Two Santa Clauses and "Voodoo" Ecomomics

Thom Hartmann wrote an excellent article detailing the economic maneuvers by Republicans over the last 30 years (click title link to see full article). He takes us from supply-side theorist Jude Wanniski thru George W. Bush, and how his theories propelled the Republicans into office for 30 years. Some facts that should make you stop & think:

1. To promise tax cuts in order to get elected (15% maximum on the rich under Bush)
2. To focus on the capital gains tax (rich folks plow their extra money in stocks, not jobs)
3. To ignore federal budget deficits (it was under a trillion dollars in 1980, but almost 3 trillion by 1988)
4. To cut the power of labor unions (represented 25% of the workplace in 1980 to about 8% today)

According to Hartmann, "In reality, his tax cuts did what they have always done over the past 100 years – they initiated a bubble economy that would let the very rich skim the cream off the top just before the ceiling crashed in on working people."

Sources:
Thom Hartmann,Two Santa Clauses or How the Republican Party Has Conned America for Thirty Years, http://www.commondreams.org/view/2009/01/26-0