To the Editor:
The problem with politics today is that the truth is often hidden with half-truths.
Mr. Beaudette’s letter “Supply-side economics works” (Nov. 16) is a perfect example. He is correct that the federal tax revenues did increase dramatically during President Ronald Reagan’s years in office, and also during the term of President George H.W. Bush.
What he fails to mention is that national debt rose even faster during this period. Looking at the ratio of federal debt to the nation’s gross income, or gross domestic product (GDP), we see that it fell from 125 percent at the end of World War II to 30 percent by 1980. It rose during Reagan’s term, with the tax cuts, from 30 percent to 50 percent. Continue reading “Shifting wealth to the super rich”