Reagan,. Was he tricked, coerced, strong-armed, or? Into the Trickle-Down theory, that was the beginning of a massive wealth shift to the few Elites at an exponential rate? When young, I was a strong supporter of Reagan, and just assumed he was correct. I liked his strong policies at the time
(media.greatawakening.win)
🤔💭 Theory 😲💡
Reagan policies created more small, home, and family owned business upstarts during his time in office than at any other period of time in modern history. Left wing pundits like to omit that fact.
While it's true his policies also helped big businesses owned by the wealthy, (his policies helped all businesses) the negative spin painting him as favoring the rich over poor is unjustified, and disproven by the overall prosperity Americans enjoyed.
Yes, ok, but look at when the number of Billionaires accelerated... Also, look at when China sealed the deal by having a huge spurt of Billionaires... I'm not saying Reagan didn't have good policies, but Tricklenomics wasn't one of them, and as I stated there are pictures at the Grove.
Someone else stated that Reagan said it was already too late.
So— one thing to keep in mind is the context of the crisis Reagan was facing as he entered office. Aging factories could not keep up with surplus demand, opening the floodgates foreign products. American factories aged and went without updates because the cost of capital was too high and investors and those individuals with excess capital largely felt it was a better investment to hang on to cash rather than invest it. (The marginal tax rate for the highest earners was upwards of 70% in 1980 vs 37% from 2021. Fed funds was ~19% as Reagan entered office as well)
Reagan’s policies of “trickle down” economics worked almost too well, as it resulted in a flurry of new investment activity, resulting in the small business gains cited elsewhere, among others. Significant investment dollars ultimately and certainly unintentionally poured into microchip technologies, which distributed most of the wealth of the era into the hands of information workers, and in many ways left factory workers behind. This resulted in the significant wealth gap we see today.
So, I think it’s a bit unfair to say that trickle down was not a great policy; because at the time it did what was needed. At the same time, we can’t look to Reagan’s policies and expect a similar solution today.