Back before President Reagan started the Republican tradition of enacting ever larger tax cuts for the ultra rich, the rich and famous appeared to be living quite well, despite paying far higher taxes then they do today. Then President Reagan announced his "trickle down" theory of economics. This theory posited that the money that the rich and large corporations saved in taxes would be reivested in businesses that would create jobs, and thus there would be more total money to tax.
Some said that this "voodoo economics" would lead to a massive national debt. And, under Reagan, the national debt reached new highs. This was reversed during the Clinton Administration. But, then President George W. Bush enacted even greater tax cuts for the rich while sending bonus refund checks to the poor and middle class. The result has been that the national debt has skyrocketed out of control, as the economy has fallen into an abyss. Unemployment and home foreclosures are at the highest rate since the Great Depression and the national debt is in the trillions.
The problem is that instead of investing their new found bounty in their communities, the super rich instead squirreled it away, often in overseas tax havens. And, instead of creating more jobs for Americans, the super rich now farm American jobs overseas, so they can pay their employees sweat shop wages and not have to worry about such trifles as unsafe working conditions, or using child labor.
It is time to stick a pin in the doll of voodoo economics!
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