One of Republican candidate Donald Trump's most well-developed policies discussed in Monday night's debate was his plan for job creation and economic growth. Like previous Republican candidates before him, he favors the supply-side "trickle-down" approach popularized by President Reagan in the 1980s. Though Reaganomics is presented as an economic saving grace by Republicans for Americans all across the country, there are so many downsides that stem from its implementation that I believe the strategy is not worthy of any of the hype it receives.
Here are the most significant reasons why Reaganomics, a.k.a. "Trickle-down" economics and Trump's go-to financial plan, is the worst possible solution:
1. It drives up national debt
During the years of Reagan’s presidency, the national deficit almost tripled due to the lack of incoming tax revenue and only partially-decreased spending. When he first entered into office, the debt was around 900 billion dollars. At the end of his terms, it was close to exceeding three trillion.
2. It cuts into funding for government programs
Social programs lose funding when defense programs take precedence and drain uplimited funds.
3. Most importantly: It DOESN'T trickle down
The wealth that began at the top never made it all the way down. Most of the wealth stayed with the top few percent; the income gap was the highest is had even been since 1947. Over the ten years it was implemented, the top one percent of the population’s salaries/wages increased over eighty percent while the bottom ninety percent’s only increased three percent and the poorest twenty percent of the population’s family income actually decreased four percent over those ten years.
Ultimately, Reaganomics is NOT the policy to support if you want any benefit from the economic policies of your government. (Unless you are among the richest one percent of Americans... which ninety nine percent of americans aren't)