WRECKONOMICS

[clarence swinney]

WRECKONOMICS
COURTESY :WALL STREET OF AMERICA
LEADERSHIP VIA CONSERVATIVE POLICIES
THANKS TO RONALD REAGAN AND G W BUSH

From 1946 to 1980 the period was known as the GREAT MIDDLE CLASS YEARS
Each President worked to reduce the Debt from WWII.
In 1980 Debt was less than 1000 Billion and Government Spending was 600 Billion per year.

Reagan boastful Cut Taxes plus Cut the size of Government was a Trojan Horse, per his OMB Stockman, to cut Taxes for very rich.

Reagan was Governor for 8 years during which he increased Taxes on many items.
He increased the state revenues more than any predecessor.
By Far. Cutting Government? Ho Hum. Blarney Baloney once more.


Reagan policies increased Spending by 80% .
Debt by 186%.
9-3-01 Debt was $999.9 Billion and 9-30-89 at $1,859 Billion
Conservatives use Spin: It was Congress.
From 1930 to 1980 we spent $6066 Billion.
Reagan 8 Budgets totaled over $7000 Billion.
Congress? Ho Hum.
Blarney Baloney.
Congress returned Reagan 8 budgets for his signature with
fewer total dollars on them.
Haynes Johnson in “sleepwalking” said Reagan administration was “most scurrilous in history”
138 were investigated /charged/fined. More than total for all preceding Presidents in 20th century.
There were scandals in 27 Departments of the Federal Government.
Most involved money fraud.
The book “Ronald Reagan-There he goes again” documents over 300 incorrect statements by good old Ron.
Each President from 1945 reduced the Debt then came Spend-Borrow Reagan
to increase government by 80%.

THEN-Here comes GHW BUSH.
No braggart here. Nice Gentleman.
He increased Debt to $4411 Billion.
A 54% Increase.
Give him credit for increasing Tax on Rich due to out of control Deficits.
He had courage to put America first over ideology and party.

THEN-Pay your Way CLINTON ARRIVES
The Debt on 9-30-1993 was $4411 Billion.
The Debt on 9-3-01 was $5807 Billion.
An increase of $1396 or 31%
Clinton reduced the Deficit in each of first four years.
He ended with a surplus.

HERE comes old King of Spend-Borrow GW BUSH
Debt was $5807 Billion and on 9-30-09 it was $11,909 Billion.
105% increase.
Reagan-186%
Bush I-54%
Clinton-31%

Reagan-Bush I-Bush II did not pay down a penny of debt in 20 years

Those 4 added $10,946 Billion to our Debt.

Three so called conservatives promoted cut government.
Up = Down to them.

INTEREST ON DEBT
9-30-81 to 9-30-09 we paid $8400 Billion in Interest.
87% Interest Paid on Debt incurred by the Famous 3.

The $10,946 in Debt plus $8400 Billion of Interest is $19,346 Billion.

Revenue not received due to Reagan + Bush I Tax cuts was $26,000 Billion.

We have a $12,00 Billion Debt in 2010 and would have a $14,000 Billion Surplus
were there no Tax Cuts primarily to enrich the rich of richest.

Now! What do we do?

Increase Unearned Income Tax to 28%.
Increase Top Income Tax Rate to 40%
Increase Estate Tax big time big time biggie
Increase collections on Corporate profits—16% average payment(top rate 35%)

In 2003 distribution of corporate profits by CBO report revealed
Bottom 80% of Income earners got 8%--Top 5% got 67%---Top 1% got 49%

Renew Revenue Sharing to return cost to rich from middle class

Cover our 3500B Budget would require:
Flat Tax of 35% on Income
Flat Tax of 40% on Consumption

Neal Boortz 2005 Book proposes a 23% Flat Tax.
Smoking a weed?
How do you cover a 3500B budget with 23% (2300)of 10,000 Total National Income?
23% of 10,000(2300) leaves a 1200B Deficit. Typical Republican logic.
Spend + Borrow let kids pay tomorrow GOP policies.
No deductions. None. Dream on.

Clarence Swinney
Burlington nc [e-mail]
Political historian since 1991 on Reagan-Clinton-Bush II administrations.
Lifeaholics Of America -- old n ugly but honest
Author-Lifeaholic-Work for a Life not just a Living—Workaholic to Lifeaholic
Author-forthcoming-All American Party—How Democrats created a Great Middle Class and Conservatives are determined to destroy it
Many Stats from 12-6-09 polidose.com article by John Lucia “The National Debt:Betrayal and Devastation