A Students Reading Of The Politics Of Rich And Poor :: essays research papers

A Students Reading of The governance of Rich and PoorOften times, a political analyst/scientist willing write a book on thepolitics and sparings of the time. This source may also create a work whichemanates views contrary to the cerebration of the governing body. Rarely, however,does one find an analyst who will clearly weaken his own political party by,in effect, saying, "I told you so." Kevin Phillips, editor-publisher of TheAmerican political Report, columnist for the Los Angeles Times, and chiefpolitical analyst for the 1968 republican presidential campaign, describes inhis book, The Politics of Rich and Poor Wealth and the American Electorate inthe Regan Aftermath, the consequences of the decisions make by the UnitedStates government while on a lower floor the presidency of Republican Ronald Regan.Phillips theme of the widening gap between the upper xx pct of thepopulation, in respect to annual income in actual dollars, with the lowertwenty percent of the popula tion coincides with the belief of the typicalAmerican avarice, during the eighties, leading the awkward on a rollercoasterride of economic instability and shaky ground. These ideas carry on constant andprevalant throughout the seven chapters. His views, though somewhat repetitivein the text, strike the reader with astonishment, especially when consideringPhillips Republican party affiliation.With his thesis in mind, Phillips discusses three major factors thatescalate and at the same time settle the state of the economy in America.These factors include the sudden shift in tax rates, the diminishing "globalwealth" of America, and the inability of the government under Regan to satisfya "happy medium" for economic growth. All of these factors championship Phillipstheme and prove his argument of an up and down cycle of economic stability.From 1921 to 1925 the top one percent of the populations tax rate wasgradually diminish from the marginally high rate of seventy-th ree percent allthe elan to just twenty-five percent. Over four years this elite grouping ofAmericans received a forty-eight percent reduction in taxes. This diminutionopened the door for the super-rich Americans to capitalize and increase theircurrent wealth.As the taxes lessen for this group of the population, others alsobenefited. A surge in real country investments occured, the stock market valuesrose dramatically, and new technology much(prenominal) as radios and automobiles weresurfacing every day. This bull economy lasted only a few short years. By 1929,the situation was reversed entirely. The economy crashed with unparalleledconsequences. The rich citizens who were living "the good life" four years agowere now stuck with paying seventy-three percent of the entire populations