During the 1980 Republican presidential primaries, Bush the elder was running against Reagan. He derided Reagan's pledge to cut taxes while hugely increasing the defense budget as "voodoo economics." It was designed to line the pockets of the few at the expense of the many. Deficits exploded in the 1980s after tax rates were cut by Reagan in 1981. Bush the elder quickly forgot his campaign criticism and was Reagan's vice-president. Protection and promotion of the rich in the U.S. has a long tradition with Republicans almost always in the lead but the Democrats are not too far behind.

Michael Parenti
Michael Parenti is one of this country's foremost independent political analysts. He has taught at major colleges and universities in the U.S. and abroad. He is the author of numerous books including the classic "Democracy for the Few" and the highly acclaimed "The Assassination of Julius Caesar." His latest book is "Contrary Notions."