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« Opinion
Turn back the clock on trickle-down economics
Turn back the clock on trickle-down economics
EDITOR:
I can’t believe that our government named an airport after Ronald Reagan — and an aircraft carrier. This guy and his trickle down theory helped to destroy the manufacturing base in this country and cost workers their jobs. All of those tax cuts for the wealthy and corporate America went back into their pockets and helped them move their businesses overseas and to Mexico. Then along comes G.W. Bush and he gives the richest 1 percent another tax cut. Am I the only one who sees something wrong with this picture? At least there can be something done about G.W.’s tax cuts, but what Reagan did is irreversible and we will have to live with that forever.
Something can be done if only our people in Congress step up and make these back stabbing companies pay through the nose for what they have done to the working people in America. Roll back those tax cuts for the rich, take back the tax breaks given to companies who have moved overseas and to Mexico and give tax incentives to corporations that bring jobs to America.
BUD McKELVEY
Hermitage
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Comments
We need another Ronald Reagan more than ever. During his tenure, the rich paid more taxes than they do now because of the greatest surge in American economic history. Mr. McKelvey's twisted socialist account of Reagan is just another example why this region is the laughing stock of the rest of America. Why did the rest of our entire country enjoy such economic gains during "Reaganomics"? Because those Americans took advantage of their right to excel by recognizing the American Capitalist system is vastly superior to any other economic system in the world. While Valley residents were demanding an European style socialitistic handout from productive, ambitous Americans, they were too busy re-building their lives and building wealth and income and left the Valley in the dust.
Doesn't Mr. McKelvey remember the high inflation, high employment, long lines at the gas stations and how the communists were on the move and America was being surrounded by their hostile military actions in Central America, Africa, the Middle East and Afghanistan? That is Democrat Party President Jimmy Carter's legacy. Did Mr. McKelvey and his left wing comrades conveniently forget how Cuban communist dictator Fidel Castro humiliated Carter during the Mariel Boat Lift? Can you name one previous Democrat president Castro didn't humiliate? There isn't one.
Again, we are surrounded by hostile enemies, Venezuela, Iran, Afghanistan, Russia, Red China and North Korea. Our economy is contracting, unemployment is high, we've our lost world prestige and our freedoms, nationally and internationally are under seige and our sovereignty endangered after Bush and the new Democrat president, Barack Hussein Obama. Mmm, mmm, mm. Sound familiar?
Hmm, there is another shot at evil corporate America.
Who invests in companies? The rich. What do those investments go toward? Property, buildings, equipment, and supplies. And what does that allow for? Employment of workers. If you raise taxes, what does that mean? Less investment and fewer jobs. Do you follow Mr. McKelvey?
And yet here we are bashing the very people that provide jobs through their investments.
Mr. McKelvey, do you realize America has the HIGHEST corporate tax rate in the entire world? If you include that with the high costs of labor in this country (thanks particularly to organized labor's efforts to get paid beyond what they should in a lot of the cases), is there any question as to why companies want to move offshore?
Now, what do most Democrats advocate? Hmm, higher taxes and the further empowerment of organized labor. Maybe
Have you ever thought for a second that if businesses got tax cuts in America they'd be more willing to stay? This argument is a lot more logical than saying lower taxes contributed to companies moving offshore.
Furthermore, would you be willing to pay a higher premium on domestic goods? If anything is going to hurt the lower classes, it is going to be domestic industry. They will be hit the hardest because they would have to pay higher prices for the same goods they could have bought for a lot less if produced overseas.
Ever see a poor person create a job? Ever see poor people open businesses and hire people. Name ONE Democrat Party policy that actually created real wealth that everyone could strive for and obtain with determination and education. Most Democrat Party policies are wealth destructive, illegal redistribution of peoples assets, and something I will oppose all the time. If you want a county founded on true equality and equal wealth check out Cuba. Just in case McKelvey has been asleep for the past 70 years, it called COMMUNISM. Get a real life. By the way, I bought my first house in 1980 at the end of the Carter Administration. My interest rate was 13% and the rates had just dropped from 21% in the previous year. People bytch now because they have 6% rates. I have NO sympathy. Reagan also buried the Soviet Union, just in case you slept through that on too. Don't come back with the fact that Reagan ran up a debt. Yep he did, but that 's what beat the Russians, ended the Cold War, and SAVED BILLIONS OVER THE NEXT TEN YEARS BECAUSE WE DIDN'T HAVE TO HAVE HIGH DEFENSE BUDGETS!!!! Of course, the Democrats can't do that math either.
It's no sense attempting to talk sense into a socialist; either they're too stupid to get it or they do get it but are too terrified to admit the truth to others and themselves.
The letter writter is a typical Valley resident who can't or won't see the truth that capitalism is superior to all other economic systems. The local steel mills began closing in 1977; the reason, the USA, EEOC, consent degree, and ignorance. It's been 32 years now and the Vals still demanding the govt. bail them out. Haven't they learned socialism doesn't work? Except for the socialist politicians being re-elected by promising those useless idiots more freebees and never delivering. I thought the Dem-o-crats are for da "liddle guy" and the Re-pub-lic-ans are for da "big guy".
Really Bud? Reagan was one of the best things that ever happened to this country. You ought to be thanking him that you are not speaking Russian!! Reagan promoted capitalism, national defense, and common sense.
How many lower income individuals are creating jobs? Do they hire people to mow their lawns, shovel their sidewalks, or clean the family pool? Whether you like it or not, the rich are what enable the economy to grow. As the rich get richer, so does the rest of the country, because they provide a capitalistic stimulus plan.
Sooner or later, taxes are going to be raised on everyone in this country, it is just a matter of looking at the numbers. Stimulus plans, bailouts, and healthcare budget dollars do not grow on trees at 1600 Pennsylvania Avenue.
Quit whining and suck it up!! If you are envious or would like to make more money, take a second job or start a company. You are allowed to do that in the USA. Just because you want something does not mean you need it. Go out and earn it the American way, by working for it!!!!!!!!
Handouts and freebies are for the mediocre.
"Ever see a poor person create a job? Ever see poor people open businesses and hire people."
Are you comfortable hiding behind your fact-less opinions and half-truths, clarkkent?
2/3 of the world's billionaires started out POOR. Gasp! Trickle-UP economics??? Who would have thunk it!
http://www.forbes.com/2007/06/22/billion...
Just a few thoughts on the comments posted regarding this letter.
Re: Highest corporate tax rate.
Between 1998 and 2005 72% of foreign companies and 57% of US companies doing business in America paid no federal income tax for at least one year. More than half of all foreign companies and 42% of US companies paid no federal income tax for two years during the same period.
Re: Low Military budget.
The population of the US is 4.5% of the worlds population. The US Military Budget is 43% of the worlds Military budget. The US has more than 700 military bases on foreign soil.
Re: Unions are responsible for companies moving overseas.
Only 8% of private labor is union. How can 8% of the work force ruin the playing field for the other 92%.
Reagan deregulated the airline and trucking industries and both are now in ruins. Before deregulation we had a million airlines and they all made money. Now they are all flying junk and going broke. The trucking industry was thriving before deregulation and now Mexican truck drivers rule the roads.
Reagan spent millions to break the air traffic controllers union who struck over working conditions related to safety. The replacements couldn't handle the load so flights were cut and 10's of thousands of airline employees who were working and paying taxes went on unemployment and the flying public suffered.
Complaints were written regarding the stimulus package that kept millions working and off of unemployment and missed house payments. The economic bailout that kept the financial markets from collapsing and causing a depression and health care reform for a clearly broken system. Those three things that some people have so much trouble with cost less than the Iraq War,the Bush tax cuts for the wealthy and the unfunded Bush drug program.
I thank Reagan for breaking the Airline Traffic Controller Union. Remember when it tried to shut down the airline industry? They lost and the airline passangers were victorious.
De-gregulation is beneficial to the trucking and airline industries. Why should the taxpayers pay a business for not being able to compete? We need even further de-regulation. Mexicans rule the trucking industry? Blame NAFTA. And the high taxes truckers are forced to pay.
We need an enormous military bugdet because we have lethal enemies: Russia, Red China (25% of the world's population), Iran, Venezuela, Cuba, North Korea.
Corporate income tax is way too high; it's no wonder they want to re-locate overseas for cheap labor and the socialist advantage of being subsidized to leave.
Unions are -8% of the private work force because most American workers don't want to pay membership dues to a business (unions) owned and ruled by Mafia-socialist thugs who are the Directors and officers of their corrupt enterprise. ACORN and UAW employees attempted to unionize their workforce and failed. They're fortunate they are still alive and/or not permanently disabled.
You're right about one point CamBilge, the American worker refuses to permit -8% (the union workforce) to destroy the their jobs and rest of the American ecomony. They speak loudly when unions like the SEIU attempt to organize them; and they shout, NO!
It's going to be very entertaining to watching the UAW negotiate againt itself because the Bamster and the union now own GM; so now the UAW is both is a management/union organization.
One good thing, if a GM new car salesman can't convince a prospective buyer to close a deal; the UAW can always break his leg, threaten his family, etc. if he tries leaves without a new Chevy Cruze. Make him an offer he can't refuse, lol.
Cambridge, corporations have to turn a profit to pay taxes. Then if you're an investor that money is double taxed when you have to pay taxes on dividends.
I hate when people talk about the tax cuts going to the wealthy. 47% of people pay no federal income tax, if you could figure a way of cutting something out of nothing let me know. It's time for the fair tax.
The problem isn't taxation without representation it's representation without taxation.
I love how big labor bashes big business, wall street and corporations. But they sure do love to invest their pension money in stocks and bonds and reap the rewards of their investments in big business.
Hey Woody,
You make a compelling point. If Big Labor detests Big Business and Wall Street, why not pump all their pension money into their own companies. Example, allocate the majority of their pensions to GM & Chrysler stock. You guys along with Barry O. are running those companies. Why not put your money where your mouths are?
In a separate point, Westside, your argument of Trickle-Up economics does not apply to Reagan's trickle-down economic theory. If a billionaire grew up in poverty, then made something of himself/herself does not make it Trickle-Up Economics. It makes them a success story, who probably utilized that success and wealth to create jobs, thus trickle down economics.
Search....Know what I hate? I hate when some corporation pays it's top executives hundreds of millions of dollars in compensation to fly around in private corporate jets and then pays no federal income tax because it fails to make a profit.
To the people that keep saying that "Big Labor" detest "Big Business" and Wall Street you should give an example of a union spokesperson making a statement of how they detest BB and WS. You wont be able to do that because it's not the case and it is a ridicules statement.
Cam....know what I hate? When our citizens pay for the Bamsters date to Paris when he should be redistributing our money to us...? I know, I know...He deserves a vacation. Look at all he has done. Nothing like pretending to give a sh..
And dont tell me it didnt agitate you just a bit!
marley....LOL! Nothing agitates me.
George W. Bush took 879 vacation days. I know, I know....he deserved a vacation. Look at all he did.
http://www.cbsnews.com/stories/2008/03/1...
Big labor IS big business. They're both one of the same.
Bush and Obama, the Dems and the GOP both are destroying America. However, the process has been speeding exponentially.
Cambridge....You are right about those guys that spend "Millions",like Obama who took 2-Jets, his wife,and of course "Lady O" to try and get Chicago the Olympics"IT ONLY COST US OVER 1 MILLION DOLLARS",and Chicago can"t even afford it,while he couldn't spend time to talk to his General !
Cambridge, Yo, dude. Where do you get 700 overseas military bases. Having spent over 22 years in the military and 8 of them overseas, there ain't 700 bases. There also were't "millions" of airlines before deregulation either. You need to put the crack pipe down and try to get a grip.
clarkkent....Click the link for the number of US bases world wide. With the escalation in Afganastan I'm sure the number is growing. I've seen web sites the say over 800 but I don't want to use blogs as a source. Yahoo also listed over 700 overseas. I might be off on the number of airlines.
http://wiki.answers.com/Q/How_many_US_mi...
Oh, and I don't do drugs. You were probably thinking of Rush or Glenn Beck.
Or Ted Kennedy, lol.
Or Barack Hussein Obama, mmm, mmm, mm. Didn't the Bamster do coke? Oh didn't he inhale, lol but maybe his gay lover did.
"lol but maybe his gay lover did" is that necessary Pro?
Obama did live with a gay communist child molester. He also admitted he did coke.
It was Obamer that said he was all about "change"...laughable...then he went out and did what every polatiton has done before him...good example oh wonderous leader...and people fell for it hook line and sinker. CHANGE my ###! Spend pend spend...What about leading by example.
Cambridge, a few folks occupying a site for limited duration, such as in Iraq or Afganistan doesn't qualify as a "base". I trust you've never been in the military, otherwise you'd clearly know the difference between a base and just a location where military forces are occupying.
clarkkent....Tell it to all these people. When troops from another country are occupying your property in your country what would you be calling it?
http://www.google.com/search?hl=en&q...
cambridge, you like to keep running the million dollar execs by us. No problem with that, I have my favorites also. Maxine, Nancy and "Barney" to name a few.
My 401 is invested in a lot of corporations and I would say that yours would have to be also if your up over 20% as you stated awhile back. How do you deal with that, investing in these companies that have high paid execs and also create jobs? I know, if they would sell their jets you might be up 30%. Whenever they have layoffs their stock price tends to go up. Maybe they should have layoffs and then pay more taxes. You are probably okay with that. Of course more taxes are just around the corner regardless of what it may be called.
Seriously, I find it amazing that you supposedly work in industry in probably a salaried position and still do not understand where jobs come from. I am sure your company CEO only makes 20% more than you do.
Westside said that 2/3rds of the worlds billionaires started out poor and joked that it would be "trickle up economics." He made a joke of it and then posted a link that shot his remark down. Love it!
Another excellent letter by Mr.Mckelvey.The Gipper will certainly go down in history as one of our worst presidents.Not as horrible as George W but certainly right up there.All you have to know about Reagans economic plan is to remember how his VP Bush described it.Voodoo economics.It didn`t work then,it didn`t work under Bush.It won`t work under Kasich if he gets elected.IT DOESN`T WORK.But yet the GOP and posters like Pro-Am keep trying to convince the public that it does.Oh, wait a second.It does work for the richest citizens but Joe Bag O` Donuts gets the shaft as usual. We need another Reagan about as much as we need Sarah Palin or a case of swine flu or a heart attack,well you get the idea.I think Reagan should be on Mount Rushmore but I`m not talking about his head up there.The opposite end is much more fitting.Keep up the good work Bud,by seeing the usual responses by the fringe on here,I see you hit a nerve.The truth hurts,especially when it concerns Saint Ronnie.What a joke.
Axle, I'm sure the former dictatorial leaders of the USSR didn't like Reagan either.
REAGANOMICS DID WORK AND IT DID WORK QUITE WELL!
Bush, Sr. didn't like Reagans's economics either because Bush, Sr. is a liberal.
The rich paid more taxes during the two Reagan presidential terms.
We were being surrounded by our enemies: the communists in Central America, Cuba, The USSR, Red China, etc.
Under Reagan, we re-built our ecomony, our military and our world prestige. He refused to apologize for American like the Bamster does and he supported our allies (UK, Poland, Czechoslovakia). Does the Bamster support them?
Strange, you fear conservatives but not Putin, Chavez, Castro, Al Qaeda, The Taliban and Obama.
WE NEED ANOTHER REAGAN! We have too many enemies in "our" govt. like Obama, Reid, Pelosi, Howard Dean, Bwarey Fwank, Hillary and numerous Dems and GOPers.
Worst presidents, Carter, Clinton, Bush and Obama. And the Bamster is the worst US president, a open communist. Just examine all his degenerates and communists he vetted appointed as czars.
In reality, Reagan had a mediocre jobs creation record. He also left us with an enormous deficit. Nor should we forget what trickle-down economics have done. In 1980, the top one percent of earners went home with 8% of the economic pie. Today that number is 23%. We haven't been this unequal economically since the 1920's.
Reagan created more jobs, wealth and income than all the presidents after him. The deficit was generated by the Dems who demanded wasteful govt. spending to go along with his tax cuts. The rich pay for most of the taxes. I say, abolish the capital gains tax, inheritence tax, income tax, gift tax, death tax and let the so called poor do what I do, work.
Dear POR I still feel sorry for you and yours for your mental problems and forgive you for the things you say as it is very clear that you need some kind of help . And I hope and pray that you will get it someday and rejoin the human race . I will pray for you everyday .And try to understand your problems . Keep up the hope that someday you all be well again as you seem to have a good brain or had one at sometime . GOD BLESS YOU
This is my prayer to you God to thank you for making ProMerkin a nut job. Laughter is such a wonderful gift you gave us and then to use ProMerkin as the vehicle to deliver that laughter. Thank you oh Lord for these gifts and for the Brown's who have won one in a row. Amen.
Hope and CamBilge, both of you are dangerously useful idiots. You are unwittingly helping the corporate and govt. socialists dismantle America. Capitalism is superior. Thank God for Reagan and the American citizens who had the brains to elect and re-elect him.
Cambridge I think Por is a good person who has just lost their way on some things . Maybe someday he or she will change and see the true American way .
And thank you for your blessing on the Brown's. All things come in small steps
DEAR PRO Corporate America is CAPITALISM .
But I understand your problem of not understanding that and forgive you . May GOD bless you
Hope, corporate America is capitalist, communist, socialist or any other istic as long as it can use those systems for it's own greed. I'm not pro business; I'm pro competition. I'm a capitalist and I hold corporations as responsible as government for our present condition. George Soros and other super-rich individuals invested hundred of Millions of Dollars into Obama's campaign so he is hedging his options by obligation whomever is in power.
PRO
I can see that this is useless to discuss this with you as you are blind to the truth on the subject .
So I will just wish you a Great Day and God Bless you and Yours
Hope, sometimes you and I believe the same thing. didn't you complain , and rightly so about the $28.00 toll you had to pay to NY, etc. for driving you rv home? It's bad enough you pay gasoline tax, $.44/gal. in Ohio, which includes federal tax as well, but license plate and operator's tax too.
We are over taxed and over regulated and the money we earned is taken from our pockets. Agree?
You own a rv? Why you energy wasting, planet polluting, privliged capitalistic pig! Lol, I'm just kidding, please don't take offense.
Reagan created more jobs, wealth and income than all the presidents after him. The deficit was generated by the Dems who demanded wasteful govt. spending to go along with his tax cuts. The rich pay for most of the taxes. I say, abolish the capital gains tax, inheritence tax, income tax, gift tax, death tax and let the so called poor do what I do, work.
Actually, Bill Clinton had millions of more jobs created under his watch that Reagan did. He also balance the massive budget deficit that Reagan created.
The majority of poor are poor because they are lazy and greedy. And yet, someone like myself has his gross income cut in half and I'mthe one they call greedy. Reagan created jobs by lowering taxes and the rich payed more taxes under him. He also re-built our military and America once again defended herself against the world wide war waged against her by the communists. Let the so called poor work hard, save their money, minus taxes, lol, sacrifice and stop demanding someone else pay their lazy way.
Republicans balanced the budget technically, since it is the House that is responsible for that area, and under Clinton, it was a Republican House.
We can say Clinton created more jobs, we can say Reagan created more jobs, but at the end of the day, it is private business that creates jobs and the overall state of the economy. Clinton was fortunate enough to be in the right place at the right time when the tech boom hit America, and there is no real evidence that points to the Clinton Administration as being responsible for what ultimately was a private sector revolution.
"Actually, Bill Clinton had millions of more jobs created under his watch that Reagan did. He also balance the massive budget deficit that Reagan created."
Since Clinton had a Republican congress for the last six years of his presidency and congress institutes spending (or non spending) bills I am going to have to give a small bit of credit to the republican controlled congress.
To Clinton's credit, he did understand that he needed to work with congress to get what he wanted and he did a good job of give and take.
Love them checks and balances!
Alexinytown, didn't realize that you were stating the same facts as I was typing!
Haha, great minds think alike. Maybe since two of said the same thing it is going to sink in finally :)
Remember that the "fiscally conservative" presidents of the Republican party are a myth; Reagan, Bush #1, and Bush #2 all left Americas with remarkable deficits. George W. Bush had the worst jobs creation numbers since Herbert Hoover, and George W. was a big believer in Trickle-down. He even thought it was a good idea to conduct two wars while cutting taxes!?
The problem now is not the "supply side" of the equation but the "demand" side. The more money you put into the supply side, the less is available for consumer spending, which drives the bulk of the economy after all.Real incomes and wages have been stagnating or going down for years-that is the heart of our economic problem: a lack of jobs that pay a living wage.