If the IRS came to you with the following proposal, would you take it?
We want to your your tax rate in half. But instead of just giving you half of your money back we want to borrow it for a few years. Then we will give it all back to you — plus a lot more added on in interest payments.
(The catch is, you have to measure your annual income in the million dollar-plus range in order to take advantage of this program.)
This, folks, is Reaganomics in a nutshell. Starting in the early 1980s the top marginal tax rate was dropped from around 70% to around 35%. But the government did not stop spending. In order to make up for the shortfall, the government began borrowing — and borrowing — and borrowing.
This overall structure has remained in place for over 30 years now, regardless of President, regardless of Congress. The results have been disasterous for the American working and middle classes. There’s a graph up there if you need it. But that much has been well established here. That much is settled fact. From whom does the government borrow billions and trillions of dollars? The answer is not: from people living paycheck to paycheck.
Since 1980 not one significant Presidential candidate run on the premise of ending Reaganomics. Not one, that is, until 2015/2016. That candidate’s name is Bernie Sanders. That is his message: We must end the Era of Reaganomics. Hillary Clinton’s message is one of doing what we can with Reaganomics still in place.
Think about it. That is what his message boils down to. That is the essential difference between the candidates. Once candidate’s vision is the end of Reaganomics. The other’s is the continuation of Reaganomics.
That is why Bernie Sanders is giving people hope. That is why his supporters know it is possible for him to succeed. Because every era comes to an end eventually — even Reaganomics. But just as it took a leader with vision to begin that era it will take a leader with vision to end that era.
Do you want to bring Reaganomics to an end? Then screw up your courage and dare vote to support the first major candidate that dared say so.
Fini.