Patty

:thumbup: :thumbup:

Raylan Wolfe Loc: earth

Perhaps you would like an opinion from a source that is far more informed on the subject than yourself!


"Trickle Down Economics" The Most Destructive Phase of All Time"

http://www.forbes.com/sites/georgeleef/2013/12/06/trickle-down-economics-the-most-destructive-phrase-of-all-time/

Reagans trickle down theory destroyed the US economy!


http://www.forbes.com/sites/georgeleef/2013/12/06/trickle-down-economics-the-most-destructive-phrase-of-all-time/

Patty

The author doesn't seem to have a clue what he is even talking about. Trickle down or supply side economics was first introduced into congress in the late 70's by the democrats.
"The first official government endorsement of supply-side economics was in the late 1970s by the Joint Economic Committee of Congress under the chairmanship of Democratic Senator Lloyd Bentsen of Texas.

The Joint Economic Committee under Senator Bentsen’s leadership put out Annual Reports two years in a row calling for a supply-side policy. As the presidential election approached that put Ronald Reagan in the White House, the majority Democrats in the Senate had a meeting to decide whether to pass the supply-side tax rate reductions prior to the presidential election, thus pulling the rug out from under Reagan on his main plank. The Senate Democrats were inclined to move forward with the tax rate reductions, but the Senate Majority Leader convinced them that it would look like an endorsement of Reagan over their own party’s candidate (Jimmy Carter). The Senate Majority Leader said that immediately after the election, the Democrats would take control of the issue and pass the marginal tax rate reductions. The great surprise of the election was that the Democrats lost control of the Senate.

There was more opposition to Reagan’s tax bill from Republicans than from Democrats. Republicans believed that budget deficits ranked with the Soviet threat and were more willing to raise taxes than to reduce them. The Republican opposition was so strong that I had a hard time getting the tax bill out of the Reagan administration so that Congress could vote on it. In those days the great bogyman for Republicans was budget deficits, and deficits were what Treasury’s projections showed. Although the Treasury was, for the most part, committed to the President’s policy and believed that some part of the lost revenues from marginal tax rate reduction would be recovered, which is also what Keynesians believed, the Treasury’s revenue forecast was based on the traditional static revenue model that every dollar of tax cut would lose a dollar of revenue."

Paul Craig Roberts Assistant Secretary of the Treasury and drafter of Reagans supply side economics.

Raylan Wolfe Loc: earth

The next time someone argues for "Trickle Down Economics" show them this!

http://www.huffingtonpost.com/2014/02/06/rich-richer_n_4731408.html

The highest 20% of Americans incomes have been soaring over the past 40 years, Yet, fact is that 60% of Americans wages have fallen drastically!

VladimirPee

LMAO

You didn't read anything. The author from Forbes is attacking the phrase Dems created You are a clown

It was devised by Democrats in the 1980s as a way to attack President Reagan’s economic policy combination of tax rate cuts and some relaxation of federal regulations. They needed a catchy, easy-to-remember zinger to fire at Reagan; a line that would keep their voting base angry

Patty

He will never understand the issue until he understand whjat a marginal tax rate is. If you tax less on peoples over time people will work more hours and leisure time becomes more "expensive.
People working more and able to keep more of their earnings means more production, more consumerism and less out of control inflation. That is what supply side economic(trickle down) is in a nut shell. It had nothing to do with tax breaks for the rich as the left as been easily led to believe. Huffington Post, give me a break.
Here Raylan, straight from the horses mouth. Quit buying into the economic handicapped college graduates who were all taught Keynesian economics even though it has a 100% failure rate were taught.
http://www.paulcraigroberts.org/2014/02/03/supply-side-economics-paul-craig-roberts/

Raylan Wolfe Loc: earth

JP Morgan Admits Trickle Down Economics Has Failed Miserably!

http://www.addictinginfo.org/2014/04/18/jp-morgan-admits-trickle-down-economics-has-completely-failed/

Patty

After reading the first sentence of your article it is exactly as I just stated to you.
"Remember how the country was sold the idea of “trickle down” economics? “Oh, if we just give the wealthy more, they will create wealth for the poor and middle classes by increasing spending, investing in new factories, hiring more workers, etc, etc, etc"
Reagans supply side economics program had nothing to do with cutting taxes for the rich. Bush did that and Obama expanded on it.
Please read the article written by the man who created Reagans supply side economics policy before further embarrassing yourself.
Psst by the way JP Morag has been dead a very long time.

VladimirPee

Has nothing to do with Supply Side economics and everything to do with the loss of manufacturing jobs which has been eroding since the 60s

Raylan Wolfe Loc: earth

Psst: JP Morgan inc. is still thriving!

VladimirPee

JP morgan didn't say that. Mother Jones interpretation of JP Morgan's report said that. And Mother Jones has no idea what Supply Side means. It is laughable.

You really don't read what you post

Patty

Yep and the nail in that coffin was NAFTA in slick Willies quest for a united North America.

Patty

Thriving isn't having to have the tax payers bail you out with 25 billion. At that time derivative bets were about 40 trillion in the top 5 banks they are over 200 trillion now. Do you call that thriving? The bank cartels are running worse odds than Vegas and are only held up by federal reserve "printing" (QE)
Why don't you read the article that was written by the guy who created the subject you are unsuccessfully trying to debate? If you aren't interested in facts then don't waste peoples time with your incorrect opinions.

CDM Loc: Florida

OK, lets agree that Republicans destroyed our country with economic policies. There, we have established blame. Does that satisfy your need to gut someone? Can we now stop dancing around the fire of history and move on?

What is being done to fix it TODAY? We live in TODAY. We've played the blame game now lets play the solution game...

What do you say?

Homestead

To fix something, you must first know what is wrong with it.


From Bill Bonner, Chairman, Bonner & Partners:

In 2006, we wrote a book with Addison Wiggin called Empire of Debt: The Rise of an Epic Financial Crisis. The idea of the book was as follows:
Empires are not the result of conscious thought; they happen when a group is large enough and powerful enough to impose itself on others.
But empires are expensive. They are typically financed by theft and forced tribute. The imperial power conquers… steals… and then requires that its subjects pay “taxes” so that it can protect them.
The U.S. never got the hang of it. It conquers. But it loses money on each conquest.
How does it sustain itself?
With debt.
It doesn’t take tribute from the rest of the world; it borrows from it. As far as we know, no other empire has ever tried to finance itself by borrowing.
But it is a special kind of debt. The U.S. borrows in its own currency – which it can print as it chooses. If the burden of repayment is too high, in theory, the Fed can just print more dollars to satisfy its obligations.
Here is further insight from two foreign policy professors Flynt Leverett and Hillary Mann Leverett:
Since World War II, America’s geopolitical supremacy has rested not only on military might, but also on the dollar’s standing as the world’s leading transactional and reserve currency. Economically, dollar primacy extracts “seignorage” – the difference between the cost of printing money and its value – from other countries, and minimizes U.S. firms’ exchange rate risk.
Its real importance, though, is strategic: Dollar primacy lets America cover its chronic current account and fiscal deficits by issuing more of its own currency – precisely how Washington has funded its hard power projection for over half a century.
In the 1950s and 1960s, this posed little risk to foreigners, because the U.S. dollar was backed by gold. But in 1971 – on August 15 – President Nixon repudiated the greenback’s gold backing.
Nevertheless, the dollar reigned supreme. Foreign nations needed to stock dollars in order to settle up on their overseas financial transactions. The U.S. printed dollars… Americans spent them on foreign goods… foreign central banks bought them from their local merchants and manufacturers, and reinvested much of them in U.S. government debt.
The dollars went out… in exchange for valuable goods and services… and then they came back in exchange for – more pieces of paper!
Year after year, the U.S. ran a trade deficit. Year after year, U.S. paper dollars and Treasury debt stacked up in foreign banks. We haven’t done a recent calculation. But the last time we looked, net cumulative deficits were approaching the $10 trillion mark.
When foreign central banks took in dollars, they had to print local currencies to give to local exporters in exchange for dollars.
The owner of an export firm presented the dollars to the local bank; he needed yuan, yen or zlotys to pay his bills. The local central bank invested those dollars back in the U.S.
This is how the U.S. credit boom led to an explosion of cash and credit all over the world. Foreign central banks had to increase their money supplies – by printing up local currencies – to use to exchange for the rush of dollars.
This is what led Ben Bernanke to refer to a “global savings glut.” Actually, these were not savings at all – but money created ex nihilo by central banks.
Our point is that all empires end when they are defeated by a more vigorous empire… or when their financing runs out.
And now we are seeing the beginning of the end. From the Leveretts:
America is increasingly viewed as a hegemon in relative decline, China is seen as the preeminent rising power. Even for Gulf Arab states long reliant on Washington as their ultimate security guarantor, this makes closer ties to Beijing an imperative strategic hedge. For Russia, deteriorating relations with the United States impel deeper cooperation with China, against what both Moscow and Beijing consider a declining, yet still dangerously flailing and over-reactive, America.
Economist Liam Halligan, writing in British newspaper The Telegraph elaborates:
Beijing has struck numerous agreements with Brazil and India that bypass the dollar. China and Russia have also set up ruble-yuan swaps pushing America’s currency out of the picture. But if Beijing and Moscow – the world’s largest energy importer and producer respectively – drop dollar energy pricing, America’s reserve currency status could unravel.
That would undermine the U.S. Treasury market and seriously complicate Washington’s ability to finance its vast and still fast-growing $17,500 billion of dollar-denominated debt.
When the money runs out… so does the empire. Perhaps with a whimper. Or maybe a bang.
Regards,

Must-read: This could be the beginning of the end for America (The Crux)
http://thecrux.com/bill-bonner-this-is-the-beginning-of-the-end-for-america/



American Economic Collapse, martial law and the coming fall of America
http://www.youtube.com/watch?v=LUJ-r4b0n9A

Yuri Bezmenov (former kgb) Psychological Warfare Subversion & Control of Western Society - Complete
http://www.youtube.com/watch?v=SZnkULuWFDg

The Biggest Scam In The History Of Mankind - Hidden Secrets of Money 4 - Mike Maloney
http://www.youtube.com/watch?v=iFDe5kUUyT0#t=29