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Politics & Legal > Voodoo Economics is Thievery Designed for Rich
 

Voodoo Economics is Thievery Designed for Rich












US National Debt Graph:  What They Never Tell You


 

 










 


Reagan got elected by telling the country the debt was "out of control." Compared to national income, it was the lowest in 50 years. He probably didn't know. But his supply-side economists did. They lied to America.

In 1981 Reagan's supply siders wrote the tax cuts for the rich and his budgets. The Senate was Republican, and Reagan got the Southern Dems in the House to vote for him. All Republicans and a few Dems voted for the budget. The national debt had its worst year since 1945. The next year it got worse, and for 20 out of 20 years, the supply siders raised the debt relative to our ability to pay.


Is this just Republicans vs. Democrats? Not quite, see: voodoo economics.

-Reagan-Not-Congress


It's a terrible thing to scare America about its debt when we're doing great and then send the debt through the roof for no reason. So the supply siders invented another lie — Congress did. As this graph shows, Congress changed the presidents' budgets only a tiny bit and more down than up — by $16 billion over Reagan's eight years. And over those eight years Reagan increased the debt by $1,860 billion. Blaming that on the tiny budget reduction by Congress is just political nonsense.More+Documentation.


 










 
 


 

 










 
-Reagan-Bush-National-Debt
         Explanation and Check It Yourself


This graph shows what happened since Oct. 1, 1981, the day Reagan started his first budget. First Reagan increased the debt by $1.9 Trillion (see for yourself). Then Bush brought that to $3.4 Trillion. Then all that started collected interest for the next 17 years, and with compounding that grew to $8.2 Trillion by Sept. 30, 2010. Clinton, Bush II and Obama are not to blame for that interest, and without it, Clinton would have paid off most of the $1 Trillion WWII debt that Reagan scared us with to get elected. And Bush II (and his supply siders) would have run up only $3.8 Trillion — not $6.1T, which is what actually happened under Bush II. (A clear proof of this with document links.)

Before the supply siders, Dems and Repubs brought the debt down relative to our income in 27 out of 35 years. The supply siders (with Reagan and the Bushes) raised it 20 out of 20 years. That's no accident.

The Supply-Sider's Hoax: Bush-I called it voodoo economics (but he got stuck with it). Their "theory" is that cutting taxes for the super rich will encourage them to work so much harder and make so much more money that they will pay more taxes, even though their tax rate went down. Well the voodoo didn't work in 20 out of 20 years. And now they want to try it again. And they've scared America again about the debt. It's easier now that they've run it through the roof.


 










 E-Mail a short version of the (3 graphs) to your freinds. It's easy. Check it out. This is the time your email will go furthest and have the most effect.

 

 










 

The Present Danger


The Great Depression lasted about 12 years with business conservatives scaring people about inflation (there was none) and about government borrowing (negligible until WWII). Now the supply siders are keeping us in the Great Recession the same way.

So What Worked? World War II. Uncle Sam (the U.S. government) borrowed the equivalent of 10.5 Trillion (see top graph) and bought war goods from private industry. Supply siders say this creates no jobs. But industry hired Rosey the Riveter and millions more. Unemployment ended with over-employment. The U.S. had its greatest economic boom ever — by far. It doubled output in six years.

Back then we had real Patriots. They loved Uncle Sam and they bought war bonds to help him borrow to hire people and win the war. Now people, who hate Uncle Sam almost as much as Al Qaeda, call themselves Patriots. They should call themselves Hateriots. But they have just been duped by the Wall Streeters who invented supply-side economics -- and who have been telling us lies for 30 years.

America is about to vote the supply siders and hateriots into Congress.

They will give tax cuts to the rich, which is what got us into debt. And though the rich will spend a bit more on gardeners, nannies, and yachts, the country will have nothing to show for this extra debt.

It's simply immoral to give more tax cuts to today's rich so the next generation can pay for them. $12 trillion of this voodoo taxing of the future is enough.

But the real patriots of WWII, who borrowed and spent and gave 400,000 lives for their country, showed us the way.

Another lie: Spending now won't work because it's not for war. That's what the Wall Streeters tell us so we'll give them tax breaks instead. But does it help future generations more to build battle ships or to fix our bridges and dams? Does it help the economy more to put our men to work at home or send them to die in France? It's hard to imagine a more ridiculous claim than the one that spending for war is more productive than spending on infrastructure and education for our future.

Supply-side "voodoo" economics is an immoral trick of thievery, designed for today's rich at the expense of the future. It hoodwinks many by offering the middle class some of the booty — the rich get the big tax cuts, but hey, the middle class can have some too, also at the expense of the future. The result of falling for this, is an out-of-control debt that scares us into staying in recession and will soon be used to kill social security and Medicare — which the rich don't need.

It's time to put America back to work.

Let's say thanks to our real patriots who showed us how.


 

 









 E-Mail a short version of the (3 graphs) to your freinds. It's easy. Check it out.
OR, .... Sign up for monthly zFacts newsletter.

 







posted on Sept 3, 2011 3:22 PM ()

Comments:

You know how to depress a normally happy person!!
comment by solitaire on Sept 4, 2011 6:24 AM ()
Sorry! I'm depressed about it every day because people do not understand that we can save America if we will just get past this stupid mentality that we have to cut social programs and give the rich tax breaks to break the recession when the exact opposite is true. Obama is going to ask Congress to appropriate money for roads, infrastructure, and education this week. It doesn't have a Chinaman's chance in hell of success because the Tea Party and the Republicans won't give him a pot to piss in, much less any money. Now, on the other hand, if he decided to invade some obscure country because of some hair-brained scheme that the country has 'weapons of mass destruction', he could probably get the money. It is sad that we will invest in killing our best and brightest but not in keeping them alive and providing them jobs.
reply by redimpala on Sept 4, 2011 8:54 PM ()
Thank you my dear. It never trickles down does it and now so many jobs are
outsourced that it is pathetic. Who likes out sourcing? Big Corporations
and manufacturers but they have put countless people out of work.
comment by elderjane on Sept 4, 2011 6:06 AM ()
Of course they like it, and we made it easy for them by passing NAFTA and joining the World Trade Organization. They can make their goods with cheap labor, then ship them back to the US duty free and sell them at exorbitant profits. The thing that kept American business strong in years past was tariffs on imported goods. We all need to throw a fit and get NAFTA repealed (a promise Obama hasn't kept) and get out of the WTO. If those traitors who have taken our jobs overseas had to pay high tariffs to sell them in the US, they'd come home dragging their tails behind them. Sorry! I'm on my soap box again; but you hit one of my hot buttons.
reply by redimpala on Sept 4, 2011 9:01 PM ()
You mean the "Trickle-down" economy theory... that increased wealth will make more money trickle down to others- is a hoax?
comment by dragonflyby on Sept 3, 2011 7:06 PM ()
Ain't it the truth!! There is no "trickle down" effect. It's just another Republican lie to delude the Middle Class.
reply by redimpala on Sept 4, 2011 9:02 PM ()
Every word and each graph tells the truth. I can't even listen to the way the Republicans and the Tea Party Taliban are distorting the facts.
comment by marta on Sept 3, 2011 6:19 PM ()
It just makes me sick; but what makes me even sicker is that good people believe it...people about whom I care and I can't make them see how they are being deluded into believing these lies.
reply by redimpala on Sept 4, 2011 9:04 PM ()
Ah but we can't put Americans back to work--they have to watch a debate of people who most won't be on the scene by 2012
comment by greatmartin on Sept 3, 2011 3:45 PM ()
I certainly hope not!
reply by redimpala on Sept 4, 2011 9:05 PM ()
Sorry about the gaps...just this cheap software.
comment by redimpala on Sept 3, 2011 3:23 PM ()

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