How Reaganomics Are Turning America into a Third World Country


The Republican tax plan costs five trillion dollars which is not paid for and will not create jobs or do anything to stimulate the economy.

The whole spectrum from Bernie on the far left of the Democratic Party to Debbie Stabenow sort of in the middle of the Democratic Party to Chuck Schumer and the leadership of the Democratic Party, they have all been seriously out there talking about it.

America is becoming a third-world country. Mike Pence privatized the Indiana toll road to an Australian company. We don't manufacture things here anymore of any of any great consequence.

The average individual income is actually below what it was when Reagan came in. Family income is up slightly but that's because now you've got two and three members of the family who are working.

Reaganism has gutted our country and people know it. That's why they voted for Donald Trump and for Bernie Sanders, why they said 'I want something other than the norm'.

This system is broken and in Trump's so-called tax plan or the Republican's so-called tax plan or maybe you could call it the Goldman Sachs tax plan - because it's coming out of Gary Cohn and Steve Mnuchin, the former head of Goldman Sachs - is not going to benefit anybody as far as I can tell.

In fact, I think it's going to hurt the economy just like giant tax cuts have always hurt the economy. We had the biggest stock market crash since 1929 after Reagan did it in the 80s. Bush did a giant tax cut and it just drove up the deficit and on it goes.

We have to fight back, and fighting back is part information and part activism, informing yourself and informing other people around you and just letting people know this is what's going on. There's something seriously, seriously wrong with this so-called tax plan.

Comments

Trump's Ex-classmate Joe's picture
Trump's Ex-clas... 2 years 46 weeks ago
#1

EASY to figure out WHY. They WANT it that way! If RE prices drop again, after they raise interest rates ( they got rid of Yellen today I think ) then they come in with their foreign money (tax haven funds) and BUY America back cheap. It's even why they want Puerto Rico to get cheap.

This IS how these billionaires survive without work or contributing to our common good.

Keep exposing them. But let it be known. We are becoming a 3rd world country because we allow money to buy politics. It MUST stop. It starts in 2018 - or we lose. Its a 20 year plan. After 20 years, the old guard dies off - and they have it all. They want our citizens our be cattle to feed.

Our kids have be amply warned. But I see them playing video games and largely wasting their youth advanatges. All rides on 2018. All.

VOTE OUT ALL TRUMP REPUBLICANS IN 2018 - ALL

https://englishcode.wordpress.com/?s=trump worth investigating my blog .. or following

really is ,,., i went to school with DT ... i know first-hand what a scoundrel he is

Hephaestus's picture
Hephaestus 2 years 46 weeks ago
#2

Many facets of life in America do indeed already reflect situations found in third world countries

Crumbling highways, bridge work failing, communication disruption, electrical power failure, public transport lacking, drinking water contamination etc., etc

Rising violent crime and murder

Health and wellbeing systems failing or non-existent

Huge numbers of the populace without access to healthcare

Rising heart disease, stroke, cancer, type 2 diabetes, obesity, and arthritis

Hephaestus's picture
Hephaestus 2 years 46 weeks ago
#3

This is intentional

Hephaestus's picture
Hephaestus 2 years 46 weeks ago
#4

#1 - Agreed! How did money get into politics in the first place?

Lack of human dignity, self-respect and love of man

How did the lobby evolve???

The lobby MUST be abolished

It would be a start on cleaning politics

Edward Dodson's picture
Edward Dodson 2 years 46 weeks ago
#5

It is certainly correct to criticize the trickle-down economic policies generally embraced by self-described conservatives. What they have done their best to conserve is privilege and advantage under the laws determining how government at all levels raises revenue.

There is an optimum amount of revenue to be raised by government. The sources of this revenue are what are called "rents" in economics. A rent is an income stream generated by a combination of (1) locational advantage; and (2) the aggregate public investment in infrastructure and other amenities. By one recent estimate rents account for about one-third of GDP. For local governments the primary source of rent-derived revenue is land. Every parcel or tract of land has some potential annual rental value which ought to be collected to pay for public goods and services. It is theoretically possible that if this policy was fully implemented, local governments would become the source of revenue sharing to county, state and even the federal govenment. There are also land-like assets yielding rents: the broadcast spectrum; the paths traveled by satelites around the globe; rights of way across public lands granted to railways; licenses to exploit the sea bottoms or extract fish from waters; and even take-off and landing slots at airports (which have a greater or lesser value based on the day of the week and time of day). New solar and wind technologies have dramatically increased the rents associated with some locations where these technologies have widespread application.

At the same time, we need to lift the burden of taxation from assets and activities that impose what are referred to as "deadweight losses" on economic outputs. It makes no real sense to tax what we construct, our buildings, our machinery and our technologies. These are capital goods the production of which is needed and should be encouraged.

There are frequent calls for some sort of "value added tax" imposed on the sale of goods. This form of taxation is also counterproductive, a cause of deadweight loss.

What we ought to tax is unearned income, such as the gains on the sale of financial instruments and land. Such gains are conveniently labeled "capital gains" but are not. There is in the real world no such thing as a capital gain. Actual capital goods depreciate over time and lose value (even when continously maintained).

Getting from where to are to where we need to be may be imposible given the political obstacles in the way of sound economic policy. And, sadly, the economics discipline has not been very much help in these policy debates. Among the voices of sound logic, I would draw attention to the writing of emeritus professor of economics Mason Gaffney (University of California), Professor T. Nicolaus Tideman (Virginia Tech) and Joseph Stiglitz (formerly at the World Bank). Each has identified the need to look to rent-derived income flows as the source of public revenue.

An effective starting point would be to restructure the individual income tax to become far more progressive than it is currently, as well as greatly simplify the system. Individual incomes up to the national median could be exempt from taxation. All other exemptions and deductions would be eliminated. Above the exempt income limit, an increasing rate of taxation could be imposed on higher ranges of income. The effect would be to lift the burden of taxation from income derived from work and shift more and more of the burden to rent-derived and passive investment income.

Edward J. Dodson, Director

School of Cooperative Individualism

www.cooperative-individualism.org

Edward Dodson's picture
Edward Dodson 2 years 46 weeks ago
#6

It is certainly correct to criticize the trickle-down economic policies generally embraced by self-described conservatives. What they have done their best to conserve is privilege and advantage under the laws determining how government at all levels raises revenue.

There is an optimum amount of revenue to be raised by government. The sources of this revenue are what are called "rents" in economics. A rent is an income stream generated by a combination of (1) locational advantage; and (2) the aggregate public investment in infrastructure and other amenities. By one recent estimate rents account for about one-third of GDP. For local governments the primary source of rent-derived revenue is land. Every parcel or tract of land has some potential annual rental value which ought to be collected to pay for public goods and services. It is theoretically possible that if this policy was fully implemented, local governments would become the source of revenue sharing to county, state and even the federal govenment. There are also land-like assets yielding rents: the broadcast spectrum; the paths traveled by satelites around the globe; rights of way across public lands granted to railways; licenses to exploit the sea bottoms or extract fish from waters; and even take-off and landing slots at airports (which have a greater or lesser value based on the day of the week and time of day). New solar and wind technologies have dramatically increased the rents associated with some locations where these technologies have widespread application.

At the same time, we need to lift the burden of taxation from assets and activities that impose what are referred to as "deadweight losses" on economic outputs. It makes no real sense to tax what we construct, our buildings, our machinery and our technologies. These are capital goods the production of which is needed and should be encouraged.

There are frequent calls for some sort of "value added tax" imposed on the sale of goods. This form of taxation is also counterproductive, a cause of deadweight loss.

What we ought to tax is unearned income, such as the gains on the sale of financial instruments and land. Such gains are conveniently labeled "capital gains" but are not. There is in the real world no such thing as a capital gain. Actual capital goods depreciate over time and lose value (even when continously maintained).

Getting from where to are to where we need to be may be imposible given the political obstacles in the way of sound economic policy. And, sadly, the economics discipline has not been very much help in these policy debates. Among the voices of sound logic, I would draw attention to the writing of emeritus professor of economics Mason Gaffney (University of California), Professor T. Nicolaus Tideman (Virginia Tech) and Joseph Stiglitz (formerly at the World Bank). Each has identified the need to look to rent-derived income flows as the source of public revenue.

An effective starting point would be to restructure the individual income tax to become far more progressive than it is currently, as well as greatly simplify the system. Individual incomes up to the national median could be exempt from taxation. All other exemptions and deductions would be eliminated. Above the exempt income limit, an increasing rate of taxation could be imposed on higher ranges of income. The effect would be to lift the burden of taxation from income derived from work and shift more and more of the burden to rent-derived and passive investment income.

Edward J. Dodson, Director

School of Cooperative Individualism

www.cooperative-individualism.org

2950-10K's picture
2950-10K 2 years 46 weeks ago
#7

Reaganomics: The biggest economic lie ever told!

Wall Street is counting on its Goldman Sachs swamp monster insiders to get the job done, they better, because tax cuts for the Fascists have already been baked into the runaway market inflation.

If you don't think corpse crooks are cooking the books right now to fuel the inflated market, you're being extremely naive. Remember, most CEO compenation is in the form of stock.

Insiders are sounding the alarm that Wall Street crime is currently off the hook crazy. Banksters are enjoying a false sense of impunity while making billions with the current fraud friendly government....no one is watching. To make matters worse, experts indicate that global markets are feeding off our false lead.

The disconnect between Wall Street and Main Street has never been greater. People are hurting, they can't afford health insurance, let alone mortgages, and car payments...look up the stats. Most are living paycheck to paycheck buried in hopeless debt, again look up the stats.

It's all just one giant house of cards, and those in charge are not going to know how to fix it after they break it.

We're headed for an unmitigated economic disaster....third world stuff. In my opinion, even war for profit won't save us this time.

ErinRose's picture
ErinRose 2 years 46 weeks ago
#8

What do I think? I think there is a serious plan afoote to loot us into a Banana Republic. I think it has been going on for some time. I think it is laying the foundation for the NWO, and I think we are sound asleep at the wheel.

stopgap's picture
stopgap 2 years 46 weeks ago
#9

It is truly amazing that Republican voters can't even remember what it was like 8 years ago after the last round of Reaganomics brought the nation to the brink of total collapse.

The sole premise of Republican economics is: make the rich richer and everything will magically take care of itself. That is the only program that they believe in no matter that it always ends in absolute disaster, over and over again.

The clearest sign that we are becoming a third world country is that a large segment of the US population prefer the idea of having a dictator do their thinking for them. They don't care that Trump wasn't really elected by the people, but was put in office by an archaic oxymoron known as the Electoral College. In fact, Electoral College delegates voting for the most unfit, unqualified, untruthful, immoral, corrupt person to ever run for the presidency, is the ultimate proof of the failure of the Electoral College concept. When it was called upon to do its duty to insure that no dangerously unqualified candidate was somehow placed into the White House, it could not have failed more miserably.

Bit of subject change: I did have to laugh at Trump calling Papadopolus "a known liar." Now there is a classic example of the pot calling the kettle black if there ever was one. Also had to laugh at Papadopolus being called "just a coffee boy." So what the hell was he arrested for, getting the coffee order wrong. A case of felony coffee error. Be careful not to make a mistake at Starbucks. You'll be hauled in before the Grand Jury.

Legend 2 years 46 weeks ago
#10

What happened to tariffs on imported goods that Trump promised? This is supposed to replace income taxes as a source of revenue for the Government.

Rick Loll's picture
Rick Loll 2 years 46 weeks ago
#11

Why does everyone keep insisting on maintaining an old broken down 240 year old system. Can't anyone recognize that Republicans are setting the agenda, the Dems stupidly follow in opposition, completely neglecting their own narratives and ultra progressive ideas, even ignoring new progressive systems like The 7C Constitution, that contains all the progressive platform issues and 400 more human rights issues nobody addresses. Progressives have fallen down on the job.

Don't settle for $15/hr wages, we need $50/hr. We need 100% tax on all profits, put in a Communal Fund, for budgets, and its equal distribution to everyone equally, instead of going only to the rich. We need to abolish income tax. The top 500 richest need to be taxed at 90%. We need a universal basic income of $100,000/ yr worldwide. We need to abolish punishment, and jails, because they are the slave labor of today, andt punishment has never solved anything for 3500 years. It's a barbaric fear based system that we need to stop. We need to do as Portugal, to fix our crime and security issues. We need to abolish police and criminal judicial systems for non violent mercy based solutions, because punishment creates the mentality of war and violence in the streets of impoverished. We need to guarantee free food and housing to all as a human right that should never be abridged. We are suffering over 2 million homeless people in America alone, not including the rest of the world. All these empty homes need to be filled, but the rich banksters keep them as their spoils of theft. Abolish property taxes, and evictions.

This is why we need The 7C Constitution Based on Love & Altruism. DL@ bit.ly/7C31PDF & fix this problem for real. Thom, I urge you to please read this constitition.I know you have the million click/DL or you will not air it, policy, But get off your ass and address this. We need a new system for the real people. Thom, you live in a bubble too, and please take this criticism into your heart, because you are losing people, as you don't address real progressive issues. We are all hurting, but you keep flinging your old broken system at us with your books based on this. You are not innovative rehashing old presidents and economists. We can't think like that anymore. You don't change, so you get booted, and get stuck. We are moving on to a new system like The 7C Constitution. Sorry, but you got stale.

HotCoffee's picture
HotCoffee 2 years 46 weeks ago
#12

THIS IS WHERE WE ARE GOING

Ready for a reality check? Here goes..

https://seeker401.wordpress.com/2017/11/02/this-is-where-we-are-going/

Legend 2 years 46 weeks ago
#13

I listen to podcasts. The call waiting sounds have been really bad when you are talking to a call in. The beep noise that is quite loud.

Ou812's picture
Ou812 2 years 46 weeks ago
#14

Thanks HC, Exciting stuff

deepspace's picture
deepspace 2 years 46 weeks ago
#15

Michio Kaku, the renowned theoretical physicist and futurist, published a definitive work in 2011 about the possibilities of humankind achievement: Physics of the Future: How Science Will Shape Human Destiny and Our Daily Lives by the Year 2100.

Unfortunately, his positive vision of human evolution requires an enlightened society that has reversed the deleterious effects of endless war, extreme wealth disparity, and the delusional, very destructive religious, political, and economic ideologies of today. Left unchecked, overt fascism, religious intolerance, xenophobia, nationalism, and our over-reliance on fossil fuels all condemn us to a very different future -- the stuff of which nightmares are made.

If you want to see the future, look no further than the present -- a continually collapsing singularity that determines everything afterward, the consequences of our actions. Right now that singularity is Trump and the Republican Party. Raise your hand if you are inspired ...and explain why.

ChristopehrCurrie's picture
ChristopehrCurrie 2 years 46 weeks ago
#16

Once again, most of our Republicans in the Senate (with the Help of Mike Pence) demonstrated that they "have no god but money" (for themselves and their financial sponsors) at the expense of everyone else.

Ou812's picture
Ou812 2 years 46 weeks ago
#17

Dr Kaku's book is excellent, I read it several years ago. The statement "

Unfortunately, his positive vision of human evolution requires an enlightened society that has reversed the deleterious effects of endless war, extreme wealth disparity, and the delusional, very destructive religious, political, and economic ideologies of today. Left unchecked, overt fascism, religious intolerance, xenophobia, nationalism, and our over-reliance on fossil fuels all condemn us to a very different future -- the stuff of which nightmares are made. is yours not Dr Kaku's. Your attempt to politicize his work is disingenuous and less then honest. I can't say I'm surprised.

"Politics is for people who have a passion for changing life, but lack a passion for living it."--Tom Robbins

deepspace's picture
deepspace 2 years 46 weeks ago
#18

...And, predictably, Hotdog raises both hands. Another useless exercise responding to a Trump troll...

What the hell are you even talking about? Is there ever any truth in anything you say, at least something that might occasionally slip into your little trolliposts?

Right in character, you leveled a knee-jerk personal attack based on a lie. Alhough the following response may be, shall we say, less than polite and less than politically correct (as Trump wingers love to preach), it is well deserved: By twisting my words into yours, you are not just "less than honest," you are a GODDAMN F*CKING LIAR!

No weasel words there. Think Samuel Leroy Jackson's big white eyeballs staring at your worthless self from an inch away! No sense sugar coatin' it, eh Bachmann, suckin' the big one?

Let's be perfectly clear. There is absolutely nothing wrong with offering legitimate commentary on anyone else's published work, especially prescient work that is meant for everybody because it is about everybody -- a book title, by the way, properly attributed and plainly isolated from my own statements by paragraph! I would never intentionally mischaracterize a truth teller.

In fact it would become immediately apparent to anyone who has ever read and understood Dr. Michio Kaku or who has ever listened to his lectures that he would be quite pleased if as many people as possible were to discuss the future, in all of its varied aspects, distinct posibilities (dire or not), and, yes, even the so-called "reality checks" that HC referenced above. That is how the future happens.

The question becomes: What kind of future? Everything listed in post #15 is the outward reality of our society as a whole as it exists today, with which most scientists, historians, and other objective observers agree. The resource-sucking effects of anthropogenic climate disruption alone would be enough to dash the dreams of even the most optimistic futurist.

Obviously it is you (puppeting everything Trump and far right) who is trying to politicize (stupidly at that) critical issues, deeply concerning to nearly everyone on the planet, by subtly (and lamely) suggesting that Kaku himself would not be equally concerned over the impediments to scientific progress.

...Shoo! ...Back to the swamp!

ADReed 2 years 45 weeks ago
#19

I recently came across a statement from my late (radical feminist progressive) mother, dating from the 1960s or early '70s. It's one I hope Thom likes and will use on the show:

Rags make paper

Paper makes money

Money makes banks

Banks make loans

Loans make poverty

Poverty makes rags.

Love your show!

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