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Retirees 'stunned' as market turmoil over tariffs shrinks their 401(k)s
(www.nbcnews.com)
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this post was submitted on 05 Apr 2025
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This is a holdover from Reagan, and the boom times through the 80s and into the 90s. Deregulation works.... until everything implodes/explodes. Revenue was up alongside the tax cuts because of the huge gains across the board, it just wasn't sustainable.
The economy is like an engine, you can squeeze massive horsepower out of it for a few races or regulate it to run for millions miles. There is a happy spot that produces the highest output with acceptable longevity, but since Reagan the Republican strategy has been to crank it to the max.
The Democrats also continued the deregulation and government has abdicated it's duty to enforce anti-trust laws, protect the commons, and ensure level playing fields. Add to that the lag time between government action and results, and you have the "Republicans do economy good".
We have been a runaway diesel for decades, and the engine is close to detonation.
Except it was a lie EVEN DURING REAGAN'S term. He had to raise taxes multiple times to cover his own tax cuts. Guess who he raised them on? Everyone but the rich, who got to keep their cuts.