How the CIA Created a Ruling, Corporate Overclass in America<quoted text>That is the way Reagan did it, bankrupt the communist bastards!
1/18/2008 / http://tinyurl.com/c7ex8ce
The Bush administration will be forever associated with a "ruling overclass" --oligarchs who were the sole beneficiaries of Ronald Reagan's infamous tax cut of 1982 and, later, several equally inequitable tax cuts during the Bush regime. It is no coincidence that the oligarchs likewise benefited in various ways from Bush's military adventures in the Middle East. GOP tax cuts are typically called "trickle down" theory. Reagan's Budget Director David Stockman called the theory that justifies them a "trojan horse".
Since Ronald Reagan's infamous tax cut of 1982, "conservatives" myopically cite a mythical "Reagan Recovery" as proof of "Reaganomics", otherwise called supply-side economics. The right wing argument is simplistic and fallacious. It must be pointed out that following the tax cut, the nation plunged into recession, the worst since Herbert Hoover's Great Depression of 1929. Nevertheless, conservatives will persist in citing a three percent growth rate following two years of severe recession as proof that "wealth trickles down". This assertion fails to address key questions.
Who benefited from the recovery?
At some 3 percent how long did it take for the nation to regain lost ground?
Did Reagan's tax cuts bring about more growth than would have normally occurred?
Electronic Frontier Foundation
Crisis inspires rethinking of 'Reaganomics'
October 19, 2008 / http://tinyurl.com/6kopdb
Big government is staging a comeback.
When Ronald Reagan entered the White House in 1981, he famously declared, "Government is not the solution to our problem; government is the problem." Since then, conservative small-government ideas built on a foundation of deregulation and low taxes have dominated the debate over what role Washington should play in the economy.
Now the tide is turning, political experts on the right and left say. A combination of circumstances, including the resurgence of the Democratic Party and fallout from the worst financial crisis since the Great Depression, is giving impetus to wholesale expansion of government economic intervention.
"We've gone through a period of three decades when the default assumptions were conservative assumptions," said William Galston, a senior fellow at the Brookings Institution in Washington, D.C., and a policy adviser in the Clinton administration. "That framework has probably been torpedoed by events."
If Barack Obama is elected president and Democrats strengthen their grip on Congress, the period could be transformative. Democrats would enact a series of programs that they believe would boost economic growth and improve middle-class living standards.