Thursday, October 18, 2012

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?


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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