The Con³

The Reagan Con - 1981-1989

Ronald Reagan reduced the tax rate to 50 percent in 1982 and 28 percent in 1988, promising that trickle-down economics would ensure that the government revenue would increase. Simultaneously, he greatly increased military spending. Instead of increasing, government revenue decreased. This caused the national debt to increased rapidly. Reagan was wrong about trickle-down. The following George H.W. Bush administration, which some called Reagan's third term, did little to change things.

President Bill Clinton raised the tax rate to 39.6 percent and reduced military spending. This resulted in a budget surplus that reduced the national debt during his terms, but not nearly enough.

The Bush Con - 2001-2009

George W. Bush lowered the tax rate to 35 percent and started two expensive wars with no exit strategy. Bush also used the trickle-down con even though it was shown not to work under Reagan. The national debt increased rapidly. Then the economy crashed badly in 2008, driving up the debt sharply, which spilled over into the Obama administration.

The Trump Con - 2017-2020

Most Americans are now aware of the trickle-down con but it worked twice before, reducing taxes on the wealthy and raising the debt. The Trump administration decided to use what worked before. Trump's tax cut raised the national debt by $2 trillion within the first year and there's no sign of it slowing down. The COVID-19 crisis has made things worse.

Poor and middle class Americans and their descendants will be called upon to pay for more of the costs of running the country.