In the fantasy-world of Reagonomics, wealth was expected to generate more wealth and to let some of it trickle down to the middle and lower economic classes. the Republican Party seems more committed than ever to that illusion, even though the fruits of Reagonomics are irrefutably bad. The rich have gotten richer, the middle classes have made no gains, and the lower classes have lost ground. the flow of wealth from the top down has been stifled by sheer greed.
Some numbers recently released by the Pew Research group make this clear. In 1983, the wealth of upper-income families was 3.4 times that of middle-income families. By 2013 that number had doubled to 6.6.
And, as we emerged from the recent recession, it is clear that we’ve just made matters worse. In 2010, upper-income families’ average wealth was $595,000, while lower-income families averaged just $10,500. but in 2013, upper level wealth averaged $639,000 while lower-income families dropped to $9,300.
Yes, we saved the economy but at the expense of the poorer folk among us. I consider this the biggest — actually the only — outright failure of Obama. He has failed to overcome Reagonomics.
The state of Kansas provides another example of the failure of Trickle Down economics. Governor Brownback led the charge for drastically reducing taxes on the wealthy, promising the people that the whole sate would benefit indirectly. Very rapidly, Kansas ran up a massive debt.
Ironically, one of the measures Brownback has taken to alleviate the problem is to rob state Medicaid funds — which were substantial because of Obamacare. A second measure has been to drastically reduce state spending on education. Again, the wealthy have gotten wealthier while the middle and lower economic classes have paid the price.
I am no longer able to believe that honest people can trust Reagonomics. The evidence against deregulation and reduction of tax rates for the wealthy is simply overwhelming. There is no room for honest doubt.