| When Reagan first brought up the idea in his 1980 primary campaign, a rival called it "voodoo economics". That rival was George Bush the Father, and the idea was called "trickle-down economics". Cut taxes for business. Cut taxes for the rich, because the rich create jobs for the rest of us. That idea was absurd from the get-go. But Bush stopped opposing it the moment he became Reagan's Veep. And within a few years, the Dems stopped arguing with it, too. Taxes for the wealthiest Americans have been slashed again and again, while real wages haven't risen at all, and unemployment has reached an all-time high, by some measures higher than 1932. The truth is that putting a dollar in a middle class pocket launches that dollar 7 times through the economy, while putting a dollar in a tycoon's pocket just pumps up stock prices. The truth is that "tax and spend" is a job creation program. |
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