Government is not a solution to our problem, government is the problem.
In the days ahead I will propose removing the roadblocks that have slowed our economy and reduced productivity.
It is my intention to curb the size and influence of the federal establishment
- Ronald Wilson Reagan, Inaugural Address January 20, 1981
After 27 years, Ronald Reagan's argument that governmental meddling impedes the progress and growth of business is finally laid bare. The foundation of this policy is that corporations are fundamentally honest and if left unchecked they will not manipulate the system to make a profit. Clearly, last weeks events have exposed the long term effects of trusting corporate executives to run the most powerful economic machine in the history of mankind.
Those of us grounded in bare facts and logic realized long ago the disastrous consequences of President Reagan's policies. In his New York Time Article "Debunking the Reagan Myth," Paul Krugman wrote:
The Reagan economy was a one-hit wonder. Yes, there was a boom in the mid-1980s, as the economy recovered from a severe recession. But while the rich got much richer, there was little sustained economic improvement for most Americans. By the late 1980s, middle-class incomes were barely higher than they had been a decade before — and the poverty rate had actually risen.
However the best, or rather the worst, was yet to come. Ronald Reagan's policy of leaving rich greedy corporatists was taken to another level when George W. Bush filled his cabinet with corporate executives. These far right wing economic policies have been dragged to the far left by reality. The cry of socialism regarding the financial bailout may be somewhat accurate but the alternative may bankrupt the U.S. economy, a chance the government is not willing to take. America is being taught by Wall street that far right wing economic policies work just about as well as far right wing foreign policies. Eventually, the government will be forced to take over the other industries and move towards a mixed regulated economy.
Currently its up to voters to decide whether to turn left or maintain course and speed......straight down the path of destruction.