...You can see this trend today in America. When we had heavily regulated and taxed capitalism in the post-war era, the largest employer in America was General Motors, and they paid working people what would be, in today’s dollars, about $50 an hour with benefits. Reagan began deregulating and cutting taxes on capitalism in 1981, and today, with more classical “raw capitalism,” what we call “Reaganomics,” or “supply side economics,” our nation’s largest employer is WalMart and they pay around $10 an hour...The hatred and envy of anti-South Democrats undermined Carter's presidency from day one, and once he lost to Reagan, Tip O'Neil et. al. went along with Raygun's proposals, thinking the country will get so mad at him they will never vote Republican. How'd that work out, bigots?
Saturday, April 19, 2014
Reaganomics killed America’s middle class - Salon.com: