Traditional Republicans adhere to a form of Golden Shower Ideology.
According to the Republicans, we need to reduce income taxation on millionaires and billionaires so that those super-rich financiers can invest more in America's economy.
The problem is that when we have provided tax windfalls to the super-rich, those windfalls have been invested in foreign countries like China and Japan.
Meanwhile, we've had to borrow cash from foreigners in order to finance those irresponsible and reckless windfalls to the super-rich.
Ronald Reagan's "Economic Miracle" started with the worst recession since the Great-Depression and ended with the worst financial crisis since the Crash of 1929.
The Savings and Loan Fiasco, which resulted from the deregulation of Savings and Loan Institutions, left the taxpayer with a bill for $250 billion.
The same thing was repeated under the Bush Administration.
The Bush Administration started with a recession and ended with a financial crisis that came close to tipping us into a depression.
Both Reagan and Bush enacted massive tax cutting programs that benefited the financial elite at the expense of small businesses and working Americans.
Both Reagan and Bush left us with massive fiscal and trade imbalances which led us becoming indebted to foreigners.
Instead of rising as had been predicted, both business spending and personal savings fell under the Reagan and Bush Administrations.
American Trade Deficit with Foreigners.
Manufacturing employment as a share of total employment in the United States has been declining over the past 60 years. In 1950, nearly 31% of non-farm workers were employed in manufacturing. Since then, the share has been dropping three or four percentage points per decade, falling to 28.4% in 1960, 25.1% in 1970, 20.7% in 1980, 16.2% in 1990, 13.1% in 2000, and 9.1% in 2009.
Reagan's Golden Shower Economics didn't make America more competitive because our millionaires and billionaires invested the savings in Japan, Mexico and Korea.
Millions of American manufacturing jobs were off-shored under Reagan. Factories were closed en masse and shipped abroad.
As a nation, we witnessed (millions) of these manufacturing jobs be relocated during the Reagan and Bush Administrations.
According to research, China has stolen 3 million manufacturing jobs from us. Mexico has stolen 500,000 manufacturing jobs from us. South Korea and Taiwan, along with Singapore and Hong Kong, have stolen another million jobs.
Reagan and Bush said these things couldn't happen. Reagan and Bush believed that the super-rich on the New York Stock Exchange would invest their windfall tax savings in growing our economy and creating jobs for us.
Instead, those super-rich "invested" our money in foreign countries and shipped our jobs with them.
America's Fiscal Imbalance.
America's debt burden was falling year after year until Ronald Reagan implemented his irresponsible pro-rich tax cutting.
During the Clinton Administration, we once again balanced the books and were projected to eliminate the entire national debt within a decade.
After Bush's pro-rich tax cutting program and his pro-oil, pro-greed War in Iraq, we were once again saddled with the bill.
America's Borrowed Lifestyle.
Meanwhile, Reagan and Bush's pro-market policies left us with fewer good jobs and lower living and working standards.
Americans have been left to turn to commercial banks and financial institutions to sustain the middle class lifestyle.
Piss Down Economics failed America. Why then are the Republicans still calling for stupid pro-rich tax schemes that will further burden and harm us?
I think the Democrats need to grow some balls and lead this nation.
The Democrats need to overturn the Bush Tax Policies and use the savings to provide tax savings for middle class savers and small businesses.
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