Search This Blog

Monday, November 29, 2010

The economic illiteracy of the GOP

David Stockman, former Pres. Readan's budget director and the originator of the 'trickle down' theory admitted years ago that the theory was basically a fraud. The idea was that tax cuts for the rich would lead to more investment which would lead to more jobs which would lead to increased tax revenue so the ta cuts would pay for themselves.

When Reagan took office, the cumulative deficit from 1789 to 1982 was about 900 billion dollars. Reagan increased total national debt by 212%. Trickle down out to be a cascade of pissing all over the average taxpayer. By the time Bush the younger left office 28 years had increased the deficit by over 1,000%. About 840% came from the 5 Republican presidential terms. So much for fiscal discipline.

Yesterday on CNN he said that tax cuts have become a theology for the GOP and the solution for every economic situation.



Then today, the newly elected Senator from Illinois, mark Kirk raised the bar of econimc illiteracy even higher, saying that extending unemployment benefits for 2.5 million Americans just before the4 holiday season is misguided but extending the Bush tax cuts for even the richest Americans at an annual cost of $70 billion (just for the richest 2%) must be extended, "no matter what" without offsetting a penny with cuts elsewhere because tax cuts pay for themselves as the GOP have so ably proved over the past three years.

This time it's not a trickle, but the Niagara Falls of piss.


No comments: