Reaganomics, AKA “Neoliberalism,” is the Most Successful Con Ever

It almost destroyed the middle class.

He’s on his way out. Photo by Nicolas Hippert Substck

A section of this article was “written” by ChatGPT and is so designated.

Since the Reagan Presidency, the middle class has lost money and people. His “supply-side economics” was the most successful con in history. It gained legitimacy by being called “neoliberalism.” It was greed.

“Neoliberalism.” Feel the sound of it. It has an air of authority. “Liberalism.” It even sounds good to liberals.

What does “neoliberalism” mean?

It means different things to different people. For some, it implies globalization and the offshoring of jobs. For others, it means taking over the economies of smaller countries. There is even a neoliberal architecture.

Since Reagan’s Presidency, “neoliberalism” has meant, “cut taxes for the rich, reduce social spending, and reduce regulations on business.” The result is that $50 trillion was redistributed upward from the bottom 90% of earners to the top 1%. The incomes of the 90% stagnated while the top 1% saw their incomes increase by 450%.” (1)

What is “neoliberalism,” really?

The Road to Serfdom (2) is considered the seminal book on neoliberalism. Written by Friedrich…