Thune still fantasizes about Reagan’s ‘Trickle Down’ economics

You know, because if the rich get tax cuts they will pay more . . . LOL. It amazes me how the GOP continues to sell that BS lie.



13 comments ↓

#1 Ljl on 09.11.17 at 11:22 am

Can you explain the wealth to poor gap drastically widening during the past 8 years of democrats?

#2 Emoluments Clause on 09.11.17 at 3:23 pm

Yes, I can. The middle class has been collapsing since 1974. The “Great Recession” accelerated that collapse.
Obama had two Bush wars and the greatest economic downturn since the Great Depression to deal with…. Like FDR, Obama was a member of rare group of presidents who saved capitalism, well, actually there are only two members of that club.

The “Great Recession” was a serious blow to the middle class and saving capitalism is a big enough feather in Obama’s cap that I don’t think he has to be blamed for the continue collapse of the middle class, however… And the answer to this growing collapse is definitely not Thune’s “trickle-down” answer to it…. Trust me….. it’s not….. America would be much better off, right now, had we gone from Obama the “Stabilizer” to Sanders the “Equalizer.”

#3 Warren Phear on 09.11.17 at 4:18 pm

Thank you EC. You said it quite well. We slightly disagree on just one thing. You say 1974, I say 1981. The effects of trickle down took years to be exposed as a scam, It will not, and has not been corrected overnite. Why it cannot possibly work? Unless of course you are part of the top 10%.

https://www.washingtonpost.com/opinions/trickle-down-economics-is-a-nightmare-kansas-proved-it/2017/06/12/c2d7aae0-4fa6-11e7-91eb-9611861a988f_story.html?utm_term=.a2cd6fb3c1f1

#4 Emoluments Clause on 09.11.17 at 5:36 pm

WP, thank you, the reason I said 1974 is because from what I have read the gas crisis and recession of the mid 1970s is seen as the first real lasting attack upon America’s middle class with the second wave coming in 1981, as you mentioned….

#5 Emoluments Clause on 09.11.17 at 6:23 pm

I might also add, that the hyper inflation of the 1970s also helped to place the American middle class into a continual slippery slide as well.

It was Paul Volcker’s monetary policy of historically high interest rates as Fed chair, which further stressed the middle class in the late 1970s. But Volcker’s monetary policy along with Reagan’s deregulation mentality, then led to the “Reagan Recovery from 1983 to 1987,” which ended with the ’87 crash, which was spurned by Reagan’s deregulation mentality…. And Reagan’s supply side economics did nothing to contribute to this four year recovery, a policy that now Thune wants to resurrect without any historic justification…

What is interesting, or ironic, about the Volcker monetary policy, however, is that Volcker was initially a Carter appointment to the Fed and the only major Carter appointment, that Reagan kept and then reappointed. So Carter is partially responsible for the “Reagan Recovery.” Although, Reagan’s recovery was destroyed by his own political attitude of not watching the hen house. Keep in mind, there have been three major stock market crashes in the last 100 years, ’29, ’87, ’08, and they have all happen under Republican administrations, that had been in power for sometime, and all of them had promoted a deregulation mentality.

#6 LJL on 09.11.17 at 8:29 pm

YEP…Spoken like a cradle to grave liberal. The answer to all government problems is always more government.

http://ndsmcobserver.com/2014/02/government-influenced-income-inequality/

#7 matt johnson on 09.11.17 at 8:42 pm

the ’87 crash?- actually the market was up in 1987

#8 scott on 09.11.17 at 10:18 pm

black monday

https://en.wikipedia.org/wiki/Black_Monday_(1987)

#9 Warren Phear on 09.12.17 at 5:54 am

How many Texas and Florida republicans today are expecting help from the government?

https://youtu.be/xhYJS80MgYA

#10 Emoluments Clause on 09.12.17 at 9:18 am

Matt,

(Thanks Scott!) How soon some forget, the market was up in 1987 until a Monday in October of ’87, which eventually led to a recession that was further strung along by the economic downtown in the fall of ’90 due to the building up to “Desert Storm.” This lingering economic downtown was mostly coastal and help led to the defeat of Bush41 in ’92….

Warren, exactly! You sure don’t hear Rick Perry bragging about Texas succeeding from the Union now days, do you?
And “TeaBagger,” Florida Governor Rick Scott, all a sudden likes government, imagine that…. How come he is not holding a sign that says, “Keep the government out of my hurricane.”

#11 Bruce on 09.12.17 at 11:42 am

1974 was the year of the change. In order to stave off a bonding collapse in 1974, the Nixon administration took out short term notes to pay for the financing of debt from the Vietnam buildup. In 1971 Nixon took the US off the gold standard as a way to fight the effects of inflation caused by the war. Milton and Rose Friedman were pushing the benefits of hyper inflation and many of the causes of late 70’s inflation stemmed from the early 1970 to 1971 Vietnam conflict Vietnamization.

Reagan was running for President and Nixon then Ford had to blunt him. Jimmy Carter didn’t grasp the fundamental changes happening around the USA. The Arabs found their first real sense of power and exploited it first in 1974 and then again in 1979. Each of these issues contributed to the election of saint Ronnie.

Trickle down economics was a greed based thought where everyone was supposed to win, and we all lost.

#12 Emoluments Clause on 09.12.17 at 1:59 pm

“downtown?” downturn! Is an “economic downtown” any thing like MTV’s “Downtown Julie Brown?” Or maybe, it’s just an other way to describe a “Boomtown”….. 😉

#13 Emoluments Clause on 09.12.17 at 3:01 pm

So, it’s far to say that the Vietnam War caused the collapse of the American middle class. I wonder what the Bush wars will eventually do to America?….. Make us less relevant on the world stage in the 21st century?

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