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Post By
bd2999

Member Since: Sat May 17, 2008
Posts: 14,648
In Reply To
Norvell

Member Since: Sun Jan 02, 2011
Posts: 1,585
Subj: Re: Depression historian warns of a 1929 repeat.
Posted: Mon Dec 18, 2017 at 08:41:45 am EST (Viewed 64 times)
Reply Subj: Depression historian warns of a 1929 repeat.
Posted: Sat Dec 16, 2017 at 08:48:12 am EST (Viewed 69 times)

Previous Post

Some experts (e.g. Rana Foroohar) warn that Trump's tax cuts are going to pour gasoline on the impending economic crash. This Depression historian says it's going to be worse. Robert Reich has also warned of this parallel, where the majority of the nation's wealth is funneled towards the super-rich, and where de-regulation is rampant. Straight out of 1929.

"“There are two ideas of government,” William Jennings Bryan declared in his 1896 “Cross of Gold” speech. “There are those who believe that if you will only legislate to make the well-to-do prosperous their prosperity will leak through on those below. The Democratic idea, however, has been that if you legislate to make the masses prosperous their prosperity will find its way up through every class which rests upon them.”

"That was more than three decades before the collapse of the economy in 1929. The crash followed a decade of Republican control of the federal government during which trickle-down policies, including massive tax cuts for the rich, produced the greatest concentration of income in the accounts of the richest 0.01 percent at any time between World War I and 2007 (when trickle-down economics, tax cuts for the hyper-rich, and deregulation again resulted in another economic collapse)."

https://www.washingtonpost.com/news/posteverything/wp/2017/11/30/im-a-depression-historian-the-gop-tax-bill-is-straight-out-of-1929/

The irony \(\?\) is that the Republicans will be able to avoid blame, because desperate people cling to scapegoat reasons for their problems. And Republicans, especially in the modern era, are masters of scapegoating and avoiding responsibility for their policies.

The whole tax cut is a gamble. The Republicans are not gambling on the success of the bill, but rather how ably they are able to avoid responsibility for its consequences. That's why they have no fear of casting the vote. If a Dem is a elected, they will simply shift the blame to them. It worked on Obama.

The party in power will really be the one punished for thing. One does have to give some credit to the GOP and express frustration over the ignorance of people. Cut taxes and increase the deficit and debt. Demand cuts to pay for it and keep repeating. Particularly when Dems are in power.

Just keeps going down the same hole.

The tax cut, at least at this point, as a whole, and the lies being told to sell it make no sense either. Given high employment at the moment I am not sure where they are thinking all of the jobs are going to come from. If anything, there are already an increasing number of jobs of varying kinds but there are not enough workers to fill them. This should force increase pressure to increase wages but it has not to any high level yet, but some indications it is starting.

Paul Ryan made some comment about American's needing to have more babies to keep things moving like they are, but another way that the GOP ignores that is much more useful for the now is immigration. If you need more people to do a given job or set of jobs than the economy really does not care where those people come from in the first place.

The GOP happily ignores that in their zeal to attack foreigners.




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