Selling the ‘Supply-Side’ Myth
Exclusive:
Any rational assessment of America’s economic troubles would identify
Ronald Reagan’s reckless “supply-side” economics as a chief culprit, but
that hasn’t stopped Republican presidential hopefuls, led by Newt
Gingrich, from selling this discredited theory to a gullible GOP base,
reports Robert Parry.
By Robert Parry
Despite Newt Gingrich’s claim that “supply-side” economic theories
have “worked,” the truth is that America’s three-decade experiment with
low tax rates on the rich, lax regulation of corporations and “free
trade” has been a catastrophic failure, creating massive federal debt,
devastating the middle class and off-shoring millions of American jobs.
It has ”worked” almost exclusively for the very rich, yet the former
House speaker and the three other Republican presidential hopefuls are
urging the country to double-down on this losing gamble, often to the
cheers of their audiences — like one Florida woman who said she had lost
her job and medical insurance but still applauded the idea of more
“free-market” solutions.
No comments:
Post a Comment