Tag Archives: trickle down
We have a huge debt and deficit primarily due to ten years of war while cutting taxes; economics of war 101 is you can’t fight a war without paying for it; you either raise taxes amongst your own people or plunder the enemy – since we don’t plunder the enemy we needed to raise taxes, but we did neither. $2 billion dollars spent per week each in Iraq and Afghanistan x 572 weeks = $2,288,000,000,000 of pure debt with no offset whatsoever; coupled to that an infrastructure badly in need of repair, plus an economy devastated by eight years of mismanagement by the previous administration and you have our economic woes of today.
Conservatives need to give up the failed idea of voodoo economics – trickle down has never worked, it’s a nice rosy economic theory that doesn’t produce what it claims will happen; we’ve had tax breaks for the top 1% (the so-called job creators) for more than a decade, where’s the jobs and where’s the revenue?
There’s going to need to be tax increases – sorry, but that’s going to happen; if it’s going to happen it needs to start with those who can afford them most, and it may then be necessary to raise everyone’s taxes.
After that we’re going to have to cut spending, and the first place to do that is the military; we now spend more on defense then the rest of the world combined, we don’t need a huge active military force, we need sufficient to defend the country. After we’ve trimmed back the military industrial complex we can start on other programs including social programs.
Problem with today’s conservatives is they want to do it all backwards; let’s cut taxes for the wealthiest 1% even more while increasing taxes on the lower classes; next lets increase defense spending while cutting social programs.
On 6 Jan 1983, the great tax cutter President Ronald Reagan signed into law a five cent per gallon federal gas tax hike; that’s right, Ronald Wilson Reagan signed into law a five cent per gallon tax increase. The reason for the new tax hike? He was going to stimulate the economy!
Wow, the great white father of Republican mythology raised yet another tax; where does it all end Timmy?
It’s time for the far right-wing worshippers to come to the pool of truth, drink deeply, and admit Reagan didn’t raise revenues from trickle down, he did it by raising taxes, more than 12 times during his eight years in office, including raising the federal gas tax. Can you imagine how apoplectic the right would go if President Obama merely suggested a five cent gasoline tax? They’d be beside themselves screaming it was a socialistic plot to take over the petroleum industry.
Facts are stubborn things, and facts are Reagan cut taxes his first year in office, and when he failed to turn the economy around he then raised taxes non-stop his remaining years in the White House. Facts are stubborn things.