Free-Market Empiricism Severely Punishes Free-Market Ideologues
February 22nd, 2009
The fiscal conservative finds themselves betrayed by the rise to power of their own icons. The best way to test an idea is to put it out into the free market. Then observe what happens and collect the empirical data.
Conservatives like to refer to the Reagan Era as the moment when their values found their way to the White House. In their own minds Reagan reversed decades of a weakening economy, moral degradation, and our National standing in the world. But evidence tells otherwise.
Via zFacts.com
The gross national debt compared to GDP (how rich we are) reached its lowest level since 1931 as Reagan took office in 1981. It skyrocketed for 12 years through Bush senior. Clinton reversed it at a peak of 67%. Bush junior crossed that line on Sept. 22 and hit 69% on Sept 30. That’s the highest it’s been since 1955Bush did three things to skyrocket the debt from $5.7 trillion to $10 trillion:1. He lowered taxes on the rich (by far the biggest item).
2. He invaded Iraq instead of winning in Afghan-Pakistan (another $600 B).
3. He deregulated Wall Street speculators. That bailout has now “invested” $1T
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Tom Humes