LYCOS RETRIEVER 
Reaganomics: George Bush
built 450 days ago
After the spectacular failure of "Reaganomics" in the Eighties it's pretty surprising to see it resurface so prominently in Bush's economic policies. Commonly called supply-side economics or trickle-down theory, this theory basically states that if you give rich people even more money, they will spend/invest that money... spurring the economy and creating additional jobs. This sounds really simple and even makes sense when applied to lower and middle class families who actually do use the money to buy goods and services but there's a big flaw when applied to the very wealthiest people as outlined below.
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Before Reagan's election, Reaganomics was considered extreme by the moderate wing of the Republican Party. While running against Reagan for the Presidential nomination in 1980, George Bush had derided Reaganomics as "voodoo economics"[2]. Similarly, in 1976, Gerald Ford had severely criticized Reagan's proposal to turn back a large part of the Federal budget to the states. Since Reagan's presidency... Republican federal politicians have for the most part continued to support his program of low taxes and private sector growth.
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On the rare occasions when Bush is confronted on these things, he spouts shopworn platitudes about “growing the economy” left over from the Reaganomics/voodoo economics debacle of the 1980s. He tells how we’re turning the corner, creating 1.2 million jobs in the last year. But he glibly omits that he’s the first president in 80 years to score a net job loss for his four-year term, and that it’s mostly a wealthy few who are profiting mightily from his policies.
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Bob Dole's proposal for a 15 percent income tax cut has reignited the long-standing debate about the economic impact of Reaganomics in the 1980s. This study assesses the Reagan supply-side policies by comparing the nation's economic performance in the Reagan years (1981-89) with its performance in the immediately preceding Ford-Carter years (1974-81) and in the Bush-Clinton years that followed (1989-95).
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George Bush