I had just entered my 30’s in 1980 – hell, what did I know? Not much, as it would turn out. The biggest transfer of wealth in our nation’s history had begun under my nose; “trickle-down economics” as it was called.
So I waited patiently for my share of the pie. Instead, what I got was a “pink slip”. Corporations got their tax breaks and the money flowed. Unfortunately the “trickle” was plugged off just inside the board room of US Bank, and every corporation in
I was fortunate and soon landed a job with the State of
The backbone of Reaganomics, was the dependence on tax cuts - Just lift those burdensome taxes off the backs of business, and they will, out of sheer delight (apparently), open their hearts and their doors and hire people. Uh, well, not living-wage union people, though… minimum wage people. As if to underscore the “we mean business” message, Reagan fired all of the rebellious Air Traffic Controllers. It was great theater - and highly effective. And wages (adjusted for inflation) in all sectors of the economy began a sure and steady decline – a decline which continues to this day. The exception to this trend being the skyrocketing rise of executive compensation to obscene levels. So much for “the Market”.