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0 Alex F

Rancho Cordova, United States

30 minutes ago

President Reagan Before Reagan, 20% of wealth in the U.S. rested in the hands of the top 1% of income earners. At the end of Reagans era the amount of wealth in the hands of the top 1% grew by 75%. By 1989 35% of all wealth in America rested in the hands of the top 1%.. It was clear the distribution of wealth went from the poor to the rich under Reagan. How did it happen? In 1981 the top tax rate was 69.13%. In 8 years Reagan cut the top tax rate by more than half to 28%. How did that affect jobs, unemployment, poverty? Reagan tripled the National Debt, from $900 billion to a record $3 trillion (4.5 trillion by 2011 standards). Saw the unemployment rate reach 10.8% (highest since the great depression). The unemployment rate did fall over the Reagan years, but not until he raised taxes... 11 times. Enabled over 2 million American manufacturing jobs to be outsourced to other countries. Presided over a recession that lasted 1 year and 4 months, the longest since the great depression. Enabled worker's wages to remain frozen for 8 years Oversaw corporations layoff tens of thousands of workers while making record profits. Saw home ownership decrease. Watched the poverty rate steadily increase. President Clinton raised the top tax rate from 31% to 39.60% Balanced the budget and created the largest surplus in American history. Created 22.5 million jobs, the most ever created by a single administration. 92% of them private sector jobs Saw the economy grow for 116 consecutive months, the longest in history. Witnessed unemployment drop to the lowest level in 30 years. Oversaw Inflation drop to lowest level since the Kennedy administration.

Saw the poverty rate decline to the lowest level in 30 years. Enabled home ownership to reach it's highest level ever recorded. NOTE: I repeat Clinton raised taxes by 8.6 percent on the very rich and created 22.5 million jobs. I guess raising taxes is not the job killer it is thought to be. Poverty also decreased. Now look at Bush and Reagan to see what their lowering of taxes on the very rich did to poverty.

President Bush Bush lowered the top tax rate to 38.60% for 2 years and then to 35% where it remains today Created a record $1.3 trillion deficit in 8 years after inheriting a $236 billion surplus. Has the worst record of job creation ever. Saw over 4.5 million job losses in his presidency. Watched as unemployment rose to highest levels in 15 years. Enabled the poverty rate to increase from 11.25% to 19% in 8 years. The number of severe poor grew 56% faster than the rest of the poor Saw inflation rise at the fastest rate in 17 years
2 Replies

23Please sign in to rate!Please sign in to rate!5 Sam N

Agoura Hills, United States

3 hours ago

very few people understand what you wrote, or even want to believe it. they only believe what the television tells them and will not research anything. thats why there is so much ignorance in America. and thus ignorant people get elected.

20Please sign in to rate!Please sign in to rate!2 Sensible 3 hours ago

Gee the facts just don't seem to jive with talk radio....

9Please sign in to rate!Please sign in to rate!0 Spot

Collinsville, United States

2 hours ago

Sam I under stand what he wrote and I am not the smartest dog in the litter

20Please sign in to rate!Please sign in to rate!2 Alex F

Rancho Cordova, United States

2 hours ago

President Eisenhower Eisenhower, taxed the rich 91% where it stayed into Kennedys term. . During Eisenhower, U.S. corporations contributed 30% of federal tax revenues. Today their portion of federal revenues is only 6.6% (some reports indicate 8.9 percent). Yet Eisenhower presided over one of the most prosperous economies in history. He balanced the budget and created a moderate surplus (the last Republican President to do so) Kept inflation near zero and unemployment low Created nearly 4 million jobs (factor in that the population in the 50's was less than half of what it is today) Witnessed steady job growth in all sectors Expanded Social Security Created the Interstate Highway System & NASA Increased Minimum Wage The only downside was a world-wide recession in 1957 caused by foreign trade deficits that lasted 8 months. It raised unemployment to 6.2% but quickly rebounded.