Saturday, May 26, 2012

How Stupid is America's Working Class?

Do Americans have mass amnesia?

Ronald Reagan told us that we could ramp up defense, lower taxes and pay off the deficit. He was wrong. The deficit escalated during the 8 years of Morning in America. He also sold us on the "trickle down" theory of economics. That didn't work either. The rich got richer and the poor got poorer in Ronnie's America.

During the administration of George Bush the Elder, we were told that we could ramp of defense, lower taxes and pay down the deficit. We couldn't. To give him credit, George H W saw the writing on the wall and reneged on his "read my lips: no new taxes" pledge. Under Old George, we had a great economic meltdown which jeopardized the economy. It was called the Savings and Loan Crisis. Remember that? It was caused because the S&Ls wanted to get on the same gravy train banks were riding. No longer content to simply make prudent loans to homeowners and pocket their modest profits, S&L's began taking fliers on bigger and riskier projects. Lots of them went under. Big names were caught up in the ugly aftermath. The Keating Five, George Bush's son, Neil, and others. It cost the taxpayers billions to bail out the S&Ls. The rich got richer and the poor got poorer in 41's America.

George W Bush was elected on a campaign promise of increasing defense spending and lowering taxes which we were told would decrease the deficit. George W couldn't keep that promise. He did lower taxes and increase the Pentagon's budget but the deficit skyrocketed. Also, during George Bush the Younger's eight years, the banks finally got their comeuppance, just as the S&L's had before them. They'd bundled mortgages together in insecure mega-packages, then sold them off until no one even knew quite who owned what. They were more like Las Vegas high rollers than bankers. Foreclosures became as common as rain drops. The entire economy went into a tailspin. The taxpayers had to pay out billions to bail them out because, we were told, they were "too big to fail". The rich got richer and the poor got poorer in 43's America.

Things have gotten better under Obama, not great, but better. The economy is coming back, unemployment is going down, manufacturing is up and so is energy production.

But, we have Mitt Romney waiting in the wings. Mitt, who tells us we can cut taxes, increase defense spending and lower the deficit. If Ronnie, George I and George II couldn't do it, what would make us believe Mitt can? Not only that, but Romney is all for de-regulating the same financial institutions whose butts we had to save twice before. Chase just made a $2 billion screw up which it's CEO (who kept his job, by the way) attributed to stupidity and sloppiness.  Oh, yeah, the banks seen the error of their ways all right.

Furthermore, Mitt wants to raise taxes on those making under $20,000 annually. He wants to increase class sizes in public schools. He want to put those wonderful banks back in as the middleman for student loans thus raising the costs for students (talk about getting money for nothing). He wants to repeal Obamacare and include a Personhood Amendment in the Constitution.

What the hell is the matter with the middle and lower classes of this country? They're on Facebook all the time, fighting for the right to be shafted by the Republicans. They buy the same story every election cycle somehow thinking it's going to be different this time....but it never is. And it won't be if we elect Mitt Romney, under whom the rich will get richer and the poor will get poorer.