Wednesday, November 26, 2008
We've all heard the term 'Reaganomics' touted by Republicans as if it were some magical formula for economic success. Sorry folks, but it was anything but. In fact, 'Reagonomics turned out to be a colossal economic disaster. Called 'Voo Doo Economics' by George Bush I, but you might also call it 'Smeaganomics' since it's really mostly smoke and mirrors (smeag - pronounced 'schmeg'), designed by a a bunch of financial con men hired by a Hollywood actor had-been.
What people fail to remember is that during Ronald Reagan's tenure in office, our national debt ballooned from the $85 billion inherited from the Carter administration to $283 Billion when Reagan left office. That's a 333% increase. Reagan set 5 new national debt records. Then Bush I came in office and set two more new records in four years, leaving us with a (1) national debt of $399 Billion .
Apparently, Reagonomics consists mostly of borrowing money, not paying your bills, giving tax breaks to your rich friends and spending your way to economic success. Just try that on a personal basis and see what happens!
During that 'tax and spend' Democrat Bill Clinton's 8 years at the controls, the national debt was trimmed to a mere $18 Billion - or a mere 4% of the debt he inherited. Clinton balanced the budget and left a (2) surplus of $127 Billion for GW Bush to squander - which he immediately and gleefully did.
Under Bush II, our national debt stood at $1.017 Trillion just prior to the economic crash and before the current 'bailout' began. God knows where it now is. Just remember that as of September 30, 2008 it stood at an increase of 5650% over what George W. Bush inherited!!! And, that is only one of the bitter legacies this so-called president is leaving us.
But, that's paltry compared to the projected so-called 'bailout' costs which now stand at around an estimated $8.5 Trillion. Now we're talking about some real money here!
And don't forget that under Bush II, the investment wealth of Americans has been trimmed by nearly 50% - not incidentally also making our national debt chump change in comparison. Between the stock market and housing devaluations losses are now estimated at (3) $4.5 Trillion.
Can we even add it all up I wonder? Where do we go from here? Well, hold on to your bippy baby, because it's gonna be a (4) bumpy ride!
Me, I've got a long, detailed memory. Smeaganomics and Republican conservatism my aching ass!