I join Paul Krugman in his dismay over the ability of money to negatively influence politicians considering a public option for healthcare. Here's praying for some sanity and heroism to get this accomplished without Ted Kennedy and with whimpy politicians afraid to lose campaign contributions if they do what's best for the people of this country.
It's a must read article especially if you still think Reagonomics did any good.
Showing posts with label Reagonomics. Show all posts
Showing posts with label Reagonomics. Show all posts
Saturday, August 29, 2009
Wednesday, June 3, 2009
Krugman Blames Reagan
Krugman's NYTimes article today is a must-read. He points the blame for our current economic crisis to the moment when Reagan signed a bill allowing banks to deregulate.
"Attacks on Reaganomics usually focus on rising inequality and fiscal irresponsibility. Indeed, Reagan ushered in an era in which a small minority grew vastly rich, while working families saw only meager gains. He also broke with longstanding rules of fiscal prudence.
"On the latter point: traditionally, the U.S. government ran significant budget deficits only in times of war or economic emergency. Federal debt as a percentage of G.D.P. fell steadily from the end of World War II until 1980. But indebtedness began rising under Reagan; it fell again in the Clinton years, but resumed its rise under the Bush administration, leaving us ill prepared for the emergency now upon us.
"The increase in public debt was, however, dwarfed by the rise in private debt, made possible by financial deregulation. The change in America’s financial rules was Reagan’s biggest legacy. And it’s the gift that keeps on taking."
The entire article is worth a read. It gives historical analysis, and it ends, once and for all, the greedy, crazy rhetoric that we call Reagonomics.
"Attacks on Reaganomics usually focus on rising inequality and fiscal irresponsibility. Indeed, Reagan ushered in an era in which a small minority grew vastly rich, while working families saw only meager gains. He also broke with longstanding rules of fiscal prudence.
"On the latter point: traditionally, the U.S. government ran significant budget deficits only in times of war or economic emergency. Federal debt as a percentage of G.D.P. fell steadily from the end of World War II until 1980. But indebtedness began rising under Reagan; it fell again in the Clinton years, but resumed its rise under the Bush administration, leaving us ill prepared for the emergency now upon us.
"The increase in public debt was, however, dwarfed by the rise in private debt, made possible by financial deregulation. The change in America’s financial rules was Reagan’s biggest legacy. And it’s the gift that keeps on taking."
The entire article is worth a read. It gives historical analysis, and it ends, once and for all, the greedy, crazy rhetoric that we call Reagonomics.
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