Reagan was an idiot and "trickle down economics" was a national con game

From David Korten's new book, Agenda for a New Economy: From Phantom Wealth To Real Wealth:

We have been in thrall to a pervasive cultural story, continuously reinforced by academics, government officials, and corporate media, which led us to believe our economy was functioning splendidly even when it was quite literally killing us. You have heard this story many times:

“Economic growth, as measured by Gross Domestic Product, creates the wealth needed to provide material abundance for all, increase human happiness, end poverty, and heal the environment. The faster we consume, the faster the economy grows and the wealthier we become as the rising tide lifts all boats.”

The logical conclusion from this story is that the faster we convert useful resources to toxic garbage, the richer we are. The only true beneficiaries of this obviously stupid idea are a few very rich people who reap financial gains from every economic transaction—whether the transaction cures a disease or clearcuts a rainforest. It is a system that deifies money and dilutes wealth.

Everybody supposedly seems to have liked Ronald Reagan, but everybody liked Howdy Doody too. Reagan was an idiot with his crazy ideas about "trickle down economics" and "welfare queens". Nobody screwed the American people any more than the Republicans in the 80s. Now we are getting the joke they played on us.

To read the rest of David Korten's excerpt in Yes! magagine, click here.

This is article #1 in a series on Capitalism Out Of Control.