Saturday, April 14, 2012

Mitt Romney: This isn't the 1960s, Now Both Parents Have to Work

Published on Apr 14, 2012 by

This Romney interview was in 1994 when Mittens was defeated by Ted Kennedy.

Why, of course, did both mom and Pop have to work? What changed?

It was Reaganomics and supply side economics that fractured the middle calls. By 2008, the county also had a record  levels of poverty.

Many of these problems started in the Reagan era when taxes for the affluent were cut while the Armed Forces spending was greatly increased producing a huge increase in the national debt and deficit. 

Reagan policies actually fractured the middle class. One third became wealthy and the other two thirds tread water or declined.

The administration of George H.W. Bush and George W. Bush accelerated the slide of the middle class. The slide also occurred because of off shoring of jobs, cheap labor procured using H1B visas, deregulation and the Bush Ownership Society.

Essentially we are where we are because many of the reforms of the New Deal were undone by the GOP with the help of conservative Democrats during a 50 year period.

Oddly enough after Reagan fractured the middle calls, Republicans were reelected on a "family values" platform.

After World War 2, only one in thirty Americans was wealthy. A vast middle class developed due to VA and FHA home mortgage loans and VA education benefits that sent many veterans to college. For many American families, this was the first family member to complete college.

When Reagan was president, he used discredited Supply Side economics to lower taxes for the most affluent Americans to the 28 per cent level for income tax.

Bush cut the Income Tax on the most affluent Americans to 35 per cent. Bush also cut the capital gains tax to 15 per cent and suspended the Estate Tax. The Estate Tax only affects the top 5000 American families.

Some Americans don't understand that regressive tax policies increase the national deb and the deficit. During the Bush administration, the national debt went up $4 trillion and Bush also doubled the deficit.

The regressive tax policies coupled, the two middle Eastern wars and the Bush Ownership Society tanked the economy. Bush's unfunded initiative, Medicare part D, didn't help either.

roemney is right. man and Pops both have to work. What he isn't explaining is how this happened.

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