Wednesday, October 10, 2012

Are the wealthy $15,200,000,000,000 ($15.2 trillion) richer because of Reagan?

I have some questions.

We have a $16 trillion national debt-- how much of that $16,000,000,000,000 is in the portfolios of the wealthy?

The wealthy had their tax rates drastically reduced 30 years ago starting with Reagan.  Under Reagan, the debt quadrupled and has since grown 20 fold.  I agree that spending could have been reduced, too, but in hindsight, wouldn't it have made more sense to reduce spending *first* and *then* reduce taxes as much as we could afford?

Isn't it apparent by now that low taxes on the wealthy neither causes wealth to trickle down nor create jobs?

Is this another case of rent seeking?

Are we ready to end this failed experiment of making the wealthy wealthier while mortgaging the future of the whole country?

I know that this is a pretty simplistic view of things, but is it incorrect?


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