Remember "Reaganomics" and the "trickle-down theory"? These included the ideas that reducing government regulation would stimulate business, and that reducing taxes for the wealthier would result in general economic improvement for all.
Reagan's policies were accompanied by economic growth, but also by huge growth in the federal deficit. The fetish for deregulation gave us the savings and loan crisis in the 1980's, the Enron debacle in the 1990's, the financial crash of the 2000's we are still digging out of, and made it easier for market parasites like Micheal Milliken and outright criminals like Bernie Madoff to prosper. In each case, the greedy and vicious were enriched and empowered, and the poor and honest impoverished and disenfranchised.
As for trickle-down, the decades since Reagan have seen the poor get poorer, the working classes' wages remain essentially stagnant, and a concentration of wealth in the hands of the richest few that is beyond the most avaricious dreams of any 19th century "robber baron."
Nevertheless, these principles remain holy writ to Republicans and other conservatives despite their literal as well as moral and intellectual bankruptcy. They incessantly call for MORE tax cuts and MORE deregulation as those these things would be a panacea for national ills, instead of the bane they have been. I'm honestly unable to make up my mind as to how much of this is due to stupidity, and how much to pure corruption.
I expect nothing more from these people that they should seek to celebrate the man they have made a patron saint on the centenary of his birth; but seeing other people who should know better praise him makes me nauseous.
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