Something I brought to Occupy Orlando. Let me know what you think and if you have any corrections
Points to Further Research:
Glass Steagall Act (1933- 1999) and Its Repeal: Enacted during the Great Depression, the Glass Steagall Act was designed to reform the banking system. Some provisions aimed at controlling speculation and the separation of investment and commercial banking. Although repealed in an era of deregulation, many of the issues that arose in the 2008 crisis can be specifically attributed to the repeal of the Glass Steagall Act. The Savings and Loan crisis of the 1980s was in the wake of certain provisions being repealed from the Glass Steagall Act in 1980. This was in part caused by Reaganomics.
Keynesian Economics vs. “Reaganomics”: Keynesian is an approach to the economy involving the private and public sector to balance the sometimes destructive decisions of the private sector. The government injects money into the government as a stimulus in expectation for the chain reaction of growth to persist after the initial stimulus. On the other hand, Reaganomics is just the opposite. It is synonymous with supply-side and trickle-down economics. The goal is to reduce government spending (however, one may want to recall Reagan’s military spending), reduce income tax and capital gains (this is where the trickle-down theory comes in), reduce inflation by the control of money supply, and reduce government regulation.
Saving and Loan Crisis of the 1980s and Early 90s: As consequence for Reaganomics, the failure of savings and loan associations called for subsequent bail-outs. The causes of the Savings and Loan crisis are strikingly similar to the crisis of 2008.
Tax Loopholes: President Obama has not sufficiently addressed the loopholes and tax breaks that cost the federal government more than $1 trillion a year in revenue. For example, eliminating hedge fund and oil and gas company tax breaks would bring in about 60 billion dollars over the next 10 years. We also need to address how companies account for their inventory, including corporate jet deductions.
Taxing Investments as W2 Income: Adding one’s investments to one’s W2 income would reflect a more realistic annual income. When someone chooses to receive more investment options rather than a higher salary it is only “tax avoidance” and it is not illegal. Should we make it illegal?
The Unimportance of Deficit Spending: Despite what many fiscal conservatives say, the deficit does not matter as much as the equation of deficit spending as a percentage of the gross domestic product (GDP). It does not matter if we cut spending if our GDP goes down as a result. It achieves nothing and only harms the most vulnerable of our society.
Capitalism vs. Corporatism: Corporatism does not provide a fair market to small business owners or the consumer.
Your Notes:
