Back when I was a Reagan Republican I thought Reagan’s Supply Side Economics was the key to our country’s prosperity. But I have long ago seen that the Reaganomics Supply Side economics doesn’t work. When the government gives money to the wealthy they just get wealthier and very little trickles down. The way they spend money doesn’t really pump up the economy. And they don’t really expand their businesses, but rather buy back their stock so as to increase the value of the stock and boost their enormous income and satisfy their shareholders. The economy? Who cares?
Biden’s Demand Side Economics
works wonders. When the Government spends money on the Middle and lower classes
they spend it in the economy and the economy grows. They don’t fly off to Paris
or buy estates in the Mediterranean.
This week we find out the
manufacturing jobs have grown remarkably under Bidenomics:
American manufacturers have not only regained all the jobs
lost during the pandemic, they have also added about 67,000 more.
Meanwhile, the real net worth of the bottom 50% of U.S.
households has climbed 60% since Biden took office, now reaching $67,524
I believed in Supply Side for over 20 years until I saw the
evidence that it did not help the middle class. It is hard to let go of
political dogmas but I am proof that it is possible.
What about inflation? Inflation is a real problem the Administration is addressing, but doesn’t spending money on the poor and middle classes cause inflation? I don’t think so. I don’t think American infrastructure and social spending is causing inflation in U.K. (9.9%), Germany (7.9%), or Russia (14.3%). It’s just failed dogma points being repeated endlessly hoping they will give Reps something to talk about in this election cycle.
Feed the Middle and lower classes and they spend on the American economy.
It’s the economy,
stupid.
