A SHORT HISTORY OF RIGHT WING DESTRUCTION PART 31

In 1980 Ronald Reagan defeated Jimmy Carter in the presidential election and fulfilled the dreams of right-wingers throughout the country.  Some big businessmen even celebrated with a cake in the shape of the U. S. Capitol building.  They inscribed the word "Ours" on the Capitol dome on the cake.

Reagan quickly began the process of transferring wealth to the rich and big business.  He increased military spending dramatically and it wasn't long before the combination of tax cuts and military spending exploded the deficit.  Right-wingers typically try to defend Reagan by blaming Congress.  But it is the president who submits the budget and the president who signs bills into law.  Moreover, Congress was only carrying out the agenda of Mr. Reagan and his administration.

Right wingers tend to obsess about inflation and early in the Reagan administration the Federal Reserve raised interest rates to stratospheric levels.  High interest rates depress economic activity in the housing sector and all kinds of borrowing for such things as automobiles.  We had a whopping recession.  Recessions tend to hit working class people the hardest because they invariably lead to high unemployment. High unemployment doesn't tend to bother right-wingers because they are already financially secure and high unemployment creates a cheap labor market.

More to come