Congress Sends $801 Billion Tax Cut Bill to Obama and he signs it. Well what does the man who sold us Supply Side Economics over 30 years ago think of it? Not Much!
You will notice that while he blames the politicians he blames the FED and Wall Street even more. The FED has engineered a serial bubble that has created the illusion of wealth by encouraging the Wall Street casino. He says that the original Bush Tax Cuts were a 10 billion dollar mistake and extending them will make it worse. And about that deficit – lets take another look at this chart from the above video:
You can see the results of the original Reagan tax cuts but most striking is what happened during the Bush II administration. Irresponsible tax cuts along with two unpaid for wars of choice increased the deficit at an incredible pace. Time is running out for the US. We have two choices:
- Kill Medicare and slash the military budget or
- Raise Taxes
The medical and military industrial complex will not allow the first and the people won’t allow the second.