15 Apr '24 15:30>
@phranny saidDuring the Reagan years, this was known as the 'trickle-down theory': if the rich are allowed to pursue profits unhindered by govt regulation and encouraged by tax cuts, then the rich will get richer and some of it will eventually 'trickle down' to the poor and the middle class. The only thing about trickle-down economics which is valid is the trick of getting the middle class, the Average Joes of America, to vote for it, by holding up the illusion that if Average Joe works hard enough, he too will someday be among the rich. Didn't happen. The rich got richer all right, but the middle class didn't, and the poor got even poorer.
There are really two major Republican political stories dominating the news these days. The more obvious of the two is the attempt by former president Donald Trump and his followers to destroy American democracy. The other story is older, the one that led to Trump but that stands at least a bit apart from him. It is the story of a national shift away from the supply-side ideo ...[text shortened]... /2024/04/10/theyre-still-playing-games-ex-prosecutor-warns-may-face-asset-seizure-over-invalid-bond/
Just to refresh people's memories what happened when Reagan deregulated the banks: a handful of bank CEOs absconded with billions of little old ladies' life savings, they were never caught and brought to justice, and Reagan's successor, Bush Sr., had to levy a tax to cover the bank collapse. It was the biggest bank robbery of all time, and the losers not only lost their life savings, they had to pay Bush's tax to cover the bank failures.