this is just the beginning.
the american economy was sustained for decades on a partnership between government and the middle class.
government taxed the wealthy in order to shore-up consumer demand. That is, government moved tax dollars into programs, jobs, entitlements, laws, and regulations which created the most solvent & upwardly mobile middle class in history. SS payments, Medicare support, and educational aid are not simple handouts. They free up middle class money for consumption. When a middle class family does not have the full financial burden of their parents (because of SS and Medicare), that same family has more money with which to buy things.
And what happens when the middle class has more money in their wallets? The capitalist has to innovate and add jobs in order to capture that money.
It's a virtuous cycle and it explains why our greatest economic growth as a nation happened during the height of the liberal postwar period (when taxes were at their highest, as was government spending on the middle class).
The government moved more of the profits to spenders. And they spent. And the economy grew like crazy.
The GOP got rid of our investment in the middle class in order to give tax cuts to the rich.
They don't understand what they have done.
The middle class it to big to fail. You cannot all the sudden remove everything that sustained their consumption.
People have no idea how bad this is going to get. America has been taken over by morons.
