Stockman, Maddow & Moore Debate Reaganomics
Here's a shocker. A moment on the Bill Maher Show has occurred that's actually worth watching. David Stockman (Reagan Budget Director), Rachel Maddow and Stephen Moore (Wall Street Journal) debate whether the Reagan Tax Cuts were good (awesome economic growth resulted).
MOORE: I'd say the Reagan tax cuts were the greatest economic policy of the last fifty years. They caused about a twenty year expansion...
MADDOW: From 1980 until 1990, the top 1% saw their income go up by roughly 80%. The median wage in the country over ten years went up 3%. That means for the people who are best off on the country, it was the Matterhorn and for everybody else in the country, it was like this. (crosstalk) So if you were rich, Reagan was awesome. And if you were anybody else, it sucked.
Moore wraps it up by saying higher taxes wouldn't change the deficit situation, as Washington would spend the extra money rather than use it to cut the deficit. Then, of course, we'd lose the economic growth. A fun debate.