Written by Michael   

Let us put the Regan Sainthood to rest for the fraud it is. Supply Sider's (calling themselves revolutionaries) arrived with Ronald Reagan in 1981 when the national debt was at its lowest Reagan said it was the highest ever and “out of control.” It was the lowest it had been since WWII.

These supply sider's sent the debt into a 15 year surge. Clinton reversed that to a degree, but they regained control under George W. Bush They sent it soaring for 8 more years. It’s still going.

All told, supply-side policies under Reagan and the 2 Bush’s, have added $12 trillion. There’s another 2 trillion the GAO can’t account for that went to the military. Check it. Do some research.

Why did Bush Senior call this “voodoo economics?” Because it was. National income is 260 times more than in 1933, and that is from inflation, population and getting richer.

Economists say is OK to raise the debt as fast as the national income. GOP says no. Economists say that 2.8 trillion of that increased debt of 12 trillion was OK. Only 9.2 trillion was too much.

Reagan and Bush raised it from 1 trillion to 4.4 trillion. Far worse than any president had done since 1946. This was voodoo. Was Congress to blame? The GOP says it was the Democratic Congress that passed budgets that were far higher than Reagan asked for and caused the debt. But it was Republican dominated Washington that did it.

And Senator Boner is a liar when he says that raising taxes on the wealthy stifles job creation. Under GHWB and Clinton the taxes on the wealthy were raised and jobs boomed. The Senate at the time was Republican, and the House GOP also voted for a budget that was $3 billion higher than Reagan requested. But, on average, the budgets were 2.5 billion lower than requested.

How does that explain the increase? The GOP are blaming it on the Dem’s but it was actually GOP’s fault. They get away with this lie because no one checks the numbers.

Clinton would have grown the debt by 22% of national income. Instead he reduced the debt by 10% of national income. In spite of paying interest on the Reagan Bush debt. This was just like presidents before Reagan and proves there was no need for the 12 year Rep budget disaster.

For Clinton, the interest on the Reagan-Bush debt was 2.2 trillion. If it weren’t for that Clinton would have paid off the remaining debt from WWII.

What did George W Bush promise? He promised to retire 1 trillion in debt over the next 4 years. Instead, he increased the debt by 6.1 trillion starting immediately. Was it all his fault?

Much of it was just more interest on the Reagan-Bush debt.

Reagan added 6.09 trillion, GHWB added another 2.17 trillion and GWB another 3.8 trillion. What did they invest in when they borrowed 12 trillion?

America’s future? Nope. Tax cuts for the rich.

In his last budget year alone GWB ran up 1.85 trillion. There is no democratic debt except from WWII and Obama’s recession debt. That 12 trillion of Reagan-Bush era debts consist of mostly good-times debt and bank bailouts.

Supply sider's claim that cutting taxes, especially on the rich and corporations will stimulate the economy. Why? Because it’s encouraging to make $700,000 a day instead of $500,000 a day, so they will work much harder with lower taxes.

But, see the Laffer Curve theory.

So they cut takes on the rich, and expected more tax revenue. Or so they say. They tried it 20 times. It didn’t work.

It missed by about 12 trillion. Bush called it voodoo economics but as a Republican, he was stuck with it because it was what his party was asking for.

During WWII the debt grew the equivalent of 10.5 trillion in 5 years. It put the country back to work and ended the great depression and won WWII. US output doubles in 6 years.

Debt should be paid down in good times.

Instead Reagan and the Bushes increased the debt 20 out of 20 years. As usual, these were mostly good years; the time for paying off debts, not incurring more.

With millions now unemployed, now is not the time to cut government spending. In good times, save for a rainy day. In bad times take care of your family with what you saved. If someone wasted your savings, you owe it to your family to borrow and work hard later to pay it back. They are trying to convince Obama to do the next worst wrong things so they’ll look good.

Had the supply side'rs not squandered 12 trillion, we would have been near zero in our debt when the recession hit and could have fought off the recession with greater ease.

There’s a reason when they scare us with the debt, but then cut taxes for the rich and raise the debt over and over again. But that’s another story.

With America working, we’ll pay down the debt, just as we did under Truman, Ike, Kennedy, LBJ, Nixon, Ford, Carter, and Clinton. I hate to make it sound so Machiavellian, but those bastards do it to us over and over again. I just can’t figure out why the Dem’s haven’t picked up on it and called them on it.

I'm not a Democrat but those Republican candidates scare the Beelzebub out of me.

http://zfacts.com/p/1197.html#8011