Reaganomics (tax cuts for rich, deregulation, globalization) has increased government debt 10 fold during 1/10 of our nation's existence, despite two world wars and several other wars during the other 9/10 of our existence. Thus, Reaganomics has increased the rate of debt accumulation to almost 100 times the previous average, with little to show for it.
I wonder who celebrates the economic trajectory that we are on, a vortex in which debt service is a large, growing and self-augmenting line item of the federal budget--this accompanied by the largest redistribution of wealth in history, from workers to wealthy.
Now we see that Reagan's deregulation and globalization were bad not only for Main Street but also for Wall Street. Record-breaking bankruptcies and bailouts are now commonplace. Business-friendly governance kills businesses.
We are flirting with bankruptcy, selling production assets, property and debt paper to sovereign wealth funds etc to finance ongoing operations of both government and business.
We may have already drunk too much Republican Cool Aid; but, with Sarah Palin in the race, chances are we'll elect to drink some more. We wouldn't be in this shape if a rag-tag bunch of Iranian students hadn't held our embassy personnel hostage back in the late 70s, thereby weakening Carter's image. Chaos theory is not just for butterflies any more.
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