Saturday, December 04, 2010

The Unlearned Lessons of Reaganomics

It is a dreadful thing for anyone to repeat mistakes in the hope that this time the mistake will actually work out. The old axiom applies here, "Fool me once, shame on you. Fool me twice, shame on me." Our nation has already been fooled twice by the dysfunctional economic theory of 'trickle-down' or 'suppy-side' economics. The first was in the form of Reagan's tax plans, or Reaganomics, which were called "Voodoo Economics" by his own Vice-President (George H. W. Bush). The second was in the economic policies of George W. Bush.

They didn't accomplish what they were promised to accomplish either time. But the Republicans in congress are touting it yet again as the solution to our country's woes. What trickle-down economics has been successful doing is making the wealthy wealthier, and on the backs of all of rest of this nation's people in deficits and debt. Make no mistake...none of that money trickles down.

Visit msnbc.com for breaking news, world news, and news about the economy