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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSelling the ‘Supply-Side’ Myth
from Consortium News:
Selling the Supply-Side Myth
January 27, 2012
Exclusive: Any rational assessment of Americas economic troubles would identify Ronald Reagans reckless supply-side economics as a chief culprit, but that hasnt stopped Republican presidential hopefuls, led by Newt Gingrich, from selling this discredited theory to a gullible GOP base, reports Robert Parry.
By Robert Parry
Despite Newt Gingrichs claim that supply-side economic theories have worked, the truth is that Americas three-decade experiment with low tax rates on the rich, lax regulation of corporations and free trade has been a catastrophic failure, creating massive federal debt, devastating the middle class and off-shoring millions of American jobs.
It has worked almost exclusively for the very rich, yet the former House speaker and the three other Republican presidential hopefuls are urging the country to double-down on this losing gamble, often to the cheers of their audiences like one Florida woman who said she had lost her job and medical insurance but still applauded the idea of more free-market solutions.
Gingrich even boasts of his role in pioneering these theories of massive tax cuts favoring the rich, combined with sharp reductions in the role of government. That approach, once famously mocked by George H.W. Bush as voodoo economics, was supposed to spur businesses to expand production (the supply side), thus creating jobs and boosting revenues from all the commercial activity.
I worked with Ronald Reagan to develop supply-side economics in the late 70s, along with Jack Kemp and Art Laffer and Jude Wanniski and others, Gingrich declared at a recent town hall event. We ended up passing it into law in 81. At the time it was very bold. People called it voodoo economics. It had one great virtue: it worked. ..............(more)
The complete piece is at: http://consortiumnews.com/2012/01/27/selling-the-supply-side-myth/
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Selling the ‘Supply-Side’ Myth (Original Post)
marmar
Jan 2012
OP
RKP5637
(67,112 posts)1. K&R!!! Excellent!!! +1000 +++
HopeHoops
(47,675 posts)2. More like "supply side meth".
stevenleser
(32,886 posts)3. I have a video coming out on the same topic on Monday.
Video was taped on Thursday, the day of the debate, which is why it hasnt been released yet. Didnt want to compete with the debate for the news cycle.
pampango
(24,692 posts)4. They think if they repeat "supply-side economics worked" and "Europe represents failed socialism"
enough times, people will believe them. When is it comes to their base, they are probably right.
When it comes to the rest of us, they may have a tougher time selling that "supply-side economics" 'worked'.