More Fun with Economics

Would it be curmudgeonly, in this era of Celebrating Reagan's Centennary, to remind people that his so-called Economic Theories were big steaming piles of (oh, let's be kind) error? I say 'so-called' to modify the word 'his' in that sentence, because I remain unconvinced that the Gipper himself ever did so much as pay attention through an extended, detailed economic discussion, much less come up with any actual theory, even one as elementally flawed as Trickle-Down. [He sure was good at selling those bullet points, though, wasn't he?] The term 'so-called' also applies to the word "theories" in that sentence too, because I think what we're talking about as far as Reaganomics is concernes is more of a Sales Pitch. Or maybe a Snow Job. Or a really really BIG Big Con.

You see, a real live scientific theory is based on logic, evidence and/or applicable principles, is proveable and repeatable. Trickle Down is based on made-up logic, has no evidence backing it up, and counts on specious principles involving an impulse among profit-driven corporations to share with each other and with the workforce out of the goodness of their hearts, or maybe some sense of patriotic responsibility. (I know, I know - but a lot of people bought it then, and buy it now.) And what's been proved, repeatedly, is that these sorts of policies lead, not to increased job creation, but to increased poverty, and to a big increase in the gap between rich and poor.

Along these lines, read this piece by Robert Reich. It doesn't mention our dear departed national treasure by name, but it does paint a picture of the indelicate balance between Reaganomics and what's starting to look like Obamanomics.

...I've been watching (and occasionally trying to deal with) the Chamber [of Commerce] for years, and all I know is it has a deep, abiding belief in cutting taxes on the wealthy, eroding regulations that constrain Wall Street, cutting back on rules that promote worker health and safety, getting rid of the minimum wage, repealing the new health-care law, fighting unions, cutting back Medicare and Social Security, reducing or eliminating corporate taxes, and, in general, taking the nation back to the days before the New Deal.

There's no secret to creating lots of jobs by reducing the median wage, slashing benefits, compromising health and safety at the workplace, and, effectively, reducing the standard of living of millions of Americans. We've been doing it for years.

Those people who consider this situation to be perhaps less-than-ideal should pay extra-special attention to policy developments that are presented as 'victories.'

And, oh yes, no disrespect meant toward the Great Communicator who restored everyone's faith in Democracy and made people Believe in America (all rights reserved) again. National Treasure, American Hero, God rest and keep him safe in Mary's bosom.

(Not much of an actor, though...)