⬆️ @ChrisMayLA6
They spun the basic tenet of #Keynsian or #Keynesian Theory:
Per #IMF, "Keynesians believe that… fluctuations in ANY component of spending,… [e.g.] investment,… cause output to change. If government spending increases, for example, and all other spending components remain constant, then output will increase".
#Reagan's connivers substituted "rich" for "government" and claimed the RICH would drive growth by reinvesting money saved in taxes.
https://www.imf.org/external/pubs/ft/fandd/2014/09/basics.htm
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Emeritus Prof Christopher May
In response to this post@rameshgupta @alexproe
Indeed; classic bait & switch
⬆️ @ChrisMayLA6
>> Indeed; classic bait & switch
Indeed.
In a nutshell, their line of persuasion was:
1. Government is too big.
2. Cut down the government.
3. Why pay taxes to government?
4. Give tax cuts to the rich instead.
5. The rich will take care of the poor.
6. More succinctly, #PrivatizationOfGovernment
NOTHING has changed in this wicked #conservative story in 5 decades, except that rich got richer, poor got poorer, infrastructure crumbled, and services vanished!
@alexproe
by Ramesh #NotGoingBack ;
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