longweekend58 wrote on Dec 22
nd, 2014 at 6:05pm:
Bam wrote on Dec 22
nd, 2014 at 5:47pm:
the term came from Ronald Reagan who took an American economy that was moribund and turned it into a dynamo. The results say the complete opposite.
Yes, Longy, the Savings and Loans crisis followed by the 1987 stock market crash and its subsequent recession are stellar results.
The truth, however, is that Reagan did not dramatically lower taxes or red tape - nor did his successor, George H W Bush, who was ousted after one term for not delivering on his promised tax cuts.
It was left to Clinton to deliver a surplus, only to be followed by George W Bush, who gave it all away in tax cuts to the rich while continuing to spend big.
The legacy of what is known as Reaganomics is the current level of US debt and the highest wealth inequality in American history. It’s such a problem, the rich themselves are demanding to be taxed more, with billionaires like Bill Gates and Warren Buffet screaming out for change.
And not because they’re nice, but because they sell things and employ people. Poverty and wealth inequality are not good for business. All that money going to the top 1% is dollars taken out of the market for goods and services. In the US, that 1% owns 40% of the wealth.
By comparison, the bottom 80% own just 7%.
As a mathematician, of course, you know all this, you’re just too polite to say.
You don’t want to hurt poor people’s feelings.