Posted at Hartmann Report on Feb. 13, 2023
Is the "Horse & Sparrow" Economic Scam Returning?
Back in 1896 & 1929 people didn’t need a detailed multi-decade, multi-country analysis of Horse & Sparrow to know it was bad news: the Great Panic & the Republican Great Depression convinced everybody.
Kevin McCarthy’s House Republicans, in their demand that Democrats gut Social Security and education monies to give more trillions in tax breaks to billionaires, are once again trying the Reaganomics hustle. Only this time with a twist.
Boomers and many Gen Xers remember how the media swooned for Art Laffer’s napkin in the 1980s, and then President Reagan turned it into a movement to cut taxes on billionaires because, he lied, it would make average working-class people richer.
What most don’t remember — because none of us were alive back in the 1920s or 1890s — is that Laffer and Reagan hadn’t come up with anything novel.