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The national debt is 72 times bigger than in 1946 so most websites tell you we’re in deep trouble. Ronald Reagan used a similar line to get elected. But today’s economy (our GDP) is 82 times bigger than it was in 1946, so it would be easier now to pay off the debt than in 1946. By taking this into account the graph reveals some surprises. But first some history.

• The Republicans adopted supply-side “economics” in 1981 and continued it under Bush I and Bush II.
• Bush I called it Voodoo economics when he ran against Reagan in the primary.
• He lost and become Reagan’s VP so here’s what happened (22 sec. video):

• The graph shows Bush I was right. Voodoo economics did fail and debt shot up instead of going down as Reagan had promised.
• It continued shooting up because Bush I was afraid to change course.
• The graph show Clinton reversed it, and then Bush II re-started the Voodoo.
• The green line in the graph shows what would have happened if Reagan and the Bushes had balanced their budgets and Clinton and Obama had taxed and spent just as they actually did.

By now the National Debt would have been $14 trillion less than it actually is.

Here’s what G. H. W. Bush saw back in 1980: There’s “a big difference that the governor [Reagan] and I have regards his tax cut. He feels that

1. you can cut taxes by $70 billion the first year and still
2. balance the budget and
3. increase defense spending.”

Trump’s Sept-2016 economic plan would:

1. Cut taxes $440 billion per year
2. balance the budget and
3. increase defense spending.

This is no longer Trump’s plan. Just as Reagan was controlled by the supply sider, so they have taken over Trump’s economic policies with regard to taxes and the debt. That policy is to give tax cuts to everyone to cover up the fact that the rich get the huge tax cuts.

Supply-side Voodoo claims that:

“You cut taxes, and the tax revenues increase.”

But come on. Nobody really believes such nonsense, least of all our presidents. Well, maybe you should watch this eight-second video from 2006. 

Yes, that’s George Bush II. By 2006 he should have known better. One month after taking office in 2001 with a plan to cut taxes, he said, “he would “retire nearly $1 trillion in debt over the next four years. … the largest debt reduction ever achieved by any nation at any time.” Instead the debt went up by $2 trillion.