Still, the American welfare state would grow. In the 1960s and 1970s, the murderer’s row of economic morons — LBJ, Nixon, Ford and Carter — in allegiance with their liberal Keynesian advisors, concocted a socialist policy mix that ultimately led to wealth-destroying big-government stagflation.
Providentially, Ronald Reagan changed all that in the 1980s. The Gipper slashed tax rates, deregulated industries and rescued the dollar, unleashing the forces of entrepreneurial capitalism….
As deregulated stock markets democratized the American financial system, a great new investor class grew up. Roughly 20 million investors evolved into over 100 million share-buyers, and they got rich in the process….
This investor class has also become the nation’s most powerful voting block. In recent elections, nearly two out of every three voters has been a stockowner. And yes, they are voting for capitalism — meaning lower tax rates, limited government and greater opportunities for entrepreneurship.
George W. Bush, a lineal descendant of Reagan, calls this the “ownership class.” And though I can’t prove it, I’m willing to bet that this group’s demand for lower tax rates and entrepreneurial activity goes hand-in-hand with the cultural characteristics of hard work, thrift, personal responsibility and law-abiding behavior….
Looking down from his perch in heaven, Adam Smith would be very proud.”
Once again, Kudlow has showered us with a salvo of deceptions and distortions. He wastes no time with subtlety either as he relentlessly advances the agenda of the ruling elite.
It is obviously a testament to his superior intellect that Kudlow can discern that Adam Smith would feel such pride “from his perch in heaven.” Yet in spite of Larry’s certainty, one can’t help but consider the more likely possibility that a moral philosopher like Smith would recoil in horror at the gross injustices and atrocities resulting from the economic system so often attributed to him.
In a flagrant display of intellectual dishonesty, Kudlow reassures us of the “moral compass” guiding capitalism by referencing Irving Kristol, the godfather of the Neoconservative movement. Sinking further into a quagmire of deceit, he portrays Victorian England as “an example of a moral society.” Lawrence has a point. Those of us with a social conscience marvel at the morality exhibited by the industrial capitalists of the Victorian Era. Child labor, fourteen hour work days, pittance wages, dangerous working conditions, squalid living conditions, and workhouses exemplified a moral society driven by an undying compassion for humanity.
What Larry means when he says that “capitalism in this country has been under assault ever since FDR’s New Deal 1930’s” is that he and his excessively wealthy associates strenuously object to progressive taxes, public spending on domestic social programs, and laws that protect workers and consumers. Kudlow longs for a return to the “good old days” of the Gilded Age, Robber Barons, monopolies, and unbridled freedom for him and his ilk to inflict misery upon the rest of us.
Lawrence’s professed reverence for “the Gipper” (who was largely successful in his efforts to crush what remained of the power of organized labor, emasculate government regulatory agencies, and shift the tax burden back to the poor and working class) coupled with his odd reference to George W. Bush as a “lineal descendent of Reagan” offer us more clear indications that he is a relentless champion for the cause of the ruling elite.
(“Lineal descendent?” Sounds almost as if he would welcome the restoration of a monarchy).
Kudlow’s highly disingenuous arguments concerning the “ownership class” or “investor class” in the US are riddled with fallacious conclusions.
Playing fast and loose with the truth, Larry boldly proclaims that “this investor class has also become the nation’s most powerful voting block….And yes, they are voting for capitalism — meaning lower tax rates, limited government and greater opportunities for entrepreneurship….. I’m willing to bet that this group’s demand for lower tax rates and entrepreneurial activity goes hand-in-hand with the cultural characteristics of hard work, thrift, personal responsibility and law-abiding behavior.”
Since we haven’t had a legitimate presidential election since 1996, and both the Democrats and Republicans represent corporate and patrician interests, the composition of the largest voting block is nearly irrelevant. This “minor detail” aside, wouldn’t it be instructive if we knew by what means Lawrence determines that people voting for a particular candidate were “voting for capitalism?” It is also interesting to note his less than subtle implication that those who don’t “vote for capitalism” are lazy, wasteful, irresponsible, and criminal.
Kudlow’s ebullient claim that, “Roughly 20 million investors evolved into over 100 million share-buyers, and they got rich in the process…” is extremely dubious.
For a more realistic perspective on the “ownership class” in the United States, consider this segment from a report from Professor G. William Domhoff of the University of California at Santa Cruz:
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