There is so much propaganda out there, not just the Donny years but for the last several decades, ‘facts’ that we all buy into that are not ‘facts’ at all…..
1. The idea that tax cuts or bailouts for the wealthy will stimulate the economy (aka “trickle-down economics”) is, at best, a failed experiment and, at worst, an all-out deception. The term “trickle-down economics” was first used in relation to Herbert Hoover and his economic policy during the Great Depression. However, Hoover’s oft-attributed commitment to laissez-faire free market economic policy is debatable, and he actually raised taxes on the rich.
2. The major modern player in trickle-down economics was Ronald Reagan, though the term he actually used was supply-side economics, which purports to boost economic growth through lowered individual and corporate taxes and regulations. His first major move toward such an economy was the Economic Recovery Tax Act of 1981, which, according to Reagan’s Office of Management and Budget director David Stockman, was really just “a Trojan horse to bring down the top [tax] rate” and essentially trickle-down in a trench coat.
The Act slashed the highest income tax from 70% down to 50%. Lower incomes also received tax cuts, but they were much smaller. It also reduced estate, capital gains, and corporate taxes. This massively increased the deficit to such a disastrous level that some of it was actually reversed before it went into effect just a year later in TEFRA, including a few of the tax breaks and slashes that had not gone into effect yet; it also closed tax loopholes and increased other taxes like the cigarette tax. However, Reagan’s Tax Reform Act of 1986 later provided further massive tax cuts, slashing the top income tax from 50% to 28%, and decreasing the corporate tax rate by 12 points to 34%.
All of this was purportedly done to boost the economy, which was in a recession when Reagan came into office. So, did it work? Kind of, temporarily. Unemployment dropped, finance (particularly stocks, bonds, and real estate) and technology expanded, and low-level positions (in addition to high-level ones) saw pay raises. However, Reaganomics also led to the income gap widening considerably, with the richest now able to lobby the government for further policy to support them. Oh, and Reagan massively increased the deficit…again.
There is so much more bullshit that was fed to the less intelligent among us
https://www.buzzfeed.com/hannahmarder/american-propaganda
All this was propaganda which equates to damn lies and yet voters flocked to the promise of a better America…..and how has that worked out for you?
Reagan among others have been pulling our chains and manipulating us to the point of us actually being the problems we face today.
For christ sake learn something…..for we have the power to change this assassination of our system by politicians….all we have to do is learn and vote for the change we need to right this country from the destructive course these politicians have set us on.
Do you want to continue on this journey of destruction or do you want the country we use to have?
It is your choice.
Choose wisely.
I Read, I Write, You Know
“lego ergo scribo”