"Voodoo economics."
-how George H.W. Bush referred to Reagan's economic policies
One of the biggest Republican myths is that cutting tax rates for the richest Americans will improve the standard of living for the working class. Supposedly, top-bracket tax breaks will result in more jobs being created, higher wages for the average worker, and an overall upturn in our economy. It’s at the heart of the infamous trickle-down theory, also known as supply-side or Reaganomics after it's biggest supporter. Despite Bush Sr.'s objections, his son and most Republicans ascribe to the same theory. It's hard to see why many people still buy into it, given that in fact, it has never lead to more jobs, higher wages, etc. I mean, anyone living today knows this has not been the case with the Bush tax cuts. Obviously jobs have not been created and people's financial situation has not only not improved, but gotten worse. Yet, as I stated, many still believe this is a good way to stimulate the economy. This site explains how and why it has not worked over the last few decades. So next time someone tries to tell you cutting taxes for the wealthy will help you, you can give them the facts about such "voodoo economics."
Tuesday, August 17, 2004
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