• Neuromancer@lemm.ee
    link
    fedilink
    arrow-up
    2
    arrow-down
    31
    ·
    edit-2
    1 year ago

    It isn’t. People love to blame Reagan but his policies helped fuel the growth in the 90’s.

    NAFTA is what destroyed the middle class. It’s the one black eye from an otherwise impressive run from bill Clinton.

    My dad was a gm auto worker. Lots of time off until Regan’s policies kicked in then couldn’t work enough. Lost his job when nafta kicked in and they shipped it to Mexico.

    If Regan’s policies were so bad then why haven’t the last three democrats presidents removed them ?

    Here is an article on Reganomics. https://www.cato.org/sites/cato.org/files/pubs/pdf/pa261.pdf

    https://www.cato.org/sites/cato.org/files/pubs/pdf/pa261.pdf

    • chaogomu@kbin.social
      link
      fedilink
      arrow-up
      25
      ·
      1 year ago

      Pouring concentrated sugar down someone’s throat will give them an energy boost, but there will be consequences if you do too much.

      That was Reagan’s policies. Most of the “wealth” generated only existed on paper.

      Take GE as an example. They used to have a bunch of factories and products that they made in those factories. Then the 80s hit and Jack Welch took over as CEO. He scrapped the factories and had GE start outsourcing, well, everything. He also used the GE financial department as an illegal bank.

      Anyway, the stock price went through the roof, because GE could always claim that they were making all sorts of profit with no expenses… except the truth was that they were basically just an unregulated bank with some product branding deals.

      They’ve gone bankrupt a few times now.

      That’s how most of the Reaganomics worked. Paper profits as the real wealth went into the hands of the super rich.

        • chaogomu@kbin.social
          link
          fedilink
          arrow-up
          10
          ·
          1 year ago

          The bad management was Jack Welch, and his bullshit was only possible due to Reagan loosening regulations on businesses.

          “legendary CEO” my ass. Dude was a fucking disaster.

          • Neuromancer@lemm.ee
            link
            fedilink
            arrow-up
            1
            arrow-down
            9
            ·
            1 year ago

            You have a cite for that as that does again every expert in the field.

            So I like to see where you’re getting this data. Since jack was brought In to save the company. It’s really strange to blame him for saving the company.

            • chaogomu@kbin.social
              link
              fedilink
              arrow-up
              9
              ·
              1 year ago

              https://www.npr.org/2022/06/01/1101505691/short-term-profits-and-long-term-consequences-did-jack-welch-break-capitalism

              Strange? Accurate.

              He took a healthy company that turned a consistent profit in to a house of cards built on lies. It blew up the stock price for a decade or two before the cracks began to show.

              Jack Welch was 100% about short term profit at the expense of long term stability.

              His stack ranking fucked over thousands at GE alone, and countless more at all the companies who followed suit. It was and still is a brain-dead policy.

              The list goes on, but it all boils down to taking an innovative company and turning it into an unregulated bank, an unregulated bank that was at the heart of the 2008 subprime mortgage crisis.

              • Neuromancer@lemm.ee
                link
                fedilink
                arrow-up
                1
                arrow-down
                10
                ·
                1 year ago

                Did you ignore the previous article which shows the issues predate jack and jack is the one who saved the company?

                I’m no fan of jack for many reasons but had he not been the ceo, there would have been no Ge today

                • chaogomu@kbin.social
                  link
                  fedilink
                  arrow-up
                  8
                  ·
                  1 year ago

                  Yes, because that article was garbage that had its lips firmly glued to Jack Welshes taint.

                  GE has a 7% rise in profits from 1979 into 1980. And spoiler, there is no GE today. It’s been broken up after it was pulled from the S&P due to massive financial fraud and bankruptcy, all due to following Jack Welsh’s management style.