Sunday, May 26, 2013
Letter to the Editor
Michael Reagan believes his "clear" vision of America, ("State of the Union: Failure," Feb. 16), as opposed to our failure in chief's "blurred" vision, must be the right one.
Reagan's boarding school background and growing up in Beverly Hills surely qualifies him to speak expertly on the economic policies proposed by our president.
If Reagan's theory is correct, the massive tax cuts for the wealthy enacted by "his side" -- the "conservative Republican side" -- under his father, Ronald Reagan should have taken care of any economic problems our country had, has or ever will have. More money in the pockets of the rich, and therefore powerful businesses and corporations equals more jobs for the middle class.
In 1981, President Ronald Reagan lowered the top personal income tax rate from 70 percent to 28 percent, capital gains rate from 28 percent to 20 percent and the corporate tax rate from 46 percent to 35 percent. The richest Americans became richer, which should have created more job opportunities for the middle class.
The theory, however, failed. Instead, American workers were introduced to clever terms such as "downsizing" and "outsourcing." Corporations didn't create more jobs; they fired American workers, closed U.S. manufacturing plants and shipped jobs to foreign countries. CEOs enjoyed part of the profits in the form of stock options and golden parachutes.
Michael Reagan's "capitalist road of free enterprise and liberty" led America to the Wall Street/real estate fiasco of 2008.
He said we would regret re-electing Barack Obama in 2012. Thank goodness no one can control the vote of the citizens no matter how rich and powerful they are.
And by the way, we listened with respect when his father gave his State of the Union address. Shame on him for not having better manners.