Friday, October 5, 2012
The national debt? Reagan built that
The national debt-- Reagan built that, with his tax cuts for the rich. He came in with 800 billion, left with 2.6 trillion, and it's been a skyward trajectory ever since. It's been good for the stock market though, but is that money the money the rich didn't pay in taxes? Did we transfer our national debt into the portfolios of the 1%? I think it's a coincidence (albeit an interesting one), but the total market capitalization of the NYSE is also 15 trillion dollars. Where is the national debt money and why hasn't lowering taxes on the rich worked?
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