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From: Jaq (
Subject:         You vote for Boat Number 2, then?
Date: August 23, 2010 at 8:57 pm PST

In Reply to: Boats posted by Sally on August 22, 2010 at 5:26 pm:

    if large corporations or the 2% of our wealthy are doing well economically, individuals down the economic levels will also have BETTER opportunities to gain financial security than they would have had if the large corporations are not doing well OR if they had merely been given handouts.

Okay, you're thinking that when large corporations or the 2% do well, then the proletariats have better opportunities. I assume you meant "hand outs" to mean 'welfare for those not able to care for themselves' for whatever reasons.

It's interesting that you used a Reagan qupte for supply side economics "rising tide lifts all boats". So far, supply side economics hasn't really been proven to be effective especially in light of the concentration of wealth in the hands of the few while unemployment continues to rise among the lower 80% of the population.

Boat #2 I understand has been coined long ago during the Reagan years as the "trickle down" economics which oddly enough was later challenged by Herbert Walker Bush as "voodoo economics" (HWB's term). Now why would a conservative criticize the economic policies of Reagan? What happened historically during the Reagan years and since then?

    Here are some dramatic facts that sum up how the wealth distribution became even more concentrated between 1983 and 2004, in good part due to the tax cuts for the wealthy and the defeat of labor unions: Of all the new financial wealth created by the American economy in that 21-year-period, fully 42% of it went to the top 1%. A whopping 94% went to the top 20%, which of course means that the bottom 80% received only 6% of all the new financial wealth generated in the United States during the '80s, '90s, and early 2000s (Wolff, 2007).

University of California, Santa Cruz.

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