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How Mitt Romney Finally Killed Reaganomics
Daily Beast ^ | Nov 13, 2012 | Michael Tomasky

Posted on 11/13/2012 11:19:28 PM PST by ExxonPatrolUs

Trickle-down economics died last Tuesday. The post-election chatter has been dominated by demographics, Latinos, women, and the culture war. But economics played a strong and even pivotal role in this election too, and Reaganomics came out a huge loser, while the Democrats have started to wrap their arms around a simple, winning alternative: the idea that government must invest in the middle class and not the rich. It’s middle-out economics instead of trickle-down, and it won last week and will keep on winning.

Supply side was rejected. And in its place, voters went for an economic vision that says: don’t invest in the wealthy in the hope that they’ll decide to spread the wealth around; invest in the middle class, because it’s demand from a prosperous middle class that ultimately creates more jobs, and because doing that makes for a healthier society all the way around.

(Excerpt) Read more at thedailybeast.com ...


TOPICS: Chit/Chat
KEYWORDS: 2012election; 2016election; dailybeast; demagogicparty; election2012; election2016; massachusetts; memebuilding; michaeltomasky; mittromney; newyork; partisanmediashill; partisanmediashills; reaganomics; trump
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1 posted on 11/13/2012 11:19:39 PM PST by ExxonPatrolUs
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To: annieokie

An.other one


2 posted on 11/13/2012 11:23:57 PM PST by antceecee (Bless us Father.. have mercy on us and protect us from evil.)
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To: annieokie

Another one


3 posted on 11/13/2012 11:24:14 PM PST by antceecee (Bless us Father.. have mercy on us and protect us from evil.)
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To: ExxonPatrolUs

Daily Beast??? Come on!!!


4 posted on 11/13/2012 11:29:23 PM PST by tallyhoe
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To: ExxonPatrolUs

George W. Bush killed Reaganomics with his New Tone in Washington and Compassionate Conservatism.


5 posted on 11/13/2012 11:31:06 PM PST by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: ExxonPatrolUs

Idiot. The Kennedy Tax Rate Cuts cut the top rate from 90% to 70%. The top rate in 1974 was 70%.

The rest of this thing is a tissue of lies and tendentious adjectives.


6 posted on 11/13/2012 11:41:57 PM PST by Arthur McGowan (If you're for sticking scissors in a baby girl's neck and sucking out her brains, you are PRO-WOMAN!)
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To: ExxonPatrolUs

Michael Tomasky sounds like an economics moron.

No economist ever espoused anything called “trickle down economics.” The point about taxes is that they affect the incentives people have to invest their wealth. High taxes encourage the wealthy to protect their wealth in havens, or buy tax-free bonds; they discourage the wealthy from investing in productive enterprises that have higher risk but which also create jobs in the process of earning them a return.

Additionally, if you’ve read about “Hauser’s Law”, you’ll note that irrespective of how high tax rates are, government always gets about 20% of GDP. Tax rates don’t affect how much revenue goes to government, but they do affect the size of GDP: lower tax rates correlate to higher GDP; higher tax rates with lower GDP. Therefore, by raising tax rates, government actually gets less revenue because it’s getting 20% of a smaller economic pie.

A few months ago, Thomas Sowell wrote an interesting essay on the myth of “trickle down economics”, which you can access here:

http://www.tsowell.com/images/Hoover%20Proof.pdf


7 posted on 11/13/2012 11:42:06 PM PST by GoodDay
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To: ExxonPatrolUs
Oh, so that's why Africa is doing so much better than the US! It's because there's so much more demand there! Why wasn't this obvious before?
8 posted on 11/13/2012 11:43:50 PM PST by sourcery (If true=false, then there would be no constraints on what is possible. Hence, the world exists.)
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To: Moonman62

And by eventually becoming a free market guy..../s


9 posted on 11/13/2012 11:46:43 PM PST by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: GoodDay

Remember, progressives never get the concept of incentives or marginal rates. They view all reductions in tax rates as government’s “giving” people money. And who deserves less to be “given” money than “the rich”?


10 posted on 11/13/2012 11:50:22 PM PST by Arthur McGowan (If you're for sticking scissors in a baby girl's neck and sucking out her brains, you are PRO-WOMAN!)
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To: sourcery

You got it. The most prosperous economies are those in which people have absolutely nothing. How could there possibly be more demand than that?


11 posted on 11/13/2012 11:53:01 PM PST by Arthur McGowan (If you're for sticking scissors in a baby girl's neck and sucking out her brains, you are PRO-WOMAN!)
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To: ExxonPatrolUs

the idea that government must invest in the middle class and not the rich. It’s middle-out economics instead of trickle-down, and it won last week and will keep on winning.
*******************************
Oh yeah, a real winner. That is until the middle class and the poor are sitting equally miserable waiting on their health care. Begging for a treatment that can’t be justified financially

We can watch the waiting room TV with all the altruistic liberals flying off to have have their medical care elsewhere or watch them sipping champagne and talking about all the good they do for the little people.

Not much will change for the rich... although they may bless us with a few sighs of pity. The media can take photos and document our misery, so that they may win some coveted prize or whatever.


12 posted on 11/14/2012 12:01:07 AM PST by Irenic (The pencil sharpener and Elmer's glue is put away-- we've lost the red wheel barrow)
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To: ExxonPatrolUs

moochernomics


13 posted on 11/14/2012 12:06:14 AM PST by ari-freedom (It's the bennies, stupid.)
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To: GoodDay; ExxonPatrolUs

Well said. The moron author of the article, by describing Reaganomics as “government investing in the rich” is doing more harm than Romney...


14 posted on 11/14/2012 12:23:44 AM PST by MrShoop
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To: ExxonPatrolUs

The economic doctrine of Freeshit won.


15 posted on 11/14/2012 12:46:16 AM PST by FlyingEagle
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To: ExxonPatrolUs

The economics of Santa Clause doesn`t “win” a strong economy, because like all forms of crony capitalism, it systemically picks winners and losers.

But it wins elections, because Americans like getting free stuff in their hands. They don`t give two sh*ts about the long-term ramifications of high unemployment, low wages and lessened expectations, because... well... they got some free stuff.

Striving for the long-term prosperity rewards through hard work and perseverance is seen as a last-century value ... anachronistic and at 180-degree odds with the gimme-summa-dat mentality of today.


16 posted on 11/14/2012 2:20:34 AM PST by ScottinVA (I've never been more disgusted with American voters.)
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To: ScottinVA

Exactly. Reagaonimics will always win the day because “Santa’s elves” don’t really work for free after all.


17 posted on 11/14/2012 2:44:06 AM PST by Alberta's Child ("I am the master of my fate ... I am the captain of my soul.")
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To: Arthur McGowan

It’s a moral inversion, the belief that my failure to break into your house to steal something is a some sort of giveaway to you.


18 posted on 11/14/2012 2:56:43 AM PST by garbanzo (It's the end of the world as we know it and I feel fine)
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To: Arthur McGowan

There is a boatload of demand in countries like Greece, Spain, and Portugal. They must be the poster child of economic growth.


19 posted on 11/14/2012 3:02:34 AM PST by Flick Lives (We're going to be just like the old Soviet Union, but with free cell phones!)
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To: Arthur McGowan

I like your TAGLINE!


20 posted on 11/14/2012 3:06:24 AM PST by Twinkie (Do unto others as you would have them do unto you.)
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