IN 1980 THE federal deficit was soaring and Ronald Reagan campaigned on a singular promise: He planned to cut taxes on everyone, but especially the rich. He insisted that those benefits would quickly trickle down to everyone and supercharge the economy. Throw in some social safety net cuts, Republicans said, and the whole plan would pay for itself.
They were wrong. The rich got lower taxes all right, but the economy flatlined and the deficit skyrocketed. I should know: I graduated from college the same summer the tax cut passed, and I spent the next three years managing a Radio Shack waiting for the economy to get back on its feet. In 1982 Reagan was forced to raise taxes to make up for his cuts, and he continued raising them throughout his presidency.
In 1993 Bill Clinton passed a tax increase to reduce the deficit. Republicans insisted it would do no such thing. In fact, they said, it would cripple the economy.
They were wrong. The economy boomed, and for the first time since the Roaring ’20s, the deficit turned into a surplus for four consecutive years.
In 2001—and again in 2003—George W. Bush passed a tax cut. Once again, Republicans said it would supercharge the economy and pay for itself.
They were wrong. All we got was a jobless recovery and a housing bubble that wrecked the economy. It produced the worst economic downturn since the Great Depression.
هذه القصة مأخوذة من طبعة July/August 2020 من Mother Jones.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة July/August 2020 من Mother Jones.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
In the Name of the Mother - How Shyamala Gopalan Harris raised a presidential contender
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A few months ago, a man crawling along a rooftop in Pennsylvania tried to murder Donald Trump at a campaign rally. Hours later, press releases started to circulate, from analysts, think tanks, politicians, and pundits, all offering to cut through the swell of confusion and misinformation.
Food + Health / Global Warning - Why Project 2025 is an environmental catastrophe in the making
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WHEN IN DROUGHT
This obscure yet adaptable grain could be a healthy staple for a warming planet.
BAD HABITS
A spate of recent horror movies recycle tired tropes about nuns-and reveal society's ongoing discomfort with independent women.
Taking the Fifth For a glimpse of the Supreme Court after a second Trump term, look at the radical circuit court that's already driving America to the right.
Imagine obamacare is dead and millions of Americans have lost health coverage.
THE ARCHITECT
TRUMP WANTS TO BE KING. RUSS VOUGHT HAS A PLAN TO MAKE IT HAPPEN.
Losing Faith
As an evangelical leader, I enticed lawmakers and federal judges to adopt a conservative Christian agenda. Donald Trump’s rise proved how wrong I was.
GOD'S COUNTRY
These Christian nationalists have a plan to take over Americafrom small towns to the highest court in the land.
