Reaganomics

(Return to the Contents Topics page.)

Running Out of Gas – Current indications confirm that trickle-down economics has caused the loss of growth and prosperity and widening inequality, and is dragging America inevitably into Great Depression #2.

Be Afraid – The same old Republican “trickle-down” snake oil is being sold again, and too many people are still buying it.

Laffer-Curve Ideation: No Laughing Matter  –  When Bush the Elder dubbed Reaganomics “Voodoo Economics” during the 1980 primary season, he knew it could not work without the intervention of an invisible mysterious force, the very definition of supernatural agency, and thus was essentially a religious belief system.

Refuting Reaganomics, Part 1 – Fantasy, the Laffer Curve, and Supply-Side Ideology: Based on unsound ideas about individual behavior, the Laffer curve improperly specifies a dynamic relationship between income tax rates and revenue levels; because revenue levels are also a function the tax base, the Laffer curve is not measurable and, indeed, doesn’t even exist.

Refuting Reaganomics, Part 2 – The Laffer Curve, Growth, and Inequality: Further review of the Laffer curve shows that it is devoid of theoretical justification; recent econometric studies that have been able to estimate the long-run relationship between the top tax rate and tax revenues have disproved the Laffer curve and, indeed, the supply-side ideology.

Refuting Reaganomics, Part 3 – Reality, Keynes, and “Demand-Side” Theory: Milton Friedman and supply-side advocates improperly dismissed Keynes’ demand-side theories, which have been proven correct by recent econometric studies.

Refuting Reaganomics Part 4 – Shifting Perspectives, and Factual Proof: Recent inequality studies and data refute supply-side theory and disprove Reaganomics; we must all now gain a greater understanding of “the economics of inequality.”

Keynesian Economics and Marriner Eccles: Keynes’ explanation of the mechanism of demand-side stimulus.

Obsessing on Economic Reality: As the impasse on the budget continues and the threat of a lapsing debt limit looms, the need for reality-based economic analyses to combat the Reaganomics propaganda Americans continuously get from the mainstream media is becoming critical.

A Ray of Hope: Video of the Ed Show with a fireman from Florida and a Policeman from Ohio leaving the Republican Party, feeling betrayed by the new governors.  Aware that the middle class is targeted, they confront Michael Steele.

The Reaganomics Tax Argument: Cutting taxes on the highest incomes does not stimulate economic growth and prosperity.  Instead, it makes the rich richer, increasing the inequality of incomes and wealth.

Rejecting Reaganomics: Not even Milton Friedman, the right’s economic guru, supported “trickle down” or the principles of economic freedom to the degree of destructive inequality and plutocracy or fascism.

Reaganomics in Reagan’s Economy: The argument that 1983 recovery is attributed to tax cuts for the rich is wrong.

To Be Perfectly Clear – Part 1:  Wealth rises to the top, and taxes stabilize wealth accumulation.  The top tax rate for a stable inequality of wealth was 70% for 35 years.

To Be Perfectly Clear – Part 2:  Since 1980, the wealthy and their corporations have controlled government and eliminated government restraint of corporate profits, taking trillions of dollars from everyone else in society.

To Be Perfectly Clear – Part 3:  In addition, The wealthy cut their personal income taxes at the top rate, from a minimum of 70% during the pre-1980 prosperity to 35%.  This alone gained at least $10 trillion for the top 1% from 1980-2007.

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