“The Tax Deal Is Nothing Short Of Ronald Reagan’s Notorious ‘Starve The Beast’ Strategy”
Pffft. We wish.
“It will not stimulate the economy.”
Well no, they won’t, because they’re not cuts. They stimulated the economy back when they were instituted, and kept it stimulated until, ironically, a stimulus bill was passed at the tail end of the Bush presidency. (Fake) stimulus destroyed (real) stimulus.
“A disproportionate share of the $858 billion deal will go to people in the top 1 percent who spend only a fraction of what they earn and save the rest.”
What country does this bastard live in? Where do the top 1 percent “save” their money? In mattresses? In mason jars in their backyards? What (proportionally) little money they “save” gets put back into the economy via banks, where it is available for others to use. The rest is usually rolled directly back into the economy through growing the enterprises that got the 1 percenters wealthy in the first place.
“Their savings are sent around the world to wherever they will earn the highest return.”
They wouldn’t have to send it anywhere else if the government would get the hell out of their way. As it is, the regulations and tax burdens have made it cheaper to ship goods all the way across the Pacific than to simply manufacturing them here. And that’s ridiculous.
Reich is a retarded runt.
Hear, hear. As soon as read the “savings go round the world” nonsense it occurred to me that either he is saying this stuff to snow people or he is a complete idiot. Of course investment capital seeks the best return! A smart economist might want to figure out how we can increase the ROI in the USA vs the rest of the world and attract investment, rather than try to tell us that it would be better for us if we allowed him to confiscate the capital and let him “invest it” in government programs.