Robert Reich: The New Tax Deal: Reaganomics Redux

[abelenkpe]

Robert Reich: The New Tax Deal: Reaganomics Redux

http://robertreich.org/post/2337421398

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.

(more at link)

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[Mojambo]

1. But he's passing progressive legislation!

I know because lots of people on DU say so.

[DJ13]

2. Thats what a Pep Squad is supposed to do

[TheKentuckian]

3. *progressive redefined as "doing something" regardless of its actual merit.

[Hardrada]

4. How long will it take trickle-down to be seen as a fraud?

A century? We don't have that long anyway.

[Mimosa]

5. Trickle down smells like PEE!

And we've been peed on since 1985.

[Hardrada]

8. If not earlier!! Why don't people get this?

[unkachuck]

6. K&R....for the honorable Mr. Reich....n/t

[moondust]

7. K/R

[Faryn Balyncd]

9. Did even Reagan attack Social Security?

[avaistheone1]

10. Don't think so.

Obama is to the right of Reagan as well.


:kick:

k&r