America’s cancer has been in the process of metastasizing over the last thirty years. The ill effects are now visible to us all. The problem is many have not yet accepted the fact that the ill effects are caused by this cancer. Snake oil sales people masquerading as doctors are pointing to other causes to continue profiting on their failed medicine. This never ends well as the patient ultimately dies painfully and early.
Republican President Ronald Reagan’s codification of supply side economics as being the bastion for America’s prosperity and the narrative of Democrats being weak on defense was a fallacy and a false narrative that has cost this country dearly. While Democrats and many Republicans blame Republican President George W Bush singularly for what ails our economy, Democratic President Clinton and Republican President George HW Bush must take some of the blame for inasmuch as they raised taxes to have a more fiscally responsible budget, they bought into much of the policies relative to supply economics that President Reagan implemented. After-all President Clinton and President HW Bush were both “deregulators” and believed in Free Trade. Interestingly even Democratic President Barack Obama while opposed to supply side economics in much of his policies embraces Free Trade.
It is a fallacy that cutting taxes on the wealthy somehow magically creates jobs. The reality is that even under President Reagan the explosion of deficit spending was arguably the stimulus that broke the stagflation’s back. Reputable economists have shown spending provides a higher economic multiplier than tax cuts. It should be noted that much of our debt can be attributed to the previous administration’s 8 years of fiscally irresponsible tax cuts that created an inconsequential number of jobs dispelling the notion of tax cuts to the wealthy creating jobs.
It is a fallacy that Free Trade is good for America. The reality is that Free Trade dictates that many of the American worker’s wages decline to that of the rest of the developing world in order to compete. This is exactly what is happening in America today.
It is a fallacy that increasing taxes on the upper income citizens will stifle the economy. The reality is that reputable economists in theory and both President’s George HW Bush and President Bill Clinton who both raised taxes to institute fiscal responsibility balanced the budget and created more jobs and economic activity than both President Ronald Reagan and President George W Bush.
It is a fallacy that cutting government spending will create economic activity. The reality is that government budget cuts will slow down the economy as employees lose jobs and stop spending. This will be a spiraling effect as small businesses layoff as well from the lack of business from jobless government ex-workers. The Conservative government in the UK has thrown their country into a virtual double dip recession implementing these arcane budget cuts.
Texas will be a laboratory of supply side economics effects on the middle class here in the US. With Republicans in absolute control of the state, mass spending cuts will be in effect for education, Medicaid, and many other middle class centric services. Regulations protecting middle class Texans will likely be gutted. The result of this experiment is known. Every middle class family will suffer in some form as the spoils of said suffering enrich the wealthy and corporate interest in the state.
If fallacies and false narratives had not become a belief system in the American psyche, we would have elected a different batch of presidents and politicians over the last decades. We would not have had the demonstrably massive transfer of wealth that has occurred from the middle class to the top 2%. We would not have wasted over three trillion dollars on unnecessary wars. We would not have had the fiscal irresponsibility of budget deficits created by ideology. We may even have averted 9/11 if competence reigned in the Whitehouse.
My Book: As I See It: Class Warfare The Only Resort To Right Wing Doom
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