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The postwar right wing movement that culminated in the election of Ronald Reagan reversed decades of progressive growth and brought on an economy devoted to the interests of the wealthy. It was based on two principal designs: armed power that went against the founder's belief that militarism threatens democracy and low tax limited regulation free market economics. The purpose of militarism was to distract the public's attention from economic policy highly favorable to the wealthy. They created fear by by exaggerating the threat, first of the Soviet Union and later of terrorism. The military industrial complex Eisenhower warned against came into full flower and arms spending rose to dominate the budget. Militarism led to aggressive foreign policy, including unilateralism aimed at forceful dominance of the world. Aside from a colossal waste of money, blundering into the world's most politically unstable areas for no sound purpose turned apparent victories in the field into effective losses. Free market economics was based on an idealistic view of man's behavior and a so called invisible hand claimed to lead to the best solutions, all based on the fantasy economics was a science, but useful to the right because it supported accumulation of great wealth by those with the ruthlessness to take advantage of an absence of democratically oriented rules. An open Wall Street dominated market led to an economy no longer directed to growth and revolving around mergers, takeovers, and private equity transactions that increase profits through downsizing and monopoly. The overall economy stagnated at the same time as vastly increased corporate profits were directed to buying treasury stock, higher dividends, and high executive compensation rather than being reinvested in the business. The economy slowed and the welfare of the average citizen declined. All of this was encouraged by the low Reagan top tax bracket. The policy of directing profits to a few at the top rather than building the economy generated inequality that must end in some sort of major social adjustment that the right is fighting off with ever harsher policies toward the less fortunate and demands for more tax cuts. . These changes have been made possible by maintaining the preeminence of ideological free market thinking through creation of history's most successful propaganda campaign that leaves a country devoted to the interests of a few at the top, while the well being of the large majority declines.
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- PublisherCreateSpace Independent Publishing Platform
- Publication date2015
- ISBN 10 1514160900
- ISBN 13 9781514160909
- BindingPaperback
- Number of pages460
(No Available Copies)
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