1980s Economics

Kevin Phillips and Alan Reynolds take quite a different stand on the decade of the 1980s, and whether it was an era of greed or one of sound economic policies. Phillips makes the contention that the switch from Keynesian to supply-side economics, namely Reaganomics, did nothing to help those outside of the top five percent of income earners in the U.S. In fact, he argues that the economic policies enacted by the Reagan administration had two main effects: a polarization of income; an enormous buildup of debt. His argument is convincing, with data and evidence culled from reliable sources as well as a broad understanding of the economic history of the 2oth century via which he frames his 1980s comparisons. Reynolds, on the other hand, puts together a spurious argument that contends that the economic policies of the 1980s lifted the "boats" of 90 percent of the American public. He basically provides no evidence for his argument except for his deconstruction of one source, by Krugman and Nasar, which shows he is attacking one document as erroneous but he forgets there are many other documents which, like Krugman's and Nasar's, contend the 1980s were a decade of greed. Further, his argument smacks of a level of racism, bigotry, elitism and obtusity as to make one wonder why he isn't a Republican leader. For example, his argument for why the poorest percentage of Americans is poor, a number he says is much lower than actually reported

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(mean) incomes among the top 20 percent or one percent. That is because for top groups alone, any and all increases in income are included in the average, rather than in movement to a higher group" (Reynolds 392). However, Reynolds only broadens or redefines the economic terminology used by Krugman and/or Nasar, he does not necessarily disprove their arguments or numbers. Further, he makes so many sweeping generalizations that have barbed hooks hidden in them and aimed at the poor, that it is difficult to not feel his mind set was determined independently of statistics, "All that the rise in low-income jobs really shows is that students living with their parents and young singles found it much easier to find acceptable work" (Reynolds 392). He gives no statistics to support such a broad generalization to dismiss the entire increase in low-income jobs. His use of a rap star, traditionally black, is also curious when he tries to explain why the rich get a bad rap because they cannot move into a higher bracket, so their average increases. It is almost as if he felt the need to use an example that is not conservative to mask his own elitist aristocratic theories. With broad generalizations and sweeping redefinition of ec

Category: Economics - 1