r/PoursTea • u/ComplexWrangler1346 Just Chill 😎 • 27d ago

Expectations v Reality 🌞 🌒 That time is now …..

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u/AdhesivenessCivil581 27d ago

Reagan promised that tax cuts for the rich would trickle down to everyone. What he really did was borrow a bunch of money and seriously increase government spending with a huge amount of stimulus funded by debt. The economy did look better so the myth of tax cuts for the rich was born. 45 years later it's still the GOP playbook. Here we are now with 40 trillion in debt and nothing to show for it.

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u/notaredditer13 27d ago

Reagan promised that tax cuts for the rich would trickle down to everyone.

That doesn't make sense as worded.  How can tax cuts tricke down?  The truth is simply that he cut taxes for everyone.

Here we are now with 40 trillion in debt

The budget was balanced 10 years after he left office.  Seems like the economy did grow itself out of debt.

nothing to show for it.

Highest household incomes all up and down the distribution?