jobs are going to washington d.c. and here's what's coming up tonight the big picture with the help of our president the secret is finally out reaganomics does not work at least not for us common folk a breakdown of how it's only bad for the checkbooks and the pockets of the elite and not only has reaganomics screwed the american people so as corporate america

i'll tell you how corporations like bank of america citi group and exxon mobil are cheating the tax system and making off with a billion plus in their field hopes of a government shutdown down the drain will be the g.o.p. use the two thousand and twelve budget as their new spin on the white house presidential seat. you need to know this there's a secret the paul ryan of the republicans who are arguing for even more tax cuts for millionaires and billionaires frankly don't want you to know about. it's a secret that every republican president since ronald reagan and even to a certain extent bill clinton didn't want us to know about and that secret is that

supply side economics that we sometimes call trickle down economics or reaganomics doesn't work in fact it only works to do one thing create a massive wealth inequality this screws over ninety eight percent of us and rains down money on the other two percent we use that extra cash to speculate on wall street and crash our economy supply side economics has never ever worked anywhere it's ever been tried anywhere in the world it's never worked trickle down economics only produces a nation of it's yet here republicans are trying to pass a budget that will embrace an even more radical version of reaganomics further slashing the tax rates for america's oligarchy and leaving the rest of us to pick up the tab by dropping our health insurance taking food off our tables and letting us retire in poverty but for the first time in more than thirty years we now have

an american president who is actually refusing to embrace reaganomics perhaps the most significant part of president obama's speech last night was when he said this and worst of all this is a vision that says even though americans can't afford to invest in education at current levels or clean energy reagan though we can't afford to maintain our commitment on medicare and medicaid we can somehow afford more than one trillion dollars of new tax breaks for the wealthy because about that. in the last decade the average income of the bottom ninety percent of all working americans actually declined meanwhile the top one percent saw their income rise by an average of more than a quarter of a million dollars each. that's who needs to pay less

taxes they want to give people like me a two hundred thousand dollar tax cut that's paid for by asking thirty three seniors each to pay six thousand dollars more in health costs that's not right and is not going to happen as long as i'm president. as the president said the bottom ninety percent of us in the last thirty years have seen our incomes rise by a measly one percent that's it this one percent economist david cay johnston recently did some really great research and writing on supply side economics and taxes and came up with some of these startling results i want to share with you take a look at this chart that shows income growth for the bottom ninety percent of americans and twenty nine hundred fifty in one nine hundred eighty before reaganomics and after reaganomics one nine hundred eighty to two thousand and eight it's going to

blow your mind and it's exactly what paul ryan and the republicans as well as those millionaires and billionaires like dick armey and the koch brothers that fund the tea party are trying desperately to hide between nine hundred fifty and one thousand eight. the bottom ninety percent saw their incomes grow over seventy five percent thirteen thousand dollars seventy five percent pay raise between one nine hundred eighty and two thousand and eight after ronald reagan the bottom ninety percent saw their incomes grow about three hundred dollars as president obama said a one percent pay increase this is the bottom ninety percent of us before reagan we made seventy five percent over thirty years increased after reagan almost thirty years one percent. now i know you're thinking america's wealth has grown dramatically since one nine hundred eighty s. of that growth isn't being reflected in the wages of the bottom ninety percent.

where is it or at all money. well it went to the richest of the richest americans they went to reagan's campaign contributors america's always grams let's take a look at how the top one one hundredth of one percent point zero zero one percent did thanks to reaganomics from one hundred fifty to nine hundred eighty. the top one one hundredth of one percent had average income and increased income of two point four million dollars. about an eighty percent pay raise that was about the same as the bottom ninety percent seventy five percent but after reagan. one thousand ad from one thousand nine hundred to basically today their incomes went up . by nearly twenty two million dollars that's a four hundred and three percent pay raise for people who are already the wealthiest americans so thanks to reagan the bottom ninety percent of us got

a one percent pay raise all the top one one hundredth of one percent already rid of already rich people got a four hundred and three percent pay raise. this is already happened this is what the republicans don't want you to know. but there's more you know republicans are always saying that the wealthy pay the most taxes and that almost fifty percent of the country doesn't pay any charges at all because it all going to money so why a large group of poor people indeed don't pay any federal income taxes they still pay tons of other taxes in fact if you include payroll taxes gas taxes sales taxes property taxes they pay more taxes than the rich as a percentage of their income take a look at this chart. showing the taxes of the average working a single american compared to the four hundred richest people in america with an

average income of twenty six thousand dollars and the average income the average worker pays just over six thousand dollars in taxes that's twenty three percent c. average person the average is twenty six thousand and that at this level would probably not paying anything at all income tax but they are paid six thousand dollars in taxes twenty three percent of the guy on the other hand the top four hundred richest people in america are the campaign contributors to the republicans they make it average around three hundred fifty million dollars a year if they compare a combined tax rate of a little less than seventeen percent. so the poorest working americans get a tax rate of twenty three percent while the richest americans waffen don't even work at all you know the players just sit on their butts around the swimming pool collecting dividend checks they pay less than seventy percent of working americans pay more than a third more in taxes and the oligarchy who paul ryan and the republicans want to

give another tax break to and as far as corporate taxes go it was corporate tax rates the republicans say are way too are it provided to those from state in america and sort of this even though g.e. made fourteen billion dollars in profits last year they paid zero taxes no taxes at all and it back out a tax rebate of over three billion dollars paid for by you and me let's look at the corporate tax picture since just since george w. bush came into office and put reaganomics on steroids in two thousand corporations made more than one point six trillion dollars in profits. and paid on average fifteen percent in taxes. as well below the thirty five percent rate that republicans often see how it is being too high nobody actually pays their three days back tax collections in the united states with thirty four o.e.c.d. countries were second to the bottom and in two thousand and eight these corporations meet even more money and paid you guessed that bust them taxes they

made more than one point eight trillion and paid around twelve point five percent that's what an army of lobbyists paid to buy off lawmakers and blow a holes in the corporate tax code and do for them as pulitzer prize winning writer and economist david cay johnston points out it's the secret republicans don't want you to know. this is pretty simple stuff we now know that supply side economics doesn't work that it in fact the phrase supply side was invented by a guy named jude wood in ski who is not an economist he was a republican strategist but the whole thing i thought the whole thing was a hoax george herbert walker bush called it voodoo economics at least in the primaries he was running against ronald reagan he at least had the good sense after

he was elected president after eight years of wreckage reagan taking us from less than a trillion dollars in deficit over three trillion dollars in deficit you know saying oh well you know we got to make the economy look good yet give me three trillion dollars i'll show you what it looks like to live large any of george herbert walker bush at least had the decent sense to raise taxes a little bit but really now is the time to run the stake through the heart of this vampire of supply side economics reaganomics trickle down economics whatever you want to call it it doesn't work unless you're the top one percent now thank goodness president obama started this discussion yesterday. it's up to you and me to continue it bottom line we need to roll back the reagan tax cuts that's it.

it's time for our daily pull your chance to tell us what you think here's today's question was president obama's speech the beginning of the death of reaganomics in america the choices are yes and thirty years no president has laid out a more thoughtful and sharp criticism of the way reagan took our nation or no reaganomics will never be tarnished more than half of you voted yes so far i'm going to. know what you think the will be open until tomorrow morning. coming out they suffered some recent defeats in the past weeks so will the g.o.p. the grand old party rise to the occasion the time of the twenty for all presidential election campaign.

let's not forget that we had an apartheid regime right now. i think. he'd want to well. we never government says they're going to confirm safe get ready because if you give them their freedom.

you know sometimes you see a story and it seems so. you think you understand it and then you glimpse something else here sees some other part of it and realized everything you saw you don't know i'm sorry there's a big. we

screwed us today congress finally passed a budget bill to keep the government funded through the end of the year but in the chance of another government shutdown tea party must be pretty disappointed so now the focus shifts to next year's budget and the long term outlook for our nation republicans are rallied behind their budget chairman paul ryan and his roadmap to getting millionaires and billionaires tax cuts selling off medicare and putting back cutting school be cutting back on infrastructure investments so more roads and bridges will crumble honey on the other end president obama laid out his vision yesterday and let's just say republicans didn't take it to kind. proximately half an hour giving us a history lesson going to everyone from the nation's fiscal woes but himself. but tackle the path of prosperity budget and setting a new standard for class warfare rhetoric the president goes and delivers

a speech in which the only concrete proposal that he proposed was raising taxes and that solution falls far short of dealing with the kind of crisis that we're facing as far as the debts concerned in this country what we heard today was not physically or ship from our commander in chief what we heard today was a political broadside from our campaigner in chief this is very sad a very unfortunate. rather than building bridges he's poisoning wells poisoned wells. so that sort of reaction coming from the right but should we expect in this upcoming budget debate it's certainly going to down a major political landscape heading in the two thousand and twelve elections to president obama gain the upper hand yesterday but offer his take as political strategist and author robert kramer robert welcome good to be here great to have you here with us did president obama accomplish yesterday what he needed to do to take control of the budget debate the larger frame of that debate i think he

actually sees the political high ground yesterday is much as anything by transforming the debate from a discussion of dollars in kind of green eyeshade questions and making it a question of values or contrast the battle of values between the progressive values that really are at the center of america's population's beliefs and don't want to end the kind of radical conservative values that are more characteristic of the gilded age that have dominated a lot of american politics for was never yours. and when you get down to it if we if we talk about whether we're all in this together all of us alone whether we talk when we talk about do we continue to have hope we can have a better society in the future and give our kids a better chance were we going to resign ourselves to living with less and not giving our seniors the opportunity to retire and dignity your kids in education i think people choose our side of their hands down and then they always have

absolutely america i mean and when they didn't have a dream for example the robber baron or other fought for example and even even had a republican champion and teddy roosevelt i think you are going to experience really pretty amazing when you think about. i you know i thought i last night i did a whole segment on the speech and i thought you know obviously you know the numbers it's going to go through the sausage factory in fact i want to ask you about that republicans in just a second. i thought that all. that was secondary i thought this was the first time in thirty years bill clinton did some decent things but he didn't i think he was still drinking the kool-aid this is the first time in thirty years that from the white house somebody stood up and say you know he didn't say it directly but he did quote david stockman right that reaganomics is is not only wrong and insane inconsistent with american values but it doesn't work absolutely absolutely and and made it really clear i think your last segment you really laid it out well. the

other thing that of course that the president did yesterday i think is really outmaneuvered the republicans. he's changed the terms of negotiation but by getting but beyond this. continuing resolution that was voted on today that they don't have a lot of leverage you know they keep talking about how they're they're going to insist on various things to put debt ceiling is to be extended but i think that's just all bluster bluff and bluster i mean they're not going to blow up the american economy because the people who are really in charge of the republican party are the wall street c.e.o. crowd and they may want to work hard to you know cut taxes for themselves and get more wealth then sure as heck don't want to blow the american economy to smithereens sure you know they'd be so much of bonds it worth separately do be a disaster i think it's all bluff i you know i think you're right the and you said that this was just a c.r.

a continuing resolution that was passed although there were a bunch of holes drilled into it from last year's budget and for people who don't know it into a resolution is it's where we basically say where is it last year's budget and just call it this year's budget with maybe a few changes and the biggest problem with that is that if you've got three percent inflation really it's a three percent cut assuming that you have an eps indexed it for inflation but the question my question is will this. you know now president obama has laid down a marker in the sand and has said you know we're going to do something about this let's have a serious negotiation this this continuing resolution or budget or whatever we'll call it expires at the end of the fiscal year which is october right and it's time to start planning for next year the elections coming up the republicans are bloviating are we going to see another year are we going to see two years of continuing resolutions or are we going to see a serious effort to generate a

a budget and if so given that it has to originate in the house for the constitution and the house is controlled by by crazies or by by republicans or. what i don't look like you know i don't i don't really expect that we will see a budget this year i mean it doesn't require that one doesn't require we have a budget it does require we have appropriations for for the operations of government that will be the next big shutdown moment next fall that they'd like to make it this debt ceiling issue and and the president of course has said he's going to have a negotiation get serious about the long term. long term questions personally i you know i think the odds of the republicans agreeing to tax increases on the rich are about as likely as maybe coming reincarnated as a frog i think i mean the democrats were no i don't think the republicans will agree to increase taxes on the rich a y.c. i'm sorry as a consequence of that i don't think we're likely to see

a real deal although i think it's good that the president works and appears to work hard to try and achieve it but my guess is what we're going to see is this is going to be the narrative of the election campaign what kind of society we're looking for what kind of vision we have in the future and in the end we're going to be likely both to get the election of president obama and a democratic house and senate as a consequence and to ultimately get a plan for a budget that reduces the deficit and allows us to. to win the future then we'll have a real budget that's right jane i mean is the bottom line how do you respond to those cynics i've been hearing from them in the row. who who say that you know with health care for example nothing is ever enough but it goes even beyond that that it it almost seems at times that president obama first negotiates with himself down to his bottom line position and then he goes to the republicans and says ok let's split that with and as you know.

what do you think the chances are here that whether it's because he's running for reelection now as the republicans are alleging or because the you know we're looking at the probability of a double dip recession or the possibility or whatever for whatever reason that that something that you know he's going to hold fast on this what i think the odds are are better that he will hold fast on a number of things he's promised it will pass on that is not part of medicare not block granting medicaid not cutting medicare for seniors and and not signing another increase and another extension of the bush tax cuts i think it's a lot higher for two reasons one is he's he's he's framed this up now as a choice between two directions for society not just you know little numbers that you take it with and a number of paul ryan helped with that helped a lot and their strategy was to wait till ryan put his plan on the table the

republicans put their plan a table so it would be a clear contrast with what he wanted to compose the libero ryan and what they really want to do right now the other reason is that i think the the odds as i say are very low the proposals will do business on the core question of revenue or tax increases so basically for the next year and a half we can expect a lot of hysteria a lot of rhetoric not much action if president obama can get real life and we can get a democratic. and senate we can actually move forward and if the koch brothers have their way and they ran enough billions and trillions or whatever down into the in ads and what not more scott walker is elected we become smaller then we then we enter another political card cage yeah and i think that's what's at stake here i mean you laid out the directions of society that are the alternative just really very clearly you know we're going to have a society where the rich and powerful will. succeed and the rest of us. i mean i

think that's the real question and the president did a brilliant job of laying it out of you know just going i mean what right now i'm down the road right down through the list thanks so much for joining us tonight we're very very interesting much as i mentioned earlier the two thousand and eleven budget deal passed out of the house earlier today but not with total republican support a sign that speaker john boehner doesn't have as much control over his caucus as he'd like alternately since fifty nine republicans said no way they needed a few democrats on board to get measure passed so now that deep cracks are starting to emerge within the republican party it's hope it only makes things tougher for them in the showdown with the president over next year's budget.

it's time for the good the bad of the very very painfully ugly first the good of fourteen democratic congress women who are fasting this week to protest republican cuts to crucial food assistance programs that will mostly harm women and children if they're caught as democratic congresswoman marsha farge said this fast is a small sacrifice to demonstrate my opposition to balancing our budget on the backs of the most vulnerable in our society good move but don't go for too long we need you all sharp if you fighting the school wheatly insane measure that the republicans are pushing the bad gretchen carlson as the gang at fox and friends are criticizing the president's speech yesterday carlson offered her really insightful analysis of what the president could have done better take a look. see here's my take on it had the president broken out graphs and charts

like paul ryan did and maybe even did a little video insert like paul ryan did he would have kept people's attention possibly the video insert oh i get a graduate if you want entertainment in the speech not substance that is after all the fox news credo i suppose next you're going to try to say that the book to kill a mockingbird would have been better if there were pictures in it or if you could color it with crayons. and a very very odd republican senator jim inhofe besides staunch climate change denier you can also add reckless islet to his name recently obtained f.a.a. documents tell a story about how inhofe last year nearly killed several airport workers in taxes when he intentional. landed on a closed runway report claims that in off sky over the workers on the runway they by the way have a large x. painted on it i'm a pilot i you know you don't do that forcing the workers to run for their lives

after the incident inhofe allegedly said what the hell is the us i was supposed to have all of that airspace. come up this isn't the senate you don't have unlimited power to do whatever you want to do unilateral legal action against inhofe is dropped of course so he was forced to take seven hours of remedial flight training course that's very very ugly. coming out a sigh of relief across the country is scrambling taxpayers now have an extra three days to pay their taxes but one group is really just probably because they don't ever pay uncle sam ever details on the corporate tax dodgers after the fall.

let's not forget that we had an apartheid regime right here in the uk. i think rocker from the beautiful and funny well. we never got to that says that they are keeping safe get ready because of their freedom. you know us sometimes you see a story and it seems so for lack of sleep you think you understand it and then you glimpse something else and you hear or see some other part of it.