... in pictures.
Reagan Revolution Home To Roost -- In Charts
By Dave Johnson
June 15, 2010 - 10:46am ET
It seems that you can look at a chart of almost anything and right around 1981 or soon after you'll see the chart make a sharp change in direction, and probably not in a good way. And I really do mean almost anything, from economics to trade to infrastructure to ... well almost anything. I spent some time looking for charts of things, and here are just a few examples. In each of the charts below look for the year 1981, when Reagan took office.
Conservative policies transformed the United States from the largest creditor nation to the largest debtor nation in just a few years, and it has only gotten worse since then:
Working people's share of the benefits from increased productivity took a sudden turn down:
This resulted in intense concentration of wealth at the top:
And forced working people to spend down savings to get by:
Which forced working people to go into debt: (total household debt as percentage of GDP)
None of which has helped economic growth much: (12-quarter rolling average nominal GDP growth.)
This is the true legacy of Fiscal Conservatism in America: it has lead to thirty years of problems. And yet, modern Republicans still worship the guy and believe that we have been nothing but prosperous in this time period.
How much evidence does it take, to prove to people that lowered taxes on the rich do not grow the economy or help the poor
in any way?