Sunday, April 18, 2004

Supply-Side Jesus I'll get into who Supply-Side Jesus is at the end of this article, but first some background info.  The current President Bush is into supply-side economics in a big way.  It's the basis of his economic program.  For those who don't know what supply-side is, basically the idea is that if you lower taxes, especially for the wealthy, then they'll invest that extra money.  Those investments will be used by businesses to expand, giving them the ability to hire more workers, and ultimately these businesses will be paying more in taxes even at those lower rates because they'll be making so much more money.  That tax revenue will pay for the original tax cut. Sounds great, doesn't it?  Reagan thought so.  He called it "trickle down economics" because the benefits given to the rich would ultimately make their way down to the middle and lower classes in more jobs and higher salaries that the rich could now afford with their extra money. Doesn't quite work that way, though.  As Robin Williams once put it, trickle down economics meant that the poor were being pissed on pretty heavily.  The problem is that there's no guarantee that the rich will reinvest this extra money the tax cuts are giving them.  In fact, since supply-side economics has been invoked when the economy is shaky to begin with, the conservative rich have held onto their money rather than risk investing (and perhaps losing) it.  And since Reagan, and now Bush, have refused to cut government spending -- instead both spent astronomical amounts pursuing their military policies, this combined with the lack of money coming into the government through taxes drives the government deeper and deeper into debt.  The debt Reagan left behind crippled the first Bush administration (the first Bush in the White House called supply-side economics "voodoo economics"), forcing it to raise taxes.  Clinton managed to get the debt back under control, but since Bush Jr. has come in, he has slashed taxes again, increased spending, and now we're back to the Reagan years of fiscal irresponsibilty.  He has ignored his own father's lack of faith in voodoo economics and returned our economic policy back to what it was in the 1980s.  A policy that rewarded the rich and ignored the poor, instead insisting that the benefits the wealthy were reaping would either make their way down to the poor, or the poor would have to get off their asses and crawl their way back up.  Personal responsibilty is huge in the Bush White House, unless of course you're already rich and powerful.  In which case you must point the finger at someone else and scream, "They're responsible!" So why has George Bush held on so tightly to an economic program that most economists would argue is irresponsible?  The answer is simple.  Everyone knows that President Bush is a very religious man.  His faith is the cornerstone of his presidency.  What has been misunderstood about his faith though is the Jesus he worships isn't quite the Jesus most Christians hear about in church.  Nope, Bush instead worships Supply-Side Jesus. I ask you then to spend a few minutes and read The Gospel of Supply-Side Jesus.  I guarantee you'll be enlightened.  You will believe. Related links: The Rise of Supply-Side Economics Bush's Tax Cuts:  A form of national insanity Bush Tax Cuts Unpopular:  according to a poll taken this week The Bush Tax:  how much is it costing you? US National Debt Clock:  see the hole Bush is digging 12:53:33 PM     |

© Copyright 2005 Alex L. Mauldin.