Program #PARM011. Recorded in Denver, CO on November 14, 1991.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.
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