The Republicans have used supply side economics to justify tax cuts for the rich since 1980. Starting with Reagan, the total combined debt accumulated under 17 years of Republican economic leadership is 5.170 trillion, or a 10.61% compound annual growth rate.
The argument used to justify the tax cuts is they will sufficiently stimulate the economy to pay for the increased debt that originally funds the tax cut.
When will the economy grow fast enough to pay down this Republican incurred debt?
along with the economy to balance the budget?
By cutting taxes for the rich, the rich would in turn invest their money to a sufficient degree to grow the economy fast enough to pay off the debt.
only pays off the debt if it produces growing tax revenue. And the “growing economy” is only growing for the wealthy (reduced taxes) and the corporations (reduced taxes) . . . so even if the economy does grow (which it isn’t) where would the increased revenue to pay down the debt come from? To pay the expense of government in a growing economy, and pay down the debt as well, the government has to get more income from somewhere.
worldwide?
Are you better off now than you were (eight) years ago?
Don’t bother asking the super-rich that. They’re doing phenomenally well.
hi Bonddad, thank you for yet another thought-provoking post. If you get a chance, could you provide some more details on the data and method used to calculate the 10.61% growth rate? This is great stuff – thanks!
Found details in one of your earlier diaries on dkos. Nice.