Originally Posted by Arkie
The New Deal's record peacetime deficit spending was great short-term for the depressed 1930s. They made a deal to borrow future consumption to support their present depression. Some of the New Deal programs were supposed to expire like the Bush tax cuts, but they've been in place now for over 70 years. It's not such a good deal because we didn't keep up the other end of the deal. The future cost of these New Deal programs is more than 50 trillion today.
And a lot of that stuff was predicated on the continued existence of the progressive tax system. Once Reagan gave the richest sector of the population a 50% tax cut, many of the programs began to fail. Of course, that was the whole point of doing it, wasn't it?