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I’m a Depression historian. The GOP tax bill is straight out of 1929.

Posted on November 30th, 2017 at 22:05 by John Sinteur in category: News -- Write a comment

[Quote:]

In 1926, Calvin Coolidge’s treasury secretary, Andrew Mellon, one of the world’s richest men, pushed through a massive tax cut that would substantially contribute to the causes of the Great Depression. Republican Sen. George Norris of Nebraska said that Mellon himself would reap from the tax bill “a larger personal reduction [in taxes] than the aggregate of practically all the taxpayers in the state of Nebraska.” The same is true now of Donald Trump, the Koch Brothers, Sheldon Adelson and other fabulously rich people.

During the 1920s, Republicans almost literally worshiped business. “The business of America,” Coolidge proclaimed, “is business.” Coolidge also remarked that, “The man who builds a factory builds a temple,” and “the man who works there worships there.” That faith in the Market as God has been the Republican religion ever since. A few months after he became president in 1981, Ronald Reagan praised Coolidge for cutting “taxes four times” and said “we had probably the greatest growth in prosperity that we’ve ever known.” Reagan said nothing about what happened to “Coolidge Prosperity” a few months after he left office.

  1. Those ignorant of history are doomed to repeat it… Well, fine, I don’t have much of a problem with that but…
    Why does everyone else, or at least the majority who know it’s a massive wealth transfer to the rich, from the poor, which also pushes the middle-class down, have to repeat it too?
    Oh, right, a majority (in the Electoral College), or a large number of people who drank the Kool-aid, voted for the GOP… And now seem surprised that THEY’RE the ones who are going to suffer.
    Not suffer alone, true, but GOP voters are getting a lesson in the GOP priorities.
    George Carlin, were he alive today, would have a field day with this.
    And to end, his famous quote, “That’s why they call it the American Dream, because you have to be asleep to believe it.”

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