Warren Buffett has spent a good chunk of the last two decades trying convince middle-class America that “trickle down economics” hasn’t worked. In fact, he has gone as far as to refer to it as “the biggest con job ever conducted”.
Yet more and more American’s just line up to drink the Kool Aid, choosing to believe otherwise. Here are some facts from the New Deal that should dispel the myth that is Reaganomics once & for all:
“I Like Ike!”
Republican President Dwight D. Eisenhower took office in 1953. The top tax rate stayed frozen at 91% his entire presidency and remained so throughout JFK’s.
A Republican president taxed the rich 91%. Amazing huh? Things must have been horrible in the 50’s, right?…
- Presided over one of the most prosperous and thriving economies in American history.
- Balanced the budget and created a moderate surplus (The last Republican President to do so)
- Kept inflation near zero and unemployment low
- Created nearly 4 million jobs (Factor in that the population in the 50’s was less than half of what it is today)
- Witnessed steady job growth in all sectors
- Expanded Social Security
- Created the International Highway System & NASA
- Increased Minimum Wage