When the left-of-center is addressing the absence of evidence and validity of supply side economics, best espoused by Arthur Laffer in the 1980s, it almost always does so without scholarly direction. As much as proponents of supply side economics despise and avoid using classical means to support their arguments (after all, have you ever heard the likes of Sean Hannity use 3 scholarly studies to support his argument(s)?), those of us on the left need to appeal to the logic of those who are persuaded, even though many who support supply side have no better angels guiding them away from deceit.
For my part, I’m picking up the best book I found about the subject and going to start reading it. I’m doing this even though I only took basic economics in college; all Americans need to dive back in to learning economic theory because the lack of putting it in to our national policy landed us in a mess. Our nation’s economy is in bad shape; only through knowing intelligent policy will we be able to find our way out of the morass of dumbth.
Since the Reagan Revolution with its tax cuts for the rich, its anti-government policies, and its deregulation of the big corporations our democracy is increasingly defunded (and that was the plan), infrastructure is crumbling, our schools are falling behind, factories and supply chains are being dismantled, those still at work are working longer hours for fewer benefits and falling wages, our pensions are gone, wealth and income are increasing concentrating at the very top, our country is declining.
This is the Reagan Revolution home to roost: the social contract is broken. Instead of providing good wages and benefits and paying taxes to provide for the general welfare and reinvestment in infrastructure and public structures, the bounty of our democracy is being diverted to a wealthy few.
We, the People built this country’s prosperity and this built wealth. We reinvested that wealth, building the world’s most competitive economy. Now a few people are gaming the system and breaking the formula, taking for themselves vast riches, leaving the rest of us to clean up the mess.
We must recognize and understand these tax cuts for what they are. They are a broken contract. These tax cuts for the wealthy are theft. And we must recognize the Reagan Revolution for what it has cost us. Our democracy has been corrupted and our political system has been captured. A wealthy few are taking all of the benefits of our efforts for themselves. The lack of investment in infrastructure, courts, schools and other public structures is making our country less competitive in the world. The Reagan Revolution is stealing our future.