So says Ronald Reagan’s former budget director. See Part One and Part Two
Finally, thanks to Republican policies that let us “live beyond our means for decades by borrowing heavily from abroad, we have steadily sent jobs and production offshore,” while at home “high-value jobs in goods production … trade, transportation, information technology and the professions shrunk by 12% to 68 million from 77 million.”
As the apocalypse draws near, Stockman sees a class-rebellion, a new revolution, a war against greed and the wealthy. Soon. The trigger will be the growing gap between economic classes: No wonder “that during the last bubble (from 2002 to 2006) the top 1% of Americans — paid mainly from the Wall Street casino — received two-thirds of the gain in national income, while the bottom 90% — mainly dependent on Main Street’s shrinking economy — got only 12%. This growing wealth gap is not the market’s fault. It’s the decaying fruit of bad economic policy.”
Get it? The decaying fruit of the GOP’s bad economic policies is destroying our economy.