Reagan Destroyed the American Dream

Reagan Destroyed the American Dream: It’s difficult to overstate how badly Reagan hurt America by destroying Roosevelt’s social contract to raise-up low-income earners’ so they could share in the nation’s prosperity. Reagan raised taxes three times and tripled the deficit, yet Republicans misremember Reagan as a tax-slasher. White working-class “Reagan-Democrats” fail to recognize that Reagan hiked taxes on worker’s payroll taxes, hurting only the poor and middle-class whose income was considered payroll. Reagan did not raise taxes on the wealthy, but instead shielded them. Reagan actually cut tax rates for the ultra-rich, slashing the top rate from 70 to 28 percent. Since Reagan, the Income Inequality Gap has soared, while wages have stagnated. Old guard Republicans tried to control Reagan’s ballooning deficits, rolling back 40 percent of Reagan’s tax cuts. But, when Federal Reserve chairman, Paul Volker, finally halted inflation, the economy rebounded. Confused supporters of Reagan’s tax cuts claimed victory for supply-side economics believing the cuts had outpaced deficits. By 2009, however, tax-cutting had starved federal revenues down to 15 percent of GDP––a level below the 1940s. Corporate Media and white “admirers” sold the myth. But four years after Reagan left office his approval rating was down to 43%, while President Carter’s public’s approval rating has maintained a steady 60%. Reagan’s hometown, Dixon-Illinois, is a dead hole thanks to Reaganomics. Today, the top 1% owns 70% of the wealth of America. Thanks to billions in propaganda and corporate owned media white middle class Republicans and Reagan-Democrats couldn’t believe an evil Reagan was hiding his anti-low income earner attitude behind a Hollywood smile. Reagan worked only for the wealthy, never for the working class. Reagan believed that wealth trickled down only to those who deserved it. Today, production is up, the wealthy are richer, and the middle class low-income worker is worse off than in1970. Richard Dorsey, Hacienda Heights, CA.

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