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Turn back the clock on trickle-down economics



Published: Mon, October 5, 2009 @ 12:00 a.m.

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


Comments

1Alexinytown(246 comments)posted 4 years, 9 months ago

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.

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2thepotstirrer(67 comments)posted 4 years, 9 months ago

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.

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3westside(47 comments)posted 4 years, 9 months ago

"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/bill...

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4cambridge(2972 comments)posted 4 years, 9 months ago

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.

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5Search4Answers(718 comments)posted 4 years, 9 months ago

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.

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6Woody(451 comments)posted 4 years, 9 months ago

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.

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7thepotstirrer(67 comments)posted 4 years, 9 months ago

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.

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8cambridge(2972 comments)posted 4 years, 9 months ago

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.

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9pit_bull_marley(291 comments)posted 4 years, 9 months ago

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..

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10pit_bull_marley(291 comments)posted 4 years, 9 months ago

And dont tell me it didnt agitate you just a bit!

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11cambridge(2972 comments)posted 4 years, 9 months ago

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/2008/0...

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12cambridge(2972 comments)posted 4 years, 9 months ago

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...

Oh, and I don't do drugs. You were probably thinking of Rush or Glenn Beck.

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13Search4Answers(718 comments)posted 4 years, 9 months ago

"lol but maybe his gay lover did" is that necessary Pro?

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14pit_bull_marley(291 comments)posted 4 years, 9 months ago

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.

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15cambridge(2972 comments)posted 4 years, 9 months ago

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=...

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16redvert(2048 comments)posted 4 years, 9 months ago

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!

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17AXLE69(181 comments)posted 4 years, 9 months ago

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.

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18Ytownboy(142 comments)posted 4 years, 9 months ago

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.

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19cambridge(2972 comments)posted 4 years, 9 months ago

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.

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20Ytownboy(142 comments)posted 4 years, 9 months ago

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.

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21Alexinytown(246 comments)posted 4 years, 9 months ago

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.

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22redvert(2048 comments)posted 4 years, 9 months ago

"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!

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23redvert(2048 comments)posted 4 years, 9 months ago

Alexinytown, didn't realize that you were stating the same facts as I was typing!

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24Alexinytown(246 comments)posted 4 years, 9 months ago

Haha, great minds think alike. Maybe since two of said the same thing it is going to sink in finally :)

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25Ytownboy(142 comments)posted 4 years, 9 months ago

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.

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