Reaganomics

Remember Reaganomics and trickle-down? Well, the Republicans not only remember it but they are still advocating it.

The idea that reducing taxes will increase business revenue and therefore improve the economic status of the country has been a long-standing tenet of Republican policy.

Well, it doesn't work. Even David Stockman, Reagan's Old Budget Director, admits it now. Finally we have adequate evidence to establish that reducing government expenditures actually hurts the economy and that downsizing government costs tens of thousands if not hundreds of thousands of jobs.

The proof is summarized in a marvelous article in the latest Mother Jones magazine, by Kevin Drum, entitled "Rich People Create Jobs!".

I would like to quote the article here but it is copyrighted and I'm a little uncertain about my legal obligations here.

But if you possibly can, get a copy of it and read the article. If you still believe in Reaganomics after this I don't think anyone can convince you of the truth. But many Republican leaders still feel that they would love to, in the words of Grover Norquist, "shrink government until it's small enough to drown in the bathtub". We may actually see this work if the Republicans continue to build their power and that, my friends, is a very, very scary proposition.