The Supply Side Economics Snow Job

Why is the Middle Class hurting? It started with Ronald Reagan.

John Maynard Keynes is still the foundation of international economics. Supply Side economics has never been the foundation of anything except the Reagan political campaign. Most Democrats consider supply side economics to be a politico-economic Trojan Horse.

David Stockman, Director of the Office of Budget Management under Reagan said:

"But the new catechism, as practised by Republican policy-makers for decades now, has amounted to little more than money printing and deficit finance -- vulgar Keynesiani­sm robed in the ideologica­l vestments of the prosperous classes."

When Ronald Reagan started advocating supply side economic, George HW Bush referred to it as "voodoo economics. "

"The supply-side idea is a simple one, and makes a popular political message. However, it is interesting to note that mainstream economists -- even conservative ones -- almost universally reject supply-side theory. In the early 80s, the influential and multi-partisan American Economics Association had 18,000 members. Only 12 called themselves supply-side economists.

In American universities, there is no major department that could be called "supply-side," and there is no supply-side economist at any major department.

This is significant, because academia in the 70s was dominated by conservative economic theory, and conservative economists normally welcome any ideas that make the case against government intervention.

The fact that they scrutinized supply-side theory and rejected it wholesale gives eloquent testimony to the theory's bankruptcy. When candidate George Bush called it "voodoo economics" in the 1980 presidential campaign, he was doing so with the full backing of America's economic community. "

source: http://www.washingtonmonthly.com/archives/individual/2009_09/019851.php

source:

Newsgroups: alt.politics

From: Phil <nos...@nospam.none>

Date: 8 Dec 2010 00:08:21 +0100

Local: Tues, Dec 7 2010 6:08 pm

Subject: The Supply Side Economics Snow Job - Just Another Myth And Fraud Pepetrated By Radical Rightists Who Are Ignorant Of Economics And History

Subscribe to the Rightardia feed: http://feeds.feedburner.com/blogspot/UFPYA 

Netcraft rank: 7853 http://toolbar.netcraft.com/site_report?url=http://rightardia.blogspot.com

Rightardia.blogspot.com
editor: Middle Class Warrior