MrSinnister
Delete account when possible.
Yeah, but more concentrated to the top, likely through funneling money by mutual funds from Merrill Lynch and Goldman Sachs. Likely still would've kept us booming ,but we both slashed the top tax rate from 70% to 28% during his term, and enabled Wall Street speculation to run with few checks. By the end of the Bush term, CEO's went from making an avg of 50 times the worker to 100.So Reaganomics(supply side) was essentially a form of Keynesian-style deficit financing designed to stimulate growth?
That's an INSANE amount of change (the Fairness Doctrine was in place until 1985, but Reagan had the Cult of Personality) for an 8 year period, while military spending skyrocketed. We likely would have reached some point of sanity if we still had rhe Fairness Doctrine, but corporations soon jumped into opinion talk news with their profits, heavily leaning conservative.
Supply side could work when you're not in a deficit, to slow down inflation, but the incentive structure leads to corruption. Once you start funneling money to the top, if there are no checks in how they can use it, they will buy for more cuts, credits and deductions; while also leaving the country for cheaper labor.
The Obama administration was trickled down on steroids. He had an FDR mandate, and used it to make he he could be a billionaire once he left office.
Economic Recovery Tax Act of 1981 - Wikipedia, the free encyclopedia
Tax Reform Act of 1986 - Wikipedia, the free encyclopedia
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