Sad really.
2 replies on “Repeating Failure”
The problem isn’t tax rates – more revenue flowed in under the lower rates than under the previous ones.
Rather, the problem is that DC, under both parties, spent like crazy (although 2009-2010 have been especially bad).
What the govt needs is a lot less money simply to focus their minds on the issue of setting priorities.
Well, I can’t argue with the over spending. We shouldn’t be doing all kinds of activities we’re engaged in; nation building, GMC bailout, financial crisis, just to name a few. Thankfully it looks like the GMC thing worked. The cuts that have taken place are a joke, and more for political posturing. I wish the two parties could come together and find a way to reduce government, I really do.