People forget that George H. W. Bush coined the phrase Voodoo Economics and for once a Republican talked some sense. And people also forget that our national debt nearly tripled under Reagan, the voodoo economist, and raised our debt to almost $3 trillion.
That’s bad enough, I suppose, but it gets worse.
People think this “trickle down” strategy actually helped our economy. Clinton managed to maintain a balance and actually left a “surplus” (not debt free, but more than we needed for expenses less debt payment) before Bush Junior took our debt and nearly tripled it. By the time George Bush left office it was above $10 trillion.
So how does this tickle down stuff work?
Well, the wealthiest of the wealthy — the so-called job creators — have gained significantly, garnering more than 90% of economic growth since the recession of the kick off. No pain there. If you believe supply-siders, the fact that the “job creators” have money, should mean we have jobs. But we don’t have jobs. We have more debt, less wealth, and no jobs.
So, by all means, let’s do more of this. Right?
That’s exactly what conservatives want you to do. Vote voodoo. (Which is an odd stance for god-fearing Christian. But, then again, there isn’t much that is Christian about conservative policy…kick that table in the market square.) Less is more, we are told, but most of those that are telling us this are worse off themselves and want more of a bad thing. Does this make sense?
Look at history. Look at facts. The American economy, weakened as it is, can absorb the blows of debt if and only if it schedules repayment. The neglected secret here is we can reschedule payment. The United States of America is still — despite Republicans best efforts — loyal and responsible to its debts. We remain the word’s currency. Investors trust us. Even in our economic malaise, American debt is cheap and safe. We can invest in a future that both improves future returns and invigorates current liquidity. These are good things.
Sadly, conservatives are not about good things.
They weep at the altar of Reagan, who is little more than a naive puppet to the Chicago School and a mediocre sensationalist novelist named Ayn Rand. Bitter tea at best. Idiots for certain.
It is high time we cast off the witch doctors and do something good for our nation. We might even do well to have a guy like George Bush the Elder calling some shots again. But with a party ignorant of facts and history, that is not likely.
- Even Reagan Was a Keynesian. Sorta. (slog.thestranger.com)
- The Third Generation of Voodoo Economics (delong.typepad.com)
- Voodoo Economics – Jobs, National Debt, and Disparity (trulyfairandbalanced.wordpress.com)