The New Tax Deal: Reaganomics Redux

[ProudDad]

More than thirty years ago, Ronald Reagan came to Washington intent on reducing taxes on the wealthy and shrinking every aspect of government except defense.

The new tax deal embodies the essence of Reaganomics.

It will not stimulate the economy.

A disproportionate share of the $858 billion deal will go to people in the top 1 percent who spend only a fraction of what they earn and save the rest. Their savings are sent around the world to wherever they will earn the highest return.

The only practical effect of adding $858 billion to the deficit will be to put more pressure on Democrats to reduce non-defense spending of all sorts, including Social Security and Medicare, as well as education and infrastructure.

It is nothing short of Ronald Reagan’s (and David Stockman’s) notorious “starve the beast” strategy.


http://www.truth-out.org/robert-reich-the-new-tax-deal-reaganomics-redux66052

[ProudDad]

1. More

So why are Democrats voting for Reaganomics?

They say they have no choice — either vote for this or watch taxes rise on everyone starting January 1.

That Democrats have allowed themselves to get into this fix is a testament to either their timidity, obtuseness, or dependence on the campaign contributions of those at the top.

[bigwillq]

4. .....

:thumbsup:

"That Democrats have allowed themselves to get into this fix is a testament to either their timidity, obtuseness, or dependence on the campaign contributions of those at the top."

[emulatorloo]

5. Does anybody remember that we had a 2011 election?

None of this shit is going on in a vacuum.

At any rate, here are how the tax numbers break down.

Total for Tax Cuts $544.3 Billion

$463 billion of that is for the Middle Class

It is not all going for the rich. Obama has said the top 2% cuts do not create ONE SINGLE JOB, that part is a waste of money, the other part isnt

-

[ProudDad]

6. Prove it!

I don't take the word of anonymous posters for this kind of crap!

There isn't that much of a "middle class" left in case you haven't noticed...

On the face of it your math is faulty since the tax cuts from the rich cost $70 BILLION per year...2 years = 140 billion...

Oh, and why don't you mention the tax INCREASE for the lowest income earners -- 1 out of every 3 workers and EVERYONE making under 20 grand are getting a tax HIKE...

You want to "help out the middle class" by making life worse for the poor, eh?

[emulatorloo]

7. Please Cool it with the obnoxiousness. Link here with breakdown:

http://money.cnn.com/2010/12/07/news/economy/tax_cut_deal_obama/index.htm


Bush tax cuts: $544.3 billion. The package would extend the Bush tax cuts for everyone for two years.

The bulk of that cost -- $463 billion -- is for the extension of cuts for families making less than $250,000, including two years of relief for 2010 and 2011 for the middle class from the Alternative Minimum Tax.

The rest -- $81.5 billion -- is attributable to the extension of cuts that apply to the highest income families.

--------

I don't make shit up. DU needs to tone down the hysterical nastyness and name calling. Why don't you and I start?

[subterranean]

10. Part of the $463 billion also goes to the highest income families.

Plus they also get the benefits of the payroll tax cut (if they have income from wages) and the estate tax cut.

[ProudDad]

14. "middle class"

is from $30 grand to about $70 grand...

The median income in USAmerica is about $54K...

Above $70 grand is the upper 10 percent...

Saying that anyone making under $250K is "middle class" is the Big Lie that I object to...

[emulatorloo]

19. 250K and below

[ProudDad]

15. But please accept my apology for my vigor...

There's been an unusual quota of stupid on DU this evening...

on other threads...

[emulatorloo]

18. absolutely!

And I probably should have posted the link in the first post.

:toast: :patriot:

[kenny blankenship]

9. I know you guys are about capitulating in advance, but really 2011 is next year.

A little patience and restraint wouldn't do ya any harm, is all I'm saying.

[emulatorloo]

20. LOL - typo of course, 2010 Election

as to the "capitulating in advance" you don't know a damn thing about me, so don't put words in my mouth.

All I am pointing out is that some DU'ers are acting as if this is happening in a vacuum

Ignoring

- Senate's inabilility to get a Middle-Class only tax cut package passed. They tried, when, Last Saturday? Could not do it. If they had passed it, that is what Obama would have signed

- We lost the election. If that were not the case we would have a much better position.

[mtnsnake]

2. +1000

[bigwillq]

3. K and R (nt)

[ProudDad]

8. Needs a little

[craigmatic]

11. What do you mean redux? Reaganomics never left us from the last 30 years.

[ProudDad]

16. I know, I know...

Reich said "redux"...

raygun-nomics, or as G.H.W.B. called it "voodoo economics" HAS been around without a pause for 30 years...

[4dsc]

12. So why so many democrats happy today?

eom?

[ProudDad]

13. They drank the kool-aid?

:shrug:

[kenny blankenship]

17. So happy they didn't want to be seen at the signing ceremony?

Oh there are happy people but they are not Democrats.