Showing posts with label supply-side. Show all posts
Showing posts with label supply-side. Show all posts
Sunday, December 9, 2018
The Last Honest Republican
Now that George Herbert Walker Bush is in the ground, I think we can lay off the eulogies and take a realistic look at what he actually did.
Well, he certainly picked a good time to die. Although nobody actually put it into words, it was inevitable that he would be compared to the current occupant of the White House — and by that standard, even William Howard Taft would have come off well. We also shouldn't forget that he had the advantage of leading in far less threatening times, when the Soviet Union was collapsing and Islamic holy warriors were our allies in Afghanistan.
I give him full credit for not invading Iraq after pushing Saddam Hussein out of Kuwait, and I wish he hadn't subscribed to the parenting style of letting one's children make their own mistakes. Did he resent Dick Cheney? If not, he must have been very nearly as saintly as his eulogizers claimed. I like to remember him, though, as the last honest Republican: the man who coined the phrase, "voodoo economics."
Ever since Arthur Laffer first drew his magical curve, Republicans have espoused the fiction that tax cuts "pay for themselves" by spurring economic growth that increases government revenues. Variously called "Reaganomics," "supply-side," and "trickle-down," this big lie has justified every transfer of wealth from ordinary Americans to the ultra-rich for forty years, culminating in the recent tax travesty that will send our budget deficit over one trillion dollars next year. George H. W. Bush knew it was a lie — and when push came to shove, he violated his "Read my lips: no new taxes" pledge, and became a one-term president.
I can admire that.
Labels:
budget deficit,
supply-side,
tax cuts,
trickle down
Friday, July 4, 2008
Totally irate, again
If I seem to spend a lot of time attacking the presidential candidate I intend to vote for in November, it's because he keeps pissing me off. The latest, of course, is his support for the alleged "compromise" (read capitulation) on FISA.
Last Monday, Paul Krugman was wondering whether Obama was really a liberal or just another poll-driven, Clintonesque asshole. Okay, Krugman didn't say asshole -- that was me. (As Krugman noted, there are fates worse than Bill Clinton -- but that's not much to celebrate.)
The alternative, of course, is McCain -- and more supply side economics. If the media were a bit less corporate and if liberals invested anywhere near as much in think tanks as conservatives do, supply side would have been the victim of mercy killing years ago. America being Amerika, however, supply side economics marches on like a zombie in a B movie.
What would make any rational person think, at this particular historical moment, that tax cuts for the rich or the corporations lead to economic expansion? Give the rich more money and all they do is bid up the prices of the investments they and their friends already own. Give the corporations more money and all they do is distribute it, in the form of dividends, to the rich. Nothing new gets started that wouldn't have been started regardless. Entrepreneurs start new businesses because they think those businesses can turn a profit -- with or without tax cuts.
Granted, tax advantages always can make a business more profitable, but how often are those additional profits translated into jobs and benefits for workers in the affected industries? The answer: rarely, if ever.
So, yes, I'll vote for Obama -- how could I do otherwise? I just wish I had a better choice.
Last Monday, Paul Krugman was wondering whether Obama was really a liberal or just another poll-driven, Clintonesque asshole. Okay, Krugman didn't say asshole -- that was me. (As Krugman noted, there are fates worse than Bill Clinton -- but that's not much to celebrate.)
The alternative, of course, is McCain -- and more supply side economics. If the media were a bit less corporate and if liberals invested anywhere near as much in think tanks as conservatives do, supply side would have been the victim of mercy killing years ago. America being Amerika, however, supply side economics marches on like a zombie in a B movie.
What would make any rational person think, at this particular historical moment, that tax cuts for the rich or the corporations lead to economic expansion? Give the rich more money and all they do is bid up the prices of the investments they and their friends already own. Give the corporations more money and all they do is distribute it, in the form of dividends, to the rich. Nothing new gets started that wouldn't have been started regardless. Entrepreneurs start new businesses because they think those businesses can turn a profit -- with or without tax cuts.
Granted, tax advantages always can make a business more profitable, but how often are those additional profits translated into jobs and benefits for workers in the affected industries? The answer: rarely, if ever.
So, yes, I'll vote for Obama -- how could I do otherwise? I just wish I had a better choice.
Labels:
Barack,
conservative,
liberal,
McCain,
Obama,
supply-side,
tax cuts
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