Posted 5 years ago on Jan. 3, 2012, 8:45 a.m. EST by GHuske
This content is user submitted and not an official statement
Supply-side economics, popularized by Ronald Reagan, was also called Voodoo economics by George Bush41, and is now often known as trickle-down economics. It is nothing new; the people of the Middle Ages were very familiar with supply-side economics; there it was feudalism. Unfortunately, supply-side economics has put us on the road/descent back to feudalism. It is a total fraud!
Think of our future as an economic choice between supply-side economics and demand-side economics. Demand-side economics is what made America great! Demand for product and services came from a large, economically healthy, and growing middle class, and that demand created jobs and economic well-being. Almost everyday the business channel CNBC reports that the consumer is 70% of the US economy. This simple, straightforward fact and truth is proof of our demand-side economy.
But George Bush43 devastated consumer demand and the great middle class with 8 years of supply-side economics and tax giveaway to the top 1% that now have 40% of America’s wealth. Today, the middle class is still flat on its back and unable to spend and create the necessary demand for all types of goods and services. Further confirming the need for demand, US corporations now have a record $2.5 trillion in supply-side cash, but they are still NOT hiring because they see no demand growth for their products and services. No corporation (one exception: Apple/Steve Jobs) creates jobs without first seeing demand. DEMAND = JOBS!
America became great because of its bottom-up economy, NOT top-down or trickle down. The richest Americans can’t grow jobs and our economy by trickling money on us. Bush43’s years of economic stagnation and mediocre job creation proved that! With the worst job creation record of any President in the last 70 years, Bush43 added only 3.7 million net new jobs over 8 years. In contrast, Clinton added 22.7 million jobs over 8 years.
Can we ever overcome the idiocy of Reagan’s economic mythology? In reality, the only recent supply-side economy was the Soviet Union of the 1950s to 1970s. We will soon join those poor people unless we rebuild the middle class with all the tax giveaways given to the 1% in the last 30 years of trickle-down economics.