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What the Dickens?
Author: BobR    Date: 2011-06-08 10:33:29

As the 2008 presidential campaign season began in earnest, the Republican candidates all paid their tributes to Ronald Reagan. His was a myth writ large, with facts being buried beneath legend, and little critical voice given to the realities of his tenure. One debate was jokingly referred to as a séance, so often was his apparition summoned from the great beyond.

Time has passed, though, and the times are more dire, and the Republicans are seeing their temporal grasp on power slipping once again from their fingers. With very little left in their bag of tricks, they are attempting to resurrect the language of the Reagan era. They are clinging to the talking points; this time, however, we have 25 years of evidence and the benefit of hindsight.

The centerpiece of Reagan's economic policy was referred to as "supply-side economics". Despite the scholarly title, the approach was simple: cut taxes and people will spend more, thus generating more tax revenue than would be lost by the tax cuts. When future-President George H.W. Bush ran against him in the primaries, he rightly referred to it as "voodoo economics", because it just didn't make sense. To add injury to insult, it was augmented with "trickle-down" economics, where excessive tax cuts for the rich were supposed to spur economic development as rich people pulled wads of cash out of their pockets and blessed us with a farthing by creating jobs just for the heck of it.

We know of course that none of this worked. After his tax cuts, unemployment soared, the deficit tripled, and Reagan was forced to actually raise taxes when he learned that his brilliant scheme to get elected was hurting the country economically. Today's Republicans are purposefully ignoring this evidence and continue to purport that cutting taxes will stimulate job growth and lower the deficit. The ghost of job losses past is rattling its chains, but the GOP is pretending it's not there.

The GOP's claim that taxes are too high bumps up against another reality. Current tax rates are lower than in the 80s when their icon Reagan was president, and lower than in the 90s when the economy was booming when Clinton was president. In fact, they're lower than they've been in a long, long time. When President Obama pointed out the ghost of tax rates present, the Republicans rolled their eyes. They don't want to face the reality that even with tax rates lower than their hero's, the economy and job market are still stagnant.

Where will this relentless tax cut madness lead? This graphic shows the impact that the Bush tax cuts had (and will have) on our deficits:

http://wamo.info/pa/110520_debt.jpg


The tarp bailout (hated by Republicans and Tea Partiers), has had a negligable effect. The second biggest effect is from the economic downturn, and the biggest effect is the Bush tax cuts. Based on the previous evidence from their hero Ronald Reagan, the appropriate measure to take would be to raise taxes, thus lowering the deficit and stimulating the economy by providing more funds that the government MUST spend (as opposed to the money in the hands of the rich, which could simply end up in a tax-haven account in the Cayman Islands). Instead, the GOP is ignoring the ghost of deficits future, and once again turning a blind eye to the lessons learned by Reagan, and others that have paid attention since then.

Before the sun rises on a country in an economic graveyard, the GOP must heed the warnings from the ghosts of Reagan past, present, and future. Otherwise, we're in for a Dickens of a time.
 

54 comments (Latest Comment: 06/09/2011 03:22:30 by Raine)
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Comments:

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Comment by wickedpam on 06/08/2011 12:58:19
Morning

Comment by velveeta jones on 06/08/2011 13:02:04
Heelllllllllooooooooooo!

Comment by Raine on 06/08/2011 13:03:39
good morning!

Comment by TriSec on 06/08/2011 13:05:07


Comment by Raine on 06/08/2011 13:18:25
Actually Momma, these women appear to have asked for these photos.

Comment by TriSec on 06/08/2011 13:24:51
Hell now, giving the rich more money makes perfect sense to me. I don't need to eat.

I'm running as a Republican this year so I can gut the school budget and let the people on Pigeon Hill (the local high-end neighborhood) keep their property taxes. Makes perfect sense. Oh, and the Democratic mayor of this city has never been married, so she's obviously a lesbian. Probably tweets pictures of her junk to schoolkids in her spare time. I bet you didn't know that Raul Pevere rode through Waltham ringing those guns and shooting the bells to warn the Indians that the Pilgrims were coming.



Comment by Scoopster on 06/08/2011 13:24:58
Mornin' all..

Gonna be a scorcher today.

Comment by TriSec on 06/08/2011 13:32:55
*grunt*

I'm hoping we don't break the record. The temps this week date back to 1984, which was my high school graduation week. June 10 was the hottest day of that year.



Comment by Scoopster on 06/08/2011 13:42:28
Kock-financed AFP goons spread fake eviction notices all over Detroit

They think ruining people's lives and taking their homes is a JOKE?! Absolutely fucking sick.

Comment by Raine on 06/08/2011 13:46:48
Quote by Scoopster:
Kock-financed AFP goons spread fake eviction notices all over Detroit

They think ruining people's lives and taking their homes is a JOKE?! Absolutely fucking sick.

heartless bastards.

Comment by Raine on 06/08/2011 13:50:16
the FreePress article is really eye opening:
Businessman Manuel (Matty) Moroun, owner of the Ambassador Bridge and its operating arm, the Detroit International Bridge Co., is lobbying heavily against the NITC project because it would draw traffic and toll revenue away from his privately owned bridge. His company is running a series of TV ads against the NITC project, claiming that the project would cost Michigan taxpayers $100 million a year, a charge that NITC supporters say is false.


Comment by wickedpam on 06/08/2011 13:53:01
Quote by Raine:
Quote by Scoopster:
Kock-financed AFP goons spread fake eviction notices all over Detroit

They think ruining people's lives and taking their homes is a JOKE?! Absolutely fucking sick.

heartless bastards.



really, how do these people sleep at night knowing that they willingly caused stress and hardship in other people's lives

Comment by wickedpam on 06/08/2011 13:55:52
I thought that movie looked kinda cool ................. okay so I was only looking at Hugh Jackman in the trailer

Comment by Raine on 06/08/2011 14:05:49
Comment by TriSec on 06/08/2011 14:33:39
Say now, listening to TRMS on who needs to resign after a scandal...

FWIW, after Chappaquiddick, Senator Kennedy said this:


If at any time, the citizens of Massachusetts should lack confidence in their Senator’s character or his ability, with or without justification, he could not in my opinion adequately perform his duties, and should not continue in office. The opportunity to work with you and serve Massachusetts has made my life worthwhile. So I ask you tonight, the people of Massachusetts, to think this through with me. In facing this decision, I seek your advice and opinion. In making it I seek your prayers. For this is a decision that I will have finally to make on my own.


He did not resign, and we re-elected him in 1970, and you know the rest.

So....who am I to judge Mr. Weiner, then?



Comment by Raine on 06/08/2011 14:45:33


BROUN: We have created this huge debt. […] We’ve got to stop the outrageous spending that’s going on. We hear the CBO says well if we don’t raise the debt limit, it’s going to put so many people out of work, I don’t remember then number, I think it’s 250,000 or something, are gonna be put out of work. Well those are gonna be government employees that are put out of work. There are a lot of government employees that need to go find a real job!
Someone should put him out of work to go find a real job. Asshat.

Comment by Raine on 06/08/2011 14:54:14
maybe we need to stop calling them hypocrites. How about hustelers, swindlers liars and cheats?

Comment by wickedpam on 06/08/2011 14:59:47
Quote by Raine:


BROUN: We have created this huge debt. […] We’ve got to stop the outrageous spending that’s going on. We hear the CBO says well if we don’t raise the debt limit, it’s going to put so many people out of work, I don’t remember then number, I think it’s 250,000 or something, are gonna be put out of work. Well those are gonna be government employees that are put out of work. There are a lot of government employees that need to go find a real job!
Someone should put him out of work to go find a real job. Asshat.



wow who knew working for the government was a fantasy job - do they get to play with unicorns, go to potions workshops and make lunch time trips to Hogsmeade?


Comment by Scoopster on 06/08/2011 15:18:50
Anyone here using LinkedIn? I just created a doohickie on there..

Comment by wickedpam on 06/08/2011 15:19:52
Quote by Scoopster:
Anyone here using LinkedIn? I just created a doohickie on there..



I think I'm listed on there but I have now idea about the doohickies and stuff

Comment by TriSec on 06/08/2011 15:24:07
KO on yesterday's Fresh Air with Terry....

Gawd, I miss him! Gonna have to check out the new gig on AlGoreTV.



Comment by BobR on 06/08/2011 15:27:29
Quote by Scoopster:
Anyone here using LinkedIn? I just created a doohickie on there..

I am

Comment by Raine on 06/08/2011 15:38:53
Hey Tri, as a scout leader, I thought you might like this: Snore & Roar for Scouts at the National Zoo

Comment by clintster on 06/08/2011 15:52:23
Quote by wickedpam:
Quote by Raine:


BROUN: We have created this huge debt. […] We’ve got to stop the outrageous spending that’s going on. We hear the CBO says well if we don’t raise the debt limit, it’s going to put so many people out of work, I don’t remember then number, I think it’s 250,000 or something, are gonna be put out of work. Well those are gonna be government employees that are put out of work. There are a lot of government employees that need to go find a real job!
Someone should put him out of work to go find a real job. Asshat.



wow who knew working for the government was a fantasy job - do they get to play with unicorns, go to potions workshops and make lunch time trips to Hogsmeade?


They can take my job, but they'll never take... MY SPARKLE POOOONNNNYYYYYYY!!!!!!

http://4.bp.blogspot.com/_hh4S-h2LHIo/SkTIKh7b_HI/AAAAAAAAAAk/GS4KkTv-T3w/s400/Mel-Gibson---Braveheart-Photograph-C10101922.jpg


Comment by Raine on 06/08/2011 15:55:58
Well there it is.

Papa Smurf was Stalin.

Comment by Raine on 06/08/2011 15:56:38
Quote by clintster:
They can take my job, but they'll never take... MY SPARKLE POOOONNNNYYYYYYY!!!!!!

http://4.bp.blogspot.com/_hh4S-h2LHIo/SkTIKh7b_HI/AAAAAAAAAAk/GS4KkTv-T3w/s400/Mel-Gibson---Braveheart-Photograph-C10101922.jpg



Comment by Raine on 06/08/2011 16:00:00
Comment by TriSec on 06/08/2011 16:03:55
Comment by Raine on 06/08/2011 16:08:33
Hey Ed, can you maybe not yell at me? I'm not Brietbart, I didn't do anything wrong.

Comment by Raine on 06/08/2011 16:10:26
*click* Seriously, I HATE when radio hosts yells. It makes my eardrums hurt.

I think I will go listen to some news.

Comment by wickedpam on 06/08/2011 16:11:11
Quote by Raine:
Quote by clintster:
They can take my job, but they'll never take... MY SPARKLE POOOONNNNYYYYYYY!!!!!!

http://4.bp.blogspot.com/_hh4S-h2LHIo/SkTIKh7b_HI/AAAAAAAAAAk/GS4KkTv-T3w/s400/Mel-Gibson---Braveheart-Photograph-C10101922.jpg







Comment by Raine on 06/08/2011 16:14:51
Quote by TriSec:
Not waiting for next week:

Sexual assaults within V.A. under-reported.
Why should I be surprised?

When 2 police officers get off scott free after repeatedly raping a woman using the *she was Drunk* defense, why WOULD women report sexual assault? They even made FAKE 911 calls to go back into the apartment. They even admitted to "cuddling her in a bra"


As this report shows, when women report rape, sexual assault or anything like that do-- it gets ignored.

Comment by wickedpam on 06/08/2011 16:24:58
Apparently Brietbart can't keep it in his pants He is supposedily showing the x-rated pic he has around to DJ"s who then in turn are now sharing it on line.

Klassy Breitty, klassy

Comment by Raine on 06/08/2011 16:57:19
Quote by wickedpam:
Apparently Brietbart can't keep it in his pants He is supposedily showing the x-rated pic he has around to DJ"s who then in turn are now sharing it on line.

Klassy Breitty, klassy
It's time for someone to get a teeny tiny j-pig of the the breitbart cock.

He's a fucking disgusting piece of shit, and it makes me sick to my stomach that anyone takes him seriously as a journaist. He's a failed hollywood screenwriter.

Sorry for the cursing, but I am just sick of this shit. He's a nasty bully and he needs a good ass kicking.


Comment by wickedpam on 06/08/2011 16:57:36
um - I don't have a debit card - I still write checks.

Maybe someone could clear this up for me - I've heard that you get charged for using a debit card, like you would when you use an ATM. Is that right?

Comment by wickedpam on 06/08/2011 16:59:03
Quote by Raine:
Quote by wickedpam:
Apparently Brietbart can't keep it in his pants He is supposedily showing the x-rated pic he has around to DJ"s who then in turn are now sharing it on line.

Klassy Breitty, klassy
It's time for someone to get a teeny tiny j-pig of the the breitbart cock.

He's a fucking disgusting piece of shit, and it makes me sick to my stomach that anyone takes him seriously as a journaist. He's a failed hollywood screenwriter.

Sorry for the cursing, but I am just sick of this shit. He's a nasty bully and he needs a good ass kicking.


agreed - need someone who can delve into the ugly layers of his life, I'm sure there are skeletons there


Comment by wickedpam on 06/08/2011 17:01:05
Why is Trump being asked about Wiener? His word is worthless

Comment by Raine on 06/08/2011 17:12:58
Quote by wickedpam:
um - I don't have a debit card - I still write checks.

Maybe someone could clear this up for me - I've heard that you get charged for using a debit card, like you would when you use an ATM. Is that right?

I am really not sure about this one. I thought it was supposed to set a limit to what banks could charge for using another banks ATM. If what you are saying is tru, they can suck it. I'll go right back to cash and checks.


Comment by Raine on 06/08/2011 17:13:47
Quote by wickedpam:
Why is Trump being asked about Wiener? His word is worthless

Our TV media is utterly hopeless.

Who is interviewing him?


Comment by wickedpam on 06/08/2011 17:20:22
Quote by Raine:
Quote by wickedpam:
um - I don't have a debit card - I still write checks.

Maybe someone could clear this up for me - I've heard that you get charged for using a debit card, like you would when you use an ATM. Is that right?

I am really not sure about this one. I thought it was supposed to set a limit to what banks could charge for using another banks ATM. If what you are saying is tru, they can suck it. I'll go right back to cash and checks.



Haven't a clue - I mean, if I would use a debit card at a grocery store, will I get charged a fee. Someone told me that you have select credit not debit so you don't get charged. I don't have one so I have no idea.

Personally, cash and checks are the place to be - although if you buy the fancy checks from checksunlimited its expensive!

Comment by wickedpam on 06/08/2011 17:20:46
Quote by Raine:
Quote by wickedpam:
Why is Trump being asked about Wiener? His word is worthless

Our TV media is utterly hopeless.

Who is interviewing him?


it was a sound bit on the KTLK news


Comment by TriSec on 06/08/2011 17:22:07
When you use debit cards at a "point of sale", it does not generate a service fee. However, unlike a credit card, if said purchase goes over-limit, it will go through anyway without generating a warning, then you get the big fees further downstream.

At least that's the way it works at Watertown Savings (MA). Of course, your state regs may vary.



Comment by Raine on 06/08/2011 17:49:36
Quote by wickedpam:
Quote by Raine:
Quote by wickedpam:
um - I don't have a debit card - I still write checks.

Maybe someone could clear this up for me - I've heard that you get charged for using a debit card, like you would when you use an ATM. Is that right?

I am really not sure about this one. I thought it was supposed to set a limit to what banks could charge for using another banks ATM. If what you are saying is tru, they can suck it. I'll go right back to cash and checks.



Haven't a clue - I mean, if I would use a debit card at a grocery store, will I get charged a fee. Someone told me that you have select credit not debit so you don't get charged. I don't have one so I have no idea.

Personally, cash and checks are the place to be - although if you buy the fancy checks from checksunlimited its expensive!
I am not charged a fee if I use my debit card. They only time I am charged is if I use it to get money out from an ATM that is not my bank.

Whoever told you that about the credit/debit thing seems a bit misinformed. As I said, I am not sure what is going on with this bill, that may change things as they are now.


Comment by wickedpam on 06/08/2011 17:57:17
hmmm - sounds like these people could be talking out of their hat - thanks for clearing that up you guys

Comment by Raine on 06/08/2011 18:34:01
Looks like we won on the Debit card Fee vote! In listening to what CBS news is reporting, the fees charged to STORES and RETAIL establishments was 44 cents. it was brought down to 12 cents. BA

Comment by Raine on 06/08/2011 18:35:29
Quote by TriSec:
When you use debit cards at a "point of sale", it does not generate a service fee. However, unlike a credit card, if said purchase goes over-limit, it will go through anyway without generating a warning, then you get the big fees further downstream.

At least that's the way it works at Watertown Savings (MA). Of course, your state regs may vary.

Actually I believe that rule has changed. I think the new regulations say that you cannot use a debit card if it goes over the amount in your bank.


Comment by Raine on 06/08/2011 19:11:21
Just to make this Debit card thing back to home: The big banks make $1.35 billion a month from their big swipe fees.

The wont be doing so any more.

Comment by Raine on 06/08/2011 19:15:53
Wow-- listening to Randi -- Yeah, I have to agree, Ed Shultz is doing the work of the wingers.

Comment by Raine on 06/08/2011 19:16:34
And Ed Shultz is really starting to step on a lot of good progressive feet. NOT cool to talk to Bill Press that way.

Comment by BobR on 06/08/2011 20:09:42
Here's how it works with SunTrust:

If you use your card at a store as a debit card, you are not charged anything until you use it as a debit card more than X number of times in a month. Then a small charge applies (10 cents, I think).

If you use your card at a store as a credit card, you are not charged anything ever, and you can use it as much as you want. Plus - you may have some purchase protection. Plus - you may earn points (I earn a Delta Frequent Flyer point for every dollar I spend using my card as a credit card).

If you use your card as a debit card, and you do not have the funds to cover it, the purchase will be denied.

If you use your card as a credit card, and you do not have the funds to cover it, then what happens depends on the bank. With SunTrust you actually have the option of letting it go through and possibly incurring overdraft fees (if you do not get a deposit into the bank in a hurry), or having it denied at the purchase.

For ATMs, the fees apply as you expect from an ATM card.

Hope that clears things up...