Krugman's Takedown of Ryan Demonstrates How Conservatives Are at War With the Middle Class

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by Mitchell Bard
HuffPost




Conservatives routinely paint Barack Obama as a socialist looking to redistribute wealth in the United States. (Or worse, as Rep. Bob Inglis (R-S.C.) reported that tea party leaders, during a meeting, espoused paranoid delusions of a totalitarian takeover of the U.S. by Obama.) This charge is cynical and outrageous, not just because it is false and a naked attempt to use fear mongering to drum up votes, but because there is actually a group of Americans actively engaged in wealth redistribution, and they have been for quite some time.

Who are these people looking to move massive amounts of assets from one subsection of Americans to another? The conservatives themselves.

Beginning with the Reagan administration, and reaching its fullest realization during the presidency of George W. Bush, conservatives have systematically been acting to redistribute wealth from the middle class upward. The result has been the steady decay of the middle class, and it's all a result of conservative policies, specifically involving taxes and deregulation.

Bush successfully pushed through accelerated deregulation and massive tax cuts for the highest earners. The result was that while the wealthiest Americans saw substantial income gains, real income for the middle class was static (and far below the robust growth of the middle class during the Clinton administration). And when, in the absence of regulation, Wall Street's reckless bets nearly brought ruin to the financial industry, the result was a massive recession that severely hit the lower, working and middle classes.

As I lamented last month, middle and working class Americans have every right to be angry now, but that anger shouldn't be directed at the Democrats in November, but at the Republicans, whose policies created the economic mess the country finds itself in. Which is why I was so happy to see Paul Krugman's annihilation of the economic plan advanced by the so-called "intellectual" star of the Republican party, Rep. Paul Ryan of Wisconsin. Krugman exposed Ryan's plan for what it is, a replay of the Bush economic policies, only this time on steroids: A massive tax break for the wealthiest five percent of Americans that would cost the country $4 trillion over the next ten years, a tax increase for the other 95 percent of Americans, and monumental cuts in government spending that would cause catastrophic pain for the lower, working and middle classes (while having little effect on the wealthy, the primary beneficiaries of Ryan's plan). Oh, and Ryan's plan would add to the deficit, pushing it far beyond the current projections for 2020. (Of course, Ryan is touting the savings of his spending cuts without accounting for the costs of his tax cuts for the rich.) ............(more)

The complete piece is at: http://www.huffingtonpost.com/mitchell-bard/krugmans-takedown-of-ryan_b_674845.html