Via Sue Davies and Think Left Article explaining how Reagens administration used fairy tale economic theories to produce the social changes that they wanted and create a wrecked economy for the democrats to inherit which would prevent them reversing - exactly as Osborne is/has been doing in the UK. David Stockman explains how Reagans deficits were designed to pressurise Congress to cut the New Deal programs #Osborneomics flaglerlive/8577/david-stockman-reagan-nixon-bush-trickledown/ Hayek said: “Reagan thinks it is impossible to persuade Congress that expenditures must be reduced unless one creates deficits so large that absolutely everyone becomes convinced that no more money can be spent.” Keep in mind: Hayek is speaking his disillusion with the GOP’s misapplication of his theories in 1985. To this day he remains a favored mask of budget-wreckers pretending to be fiscally conservative while pushing for more tax cuts. Those wreckers are at work in Congress today as they argue for an extension of the Bush tax cuts of 2001 and 2003, which were far larger than Reagan’s of 1981 and 1986 (in 1986, Reagan agreed to some tax increases, but mostly in the Social Security payroll tax, meaning on the middle and lower classes). Stockman resigned from the Reagan administration in 1985, himself disillusioned. Today in The New York Times, he writes a damning piece that sums up Republican duplicity on budgets and fiscal responsibility going back to the Nixon administration.
Posted on: Mon, 27 Oct 2014 08:42:54 +0000
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