In case you slept through last couple of semesters (29 years), let’s recap:
Reaganomics, also once known as “voodoo economics” (coined by Bush, Sr.) had its origins in two basic premises; lower taxes and a smaller government. We got one of those.
It was to be implemented by the then Director of the Office of Management and Budget, David Stockman (remember him?), who had to defend the concept to the Congress. Amongst other things he attended divinity school.
Notwithstanding all the fancy-schmancy, high-falootin’ terminology and pedigree of Reaganomics, it really boiled down to this:
With the Democrats you get “tax and spend” economics (not for the last 29 years).
With Reaganomics you get “borrow and spend” economics (the last 29 years).
So here’s a hot flash for all of you “Greed is Good” Reaganistas out there:
The fiscal chickens have come home to roost. By the thousands, by the millions, by the billions and by the trillions.
Citibank has been all but nationalized. Bank of America is about to have its underwear crawled through by the Feds and NY State in search of corporate mis and malfeasance. A handful, comparatively speaking, of ultra-rich motherfuckers, mostly Republican, have gotten even more ultra-rich (and became even bigger motherfuckers) at the expense of the vast majority of hard-working schlubby Americans, amongst whom I count myself.
We are in a period of profound economic depression, likely to last for a decade or so and, finally, there’s this:
We are trillions of dollars in debt to the Chinese, and not the “good” Chinese, either, but rather the bad Chinese. They all but own us and could send a bunch of lawyers over here to foreclose, if they had lawyers and laws.
This, then, is the legacy that we are leaving to our children, grandchildren and great-grandchildren. This, then, is the legacy of Ronald Reagan and Reaganomics.
Never vote for an actor for President. It’s bad enough voting for one as Governor of California.
Things are pretty bleak out there.