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Subj: Depression historian warns of a 1929 repeat.
Posted: Sat Dec 16, 2017 at 08:48:12 am EST (Viewed 271 times)
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)."
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.
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