66. "Bait and Switch Economic Policy" has been the standard since Reagan
The "sweet talk" for Reagan's tax cuts was that the money that was no longer going to taxes would be used to update and modernize our aging industrial plant.
(At the time, the "conventional wisdom" was that part of our manufacturing decline was due to our companies operating with aging and outdated factories, whereas in Europe and Japan equivalent facilities were decades more modern, since most of the older stuff hadn't survived WW2 bombing.)
The actual result? It all went to the Wall Street Casino and financed Mergermania(tm).
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