Ronald Reagan is no American hero

newsroom@islandpacket.comJune 5, 2014 

Conservatives have duped the middle class into thinking that Republican policies will benefit them. Nothing is further from the truth. Reaganomics destroyed this country while Obama has brought it back. It is class warfare by the super-wealthy aristocracy on the middle class. What Reagan did:

1. Removed anti-trust laws, allowing the formation of multi-national companies that swallowed up businesses and destroyed competition.

2. Encouraged executives to take stock options as compensation. This caused them to focus on near-term profits rather than long-term stability, driving companies into bankruptcy and causing massive layoffs while top managers took home millions.

3. Relaxed restrictions requiring companies working on federal contracts to use American materials and employees. Because Reagan expanded this waiver process, many federal contracts do not use American materials and employees. What an American he was.

4. Revised Securities and Exchange Commission oversight, encouraging the proliferation of hedge funds, which shuffles paper for billions in profits to the detriment of the economy. The Republican mantra: the rich get richer and the rest of us suffer.

5. Estate tax elimination came from Reaganomics, which takes care of the super wealthy and forgets the rest of us. Estate taxes impact two-tenths of one percent of the population.

Talk about hypocritical. All the flag-waving super wealthy complain about taxes while they cheat the rest of us. Reagan allowed them to take their profits off shore and pay no income taxes.

Richard Hammes

Hilton Head Island

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