Editor's note: In light of the Thanksgiving Holiday, this is a re-published article from earlier this month. Happy Thanksgiving; and be sure to check back on "Black Friday" for fresh content.
Many conservatives have made the argument that John F. Kennedy would have been a member of today’s Republican Party given his conservative tendencies. I mean, after all, it seems hard to believe that the first Catholic President of the United States (who urged the American People to stop asking the Government what it can do for them) would support the party of Sandra Fluke and Planned Parenthood. Primarily, however, the argument has been made on the grounds that Kennedy enacted the largest tax rate cuts in American History.
And yet, Bloomberg’s Chief economic
clown Editor, Mike McKee, has decided that Kennedy’s decidedly pro-growth reforms to the tax code actually illustrate his liberal Keynesian bent. (Wait. . . Don’t laugh yet. Watch the video first.)
McKee claims that because the Kennedy tax cuts benefited middle-class America (as well as the wealthy), it can’t possibly be the result of supply-side economics. After all, McKee lives in a world where conservatives are nothing but rich, greedy banking-types that want to keep the middle class in a state of struggle and strife. In other words, McKee believes “supply side” economics are what all the 1980’s left wing Democrats told him it was. . . Giving the rich more money, hoping their wealth would “trickle-down.”
Such a belief is a butchering of conservative economic theory. An Economics Editor at a finance television station should know better. (Then again. . . He does work for Bloomberg.) Kennedy’s across the board tax cut, like Reagan’s and like Bush’s, was a perfect example of pro-growth economics in action. Allow people to keep more of their money. By McKee’s cartoonish definition of supply-side economics, even the great conservative Ronald Reagan fails to qualify for conservative accolades.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for August 20th, 2014 | John Ransom
11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for August 19th, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for August 18th, 2014 | John Ransom