Robert Reich (The New Tax Deal: Reaganomics Redux): “Yes, the pending tax bill will give America’s middle and working classes slightly more cash next year. But only for one year. They won’t spend it. They’ll use it to help pay down their debts. Will lower taxes on the rich spur them to create more jobs? Not a chance. Since 1980, Reagan’s supply-siders have said lower taxes on the rich will trickle down to everyone else. Nothing could be further from the truth.”
I hope this bad idea actually works, but I have my doubts. I mean, the eight years under President Bush were so fruitful with this strategy. Yes, that’s a bit of sarcasm. It’s too bad the GOP lawmakers aren’t interested in helping America, they’re only interested in helping the top 1% fill their pockets. Sad really.
The problem isn’t tax rates – more revenue flowed in under the lower rates than under the previous ones.
Rather, the problem is that DC, under both parties, spent like crazy (although 2009-2010 have been especially bad).
What the govt needs is a lot less money simply to focus their minds on the issue of setting priorities.
Well, I can’t argue with the over spending. We shouldn’t be doing all kinds of activities we’re engaged in; nation building, GMC bailout, financial crisis, just to name a few. Thankfully it looks like the GMC thing worked. The cuts that have taken place are a joke, and more for political posturing. I wish the two parties could come together and find a way to reduce government, I really do.