Tuesday, August 9, 2016
Here We Go Again.....
It's beginning to feel like deja vu all over again. I'll be 70 tomorrow and this is the third time, I've listened to Republican politicians read me this same fairy tale. First it was Ronald Reagan who said we could lower taxes, spend more on the military and cut the deficit. It was all about the stimulating affect of tax cuts. They would pay for themselves and there'd be so much overflow in growth that prosperity would spill over to the rest of us. It didn't make sense to those of us weren't economic experts. In fact, it seemed like adding two plus two and trying to get nine but what did we know?
Well, it didn't work. Two plus two still equaled four. The deficit soared and the trickle down never happened. We ended up with the Savings and Loan Crisis. Remember that? A lot of people who lost their homes and their savings probably do.
Then it was George W Bush who pedaled the trickle-down theory. We could massively cut taxes, spend more on defense and cut the deficit. Oh, and we could also fight two wars and add another "entitlement", Medicare Part D, without paying for any of it because the lower taxes would stimulate our GDP and pay for themselves and that rising tide would raise all our boats. Whee, full speed ahead!
But, again, it didn't work. The deficit ballooned and the trickle down never happened. We ended up with the Banking Crisis. Millions of people lost their homes, their savings and their jobs. The argument that if we gave more money to the rich, who were the "job creators", they would reward us by financing a boom in employment didn't pan out. Instead, they took the money and ran off to the Cayman Islands to celebrate their burgeoning wealth.
And now, here we are again with Donald Trump trying to convince us that the third time is the charm and that what never succeeded before will surely succeed this time. His tax cuts will go primarily to the rich and corporations. Business will be freed of all that excessive regulation, you know, the regulations that ensure that their product have to meet minimum standards for our health and safety, the regulations that mandate that they must comply with environmental laws, the regulations that monitor them to assure they aren't cheating us on our financial contracts,
And surely, this time, the God of Growth will see to it that the deficit nose-dives. And surely, this time, the job creators will be falling all over themselves to offer us high-paying jobs.
And if we are stupid enough to buy into it yet again, then we deserve what we get.