Trickle Down Poverty
Throughout the 1980s, President Ronald Reagan practiced what was commonly known as “trickle down economics.” This was an economic philosophy based on the idea that cuts in domestic spending coupled with lower taxes freed up the wealthiest Americans to spend and invest their money as they saw best. In turn, their capital would trickle down to the middle and lower classes via an expansion of the private sector, the purchase of products, and the creation of jobs necessary to manufacture those products.
The result of trickle down economics, sometimes referred to as “Reaganomics,” was an unprecedented economic boom in this country during the 1980s and on into the 1990s.
As introduced in 1981, Reagan’s plan sought reductions in “regulation, government spending, marginal tax rates, and inflation” -- the very things which are going to increase with President Obama’s anti-Reagan approach to our nation and our economy. In fact, less than a month after taking office, Obama actually described “‘trickle down economics’ as ‘bankrupt’ and [as] an ‘old, discredited’ philosophy that ‘didn't work.’”
Instead of approaching the economy in a way that opens a door through which the poor can use their God-given talents to better their circumstances, Obama plans a state-run economy that will result in trickle down poverty. And for all his talk about “spreading the wealth around,” our president is really poised to spread dependence on a discombobulated bureaucracy.
And while some are just now realizing that “Obama and the Democrats in Congress are pushing the average American into poverty,” others knew we were in trouble from the moment Obama was sworn into office.
For example, after saying “thanks but no thanks” to an offer to join Obama’s cabinet a month after the inauguration, Senator Judd Gregg “warned [that] Mr. Obama’s 'spend, spend, spend' budget plans would leave the U.S. trillions of [dollars] in debt.” He also alerted everyone who would listen that the spending necessary to fund Obama’s expanding government at such a time as this would be untenable: “The scale of the administration’s spending plan in the midst of a prolonged recession [will] leave the next generation with a country too expensive to afford.”
What we must understand is that along with the debt Obama is creating comes a loss of freedom. This much is clear from a Congressional Budget Office’s prediction that “the huge deficits [Obama is creating] will [force] the U.S. … to borrow nearly … 6.5 trillion [dollars] over the next decade.”
Article printed from PJ Media: http://pjmedia.com/
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