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Crescentius Vespasianus
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 Posted: Tue May 13, 2008 9:10 pm Post subject: Obama is Carter II, the sequel. |
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For those of you who remember the Carter years 1976-1980, it was like
being trapped in someone else's nightmare. Carter taxed business's in
the name of fairness, that resulted in stagflation, a nightmare of run
away inflation and unemployment. But Carter was so obsessed with
fairness he could not see that he had turned the whole economy upside
down, and everyone felt the pain. I don't remember any happy times
during the Carter years. It was when people with Doctorate degrees
were driving taxi's so they could eat. Carter tanked so many jobs
that college graduates were competing against the illiterate for
burger flipping jobs. But Carter saw everything in terms of fairness,
why should someone with superior education live in a better house than
someone with just high school degree, and on and on it went. It was a
time when you hoarded everything, because if you waited it would cost
so much more at a later time. It was a time when there were massive
lines at the gas pumps, due to shortages caused by Carter's reluctance
to engage in Arabian politics, and his punishment of the oil
companies. Not one refinery has been built since Carter banned
construction of them in 1976. Carter proposed wind and solar power,
meanwhile people's electricity rates went through the roof. Before
Carter, electric bills were so small, they were hardly noticed, but
after Carter they are now in the hundreds of dollars per month. The
change that Barack Obama proposes are basically a return to the Carter
policies that failed so spectacularly in those nightmare years of
1976-1980. |
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MACK DADDY
Guest
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| Posted: Wed May 14, 2008 2:06 am Post subject: Re: Obama is Carter II, the sequel. |
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On May 13, 2:10 pm, Crescentius Vespasianus <jazzyb...@hotmail.com>
wrote:
| Quote: |
For those of you who remember the Carter years 1976-1980, it was like
being trapped in someone else's nightmare. Carter taxed business's in
the name of fairness, that resulted in stagflation, a nightmare of run
away inflation and unemployment. But Carter was so obsessed with
fairness he could not see that he had turned the whole economy upside
down, and everyone felt the pain. I don't remember any happy times
during the Carter years. It was when people with Doctorate degrees
were driving taxi's so they could eat. Carter tanked so many jobs
that college graduates were competing against the illiterate for
burger flipping jobs. But Carter saw everything in terms of fairness,
why should someone with superior education live in a better house than
someone with just high school degree, and on and on it went. It was a
time when you hoarded everything, because if you waited it would cost
so much more at a later time. It was a time when there were massive
lines at the gas pumps, due to shortages caused by Carter's reluctance
to engage in Arabian politics, and his punishment of the oil
companies. Not one refinery has been built since Carter banned
construction of them in 1976. Carter proposed wind and solar power,
meanwhile people's electricity rates went through the roof. Before
Carter, electric bills were so small, they were hardly noticed, but
after Carter they are now in the hundreds of dollars per month. The
change that Barack Obama proposes are basically a return to the Carter
policies that failed so spectacularly in those nightmare years of
1976-1980.
|
^^^^^^^^^^^^^^^^^^^^^^
Cuntous Vaginous, you be smokin' too much a dat muddafuggin sheeeit!
1976-1980 was pretty good times, especially compared to the 12 year
long Reagun/Bush nightmare! |
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George Grapman
Guest
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| Posted: Wed May 14, 2008 2:28 am Post subject: Re: Obama is Carter II, the sequel. |
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Crescentius Vespasianus wrote:
| Quote: |
For those of you who remember the Carter years 1976-1980, it was like
being trapped in someone else's nightmare. Carter taxed business's in
the name of fairness, that resulted in stagflation, a nightmare of run
away inflation and unemployment. But Carter was so obsessed with
fairness he could not see that he had turned the whole economy upside
down, and everyone felt the pain. I don't remember any happy times
during the Carter years. It was when people with Doctorate degrees
were driving taxi's so they could eat. Carter tanked so many jobs
that college graduates were competing against the illiterate for
burger flipping jobs. But Carter saw everything in terms of fairness,
why should someone with superior education live in a better house than
someone with just high school degree, and on and on it went. It was a
time when you hoarded everything, because if you waited it would cost
so much more at a later time. It was a time when there were massive
lines at the gas pumps, due to shortages caused by Carter's reluctance
to engage in Arabian politics, and his punishment of the oil
companies. Not one refinery has been built since Carter banned
construction of them in 1976. Carter proposed wind and solar power,
meanwhile people's electricity rates went through the roof. Before
Carter, electric bills were so small, they were hardly noticed, but
after Carter they are now in the hundreds of dollars per month. The
change that Barack Obama proposes are basically a return to the Carter
policies that failed so spectacularly in those nightmare years of
1976-1980.
|
I Remember conservatives laughing when Carter talked about conservation.
I remember Reagan running in 1980 promising to balance the budget. |
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Guest
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| Posted: Wed May 14, 2008 5:28 am Post subject: Re: Obama is Carter II, the sequel. |
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|
George Grapman wrote:
| Quote: |
Crescentius Vespasianus wrote:
For those of you who remember the Carter years 1976-1980, it was like
being trapped in someone else's nightmare. Carter taxed business's in
the name of fairness, that resulted in stagflation, a nightmare of run
away inflation and unemployment. But Carter was so obsessed with
fairness he could not see that he had turned the whole economy upside
down, and everyone felt the pain. I don't remember any happy times
during the Carter years. It was when people with Doctorate degrees
were driving taxi's so they could eat. Carter tanked so many jobs
that college graduates were competing against the illiterate for
burger flipping jobs. But Carter saw everything in terms of fairness,
why should someone with superior education live in a better house than
someone with just high school degree, and on and on it went. It was a
time when you hoarded everything, because if you waited it would cost
so much more at a later time. It was a time when there were massive
lines at the gas pumps, due to shortages caused by Carter's reluctance
to engage in Arabian politics, and his punishment of the oil
companies. Not one refinery has been built since Carter banned
construction of them in 1976. Carter proposed wind and solar power,
meanwhile people's electricity rates went through the roof. Before
Carter, electric bills were so small, they were hardly noticed, but
after Carter they are now in the hundreds of dollars per month. The
change that Barack Obama proposes are basically a return to the Carter
policies that failed so spectacularly in those nightmare years of
1976-1980.
I Remember conservatives laughing when Carter talked about conservation.
I remember Reagan running in 1980 promising to balance the budget.
|
I remember read my lips no new taxes. |
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MACK DADDY
Guest
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| Posted: Wed May 14, 2008 6:50 am Post subject: Re: Obama is Carter II, the sequel. |
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|
On May 13, 9:26 pm, MTD <s...@throw.er> wrote:
| Quote: |
George Grapman wrote:
Crescentius Vespasianus wrote:
For those of you who remember the Carter years 1976-1980, it was like
being trapped in someone else's nightmare. Carter taxed business's in
the name of fairness, that resulted in stagflation, a nightmare of run
away inflation and unemployment. But Carter was so obsessed with
fairness he could not see that he had turned the whole economy upside
down, and everyone felt the pain. I don't remember any happy times
during the Carter years. It was when people with Doctorate degrees
were driving taxi's so they could eat. Carter tanked so many jobs
that college graduates were competing against the illiterate for
burger flipping jobs. But Carter saw everything in terms of fairness,
why should someone with superior education live in a better house than
someone with just high school degree, and on and on it went. It was a
time when you hoarded everything, because if you waited it would cost
so much more at a later time. It was a time when there were massive
lines at the gas pumps, due to shortages caused by Carter's reluctance
to engage in Arabian politics, and his punishment of the oil
companies. Not one refinery has been built since Carter banned
construction of them in 1976. Carter proposed wind and solar power,
meanwhile people's electricity rates went through the roof. Before
Carter, electric bills were so small, they were hardly noticed, but
after Carter they are now in the hundreds of dollars per month. The
change that Barack Obama proposes are basically a return to the Carter
policies that failed so spectacularly in those nightmare years of
1976-1980.
I Remember conservatives laughing when Carter talked about conservation.
And taxed the oil companies out of DOMESTIC production...nice...
I remember Reagan running in 1980 promising to balance the budget.
You're so fucking STUPID it hurts me to even read your BULLSHIT!
http://www.nationalreview.com/kudlow/kudlow200406100915.asp
Economists were vexed during the 1970s, as unemployment and inflation
rose together to stifle economic growth and all forms of investment. The
Keynesian Phillips-curve paradigm, whereby employment and inflation are
supposed to move in opposite directions, completely broke down. The Ivy
League formula of increasing the money supply to spur growth, and high
taxes to hold back inflation, had failed utterly.
Between the late 1960s and 1980, the U.S. inflation rate rose from 2
percent to 14 percent, while the unemployment rate gradually drifted
higher, from 4 percent to almost 10 percent. It was a period of decline
for the country. Americans were demoralized.
As stagflation became more deeply embedded in the U.S. economy, Soviet
adventurism in Central and South America, Asia, and elsewhere around the
world became more pronounced. The Soviets saw the U.S. cut and run from
Vietnam. Our Cold War adversary saw nothing but weakness emanating from
the U.S.
Ronald Reagan changed all that. From the moment of his swearing-in in
Jan? uary 1981, with his extraordinarily strong character and deep and
abiding faith in God, Reagan acted relentlessly to revive the nation.
More than any modern president, Reagan understood the link between
economic growth at home and American strength overseas. It was the
Gipper?s most brilliant insight. He acted swiftly to show our enemies
that we would produce the necessary economic resources to do whatever it
would take, for however long was necessary, to triumph over the
Communist menace.
Immediately upon assuming office, he reversed the economic policy of the
decline years. He brought down marginal tax rates, restoring the
incentives necessary for economic growth. He gave Federal Reserve
chairman Paul Volcker the strong ground to stand on, allowing him to
harden the value of the dollar and slay inflation.
At bottom, what became known as Reaganomics was a new pro-growth policy
mix of tax incentives at the margin and stable money. But there was
more. The Californian launched a massive military buildup totaling about
$1.5 trillion. He deregulated oil prices, proving the conventional
wisdom wrong as energy became much cheaper. He launched U.S.-Canadian
free trade. He was unyielding in his opposition to the air-traffic
controllers? strike, firing thousands of these government workers and
ending the anti-growth union stranglehold on private industry. He
created individual retirement accounts and 401(k)s, giving birth to the
investor class. He also slashed social spending by reducing domestic
program levels (excluding Social Security and health care) by nearly $50
billion in 1981. That amount would come to about $90 billion today.
By 1986, Reagan?s tax-reform plan left two marginal rates of 28 percent
and 15 percent, a long stone?s throw from the 70 percent top rate he had
inherited. His plan also cut about 2,000 pages from the tax code.
Ideas matter. Results quickly followed for Reagan. Between 1982 and
1989, the economy grew, adjusting for inflation, by 35 percent: more
than 4.5 percent per year. As growth was restored, tax revenues came
flowing in. Income-tax revenues grew by 50 percent during this period
even as tax rates dropped. By 1986, the inflation rate had fallen to 1
percent. By the end of his term, unemployment had dropped to 5.5
percent. Interest rates had plunged. The stock market had soared.
From July 1982 through the end of 1988, the S&P 500 averaged a near 21
percent annual gain. Brand-new industries arose in computing, software,
communications, and the Internet — original endeavors that completely
streamlined and transformed the American economy for the decades to
come. In effect, Reaganomics launched a 20-year boom, the longest
prosperity period in the 20th century.
Reagan critics to this day continue to harp on deficits and debt, rather
than the growth miracle produced by Reaganomics. But they are factually
wrong. Reagan inherited a budget gap of roughly 2.5 percent of the
economy. By the end of his two terms, he left it exactly where he found
it. In between, he restored our economic health and revitalized our
standing around the world.
By the time of his summit meetings with Soviet chairman Gorbachev,
Reagan was able to say calmly and diplomatically that the U.S. could
produce the goods and the Soviets could not. In the next few years, the
Berlin Wall came down and the Soviet Union collapsed.
Reagan?s visionary linkage of domestic economic recovery, military
preparedness, and worldwide peace had worked with a stunning swiftness
that literally no one but the former Hollywood actor had ever visualized.
The greatness of Ronald Reagan was his optimistic vision. His
unequivocal belief in freedom and democracy, in America as a city on the
hill, never faltered. His free-market prescription for economic growth
relied on the creativity of ordinary people working in free enterprise
rather than under government planning. He believed in entrepreneurship,
not welfarism. He understood how to use military power. And his
optimistic faith in America gave a moribund country a new life.- Hide quoted text -
- Show quoted text -
|
Under the misguidance of Ronold Raygun this country lost good-paying
union jobs, and in their place came the minimum wage, no medical
benes, and slavelike working conditions. |
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MTD
Guest
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| Posted: Wed May 14, 2008 9:23 am Post subject: Re: Obama is Carter II, the sequel. |
|
|
Crescentius Vespasianus wrote:
| Quote: |
For those of you who remember the Carter years 1976-1980, it was like
being trapped in someone else's nightmare. Carter taxed business's in
the name of fairness, that resulted in stagflation, a nightmare of run
away inflation and unemployment. But Carter was so obsessed with
fairness he could not see that he had turned the whole economy upside
down, and everyone felt the pain. I don't remember any happy times
during the Carter years. It was when people with Doctorate degrees
were driving taxi's so they could eat. Carter tanked so many jobs
that college graduates were competing against the illiterate for
burger flipping jobs. But Carter saw everything in terms of fairness,
why should someone with superior education live in a better house than
someone with just high school degree, and on and on it went. It was a
time when you hoarded everything, because if you waited it would cost
so much more at a later time. It was a time when there were massive
lines at the gas pumps, due to shortages caused by Carter's reluctance
to engage in Arabian politics, and his punishment of the oil
companies. Not one refinery has been built since Carter banned
construction of them in 1976. Carter proposed wind and solar power,
meanwhile people's electricity rates went through the roof. Before
Carter, electric bills were so small, they were hardly noticed, but
after Carter they are now in the hundreds of dollars per month. The
change that Barack Obama proposes are basically a return to the Carter
policies that failed so spectacularly in those nightmare years of
1976-1980.
|
Precise and accurate analysis. |
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MTD
Guest
|
| Posted: Wed May 14, 2008 9:26 am Post subject: Re: Obama is Carter II, the sequel. |
|
|
George Grapman wrote:
| Quote: |
Crescentius Vespasianus wrote:
For those of you who remember the Carter years 1976-1980, it was like
being trapped in someone else's nightmare. Carter taxed business's in
the name of fairness, that resulted in stagflation, a nightmare of run
away inflation and unemployment. But Carter was so obsessed with
fairness he could not see that he had turned the whole economy upside
down, and everyone felt the pain. I don't remember any happy times
during the Carter years. It was when people with Doctorate degrees
were driving taxi's so they could eat. Carter tanked so many jobs
that college graduates were competing against the illiterate for
burger flipping jobs. But Carter saw everything in terms of fairness,
why should someone with superior education live in a better house than
someone with just high school degree, and on and on it went. It was a
time when you hoarded everything, because if you waited it would cost
so much more at a later time. It was a time when there were massive
lines at the gas pumps, due to shortages caused by Carter's reluctance
to engage in Arabian politics, and his punishment of the oil
companies. Not one refinery has been built since Carter banned
construction of them in 1976. Carter proposed wind and solar power,
meanwhile people's electricity rates went through the roof. Before
Carter, electric bills were so small, they were hardly noticed, but
after Carter they are now in the hundreds of dollars per month. The
change that Barack Obama proposes are basically a return to the Carter
policies that failed so spectacularly in those nightmare years of
1976-1980.
I Remember conservatives laughing when Carter talked about conservation.
|
And taxed the oil companies out of DOMESTIC production...nice...
| Quote: |
I remember Reagan running in 1980 promising to balance the budget.
|
You're so fucking STUPID it hurts me to even read your BULLSHIT!
http://www.nationalreview.com/kudlow/kudlow200406100915.asp
Economists were vexed during the 1970s, as unemployment and inflation
rose together to stifle economic growth and all forms of investment. The
Keynesian Phillips-curve paradigm, whereby employment and inflation are
supposed to move in opposite directions, completely broke down. The Ivy
League formula of increasing the money supply to spur growth, and high
taxes to hold back inflation, had failed utterly.
Between the late 1960s and 1980, the U.S. inflation rate rose from 2
percent to 14 percent, while the unemployment rate gradually drifted
higher, from 4 percent to almost 10 percent. It was a period of decline
for the country. Americans were demoralized.
As stagflation became more deeply embedded in the U.S. economy, Soviet
adventurism in Central and South America, Asia, and elsewhere around the
world became more pronounced. The Soviets saw the U.S. cut and run from
Vietnam. Our Cold War adversary saw nothing but weakness emanating from
the U.S.
Ronald Reagan changed all that. From the moment of his swearing-in in
Jan? uary 1981, with his extraordinarily strong character and deep and
abiding faith in God, Reagan acted relentlessly to revive the nation.
More than any modern president, Reagan understood the link between
economic growth at home and American strength overseas. It was the
Gipper?s most brilliant insight. He acted swiftly to show our enemies
that we would produce the necessary economic resources to do whatever it
would take, for however long was necessary, to triumph over the
Communist menace.
Immediately upon assuming office, he reversed the economic policy of the
decline years. He brought down marginal tax rates, restoring the
incentives necessary for economic growth. He gave Federal Reserve
chairman Paul Volcker the strong ground to stand on, allowing him to
harden the value of the dollar and slay inflation.
At bottom, what became known as Reaganomics was a new pro-growth policy
mix of tax incentives at the margin and stable money. But there was
more. The Californian launched a massive military buildup totaling about
$1.5 trillion. He deregulated oil prices, proving the conventional
wisdom wrong as energy became much cheaper. He launched U.S.-Canadian
free trade. He was unyielding in his opposition to the air-traffic
controllers? strike, firing thousands of these government workers and
ending the anti-growth union stranglehold on private industry. He
created individual retirement accounts and 401(k)s, giving birth to the
investor class. He also slashed social spending by reducing domestic
program levels (excluding Social Security and health care) by nearly $50
billion in 1981. That amount would come to about $90 billion today.
By 1986, Reagan?s tax-reform plan left two marginal rates of 28 percent
and 15 percent, a long stone?s throw from the 70 percent top rate he had
inherited. His plan also cut about 2,000 pages from the tax code.
Ideas matter. Results quickly followed for Reagan. Between 1982 and
1989, the economy grew, adjusting for inflation, by 35 percent: more
than 4.5 percent per year. As growth was restored, tax revenues came
flowing in. Income-tax revenues grew by 50 percent during this period
even as tax rates dropped. By 1986, the inflation rate had fallen to 1
percent. By the end of his term, unemployment had dropped to 5.5
percent. Interest rates had plunged. The stock market had soared.
From July 1982 through the end of 1988, the S&P 500 averaged a near 21
percent annual gain. Brand-new industries arose in computing, software,
communications, and the Internet — original endeavors that completely
streamlined and transformed the American economy for the decades to
come. In effect, Reaganomics launched a 20-year boom, the longest
prosperity period in the 20th century.
Reagan critics to this day continue to harp on deficits and debt, rather
than the growth miracle produced by Reaganomics. But they are factually
wrong. Reagan inherited a budget gap of roughly 2.5 percent of the
economy. By the end of his two terms, he left it exactly where he found
it. In between, he restored our economic health and revitalized our
standing around the world.
By the time of his summit meetings with Soviet chairman Gorbachev,
Reagan was able to say calmly and diplomatically that the U.S. could
produce the goods and the Soviets could not. In the next few years, the
Berlin Wall came down and the Soviet Union collapsed.
Reagan?s visionary linkage of domestic economic recovery, military
preparedness, and worldwide peace had worked with a stunning swiftness
that literally no one but the former Hollywood actor had ever visualized.
The greatness of Ronald Reagan was his optimistic vision. His
unequivocal belief in freedom and democracy, in America as a city on the
hill, never faltered. His free-market prescription for economic growth
relied on the creativity of ordinary people working in free enterprise
rather than under government planning. He believed in entrepreneurship,
not welfarism. He understood how to use military power. And his
optimistic faith in America gave a moribund country a new life. |
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MTD
Guest
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| Posted: Wed May 14, 2008 9:33 am Post subject: Re: Obama is Carter II, the sequel. |
|
|
MACK DADDY wrote:
| Quote: |
On May 13, 2:10 pm, Crescentius Vespasianus <jazzyb...@hotmail.com
wrote:
For those of you who remember the Carter years 1976-1980, it was like
being trapped in someone else's nightmare. Carter taxed business's in
the name of fairness, that resulted in stagflation, a nightmare of run
away inflation and unemployment. But Carter was so obsessed with
fairness he could not see that he had turned the whole economy upside
down, and everyone felt the pain. I don't remember any happy times
during the Carter years. It was when people with Doctorate degrees
were driving taxi's so they could eat. Carter tanked so many jobs
that college graduates were competing against the illiterate for
burger flipping jobs. But Carter saw everything in terms of fairness,
why should someone with superior education live in a better house than
someone with just high school degree, and on and on it went. It was a
time when you hoarded everything, because if you waited it would cost
so much more at a later time. It was a time when there were massive
lines at the gas pumps, due to shortages caused by Carter's reluctance
to engage in Arabian politics, and his punishment of the oil
companies. Not one refinery has been built since Carter banned
construction of them in 1976. Carter proposed wind and solar power,
meanwhile people's electricity rates went through the roof. Before
Carter, electric bills were so small, they were hardly noticed, but
after Carter they are now in the hundreds of dollars per month. The
change that Barack Obama proposes are basically a return to the Carter
policies that failed so spectacularly in those nightmare years of
1976-1980.
^^^^^^^^^^^^^^^^^^^^^^
Cuntous Vaginous, you be smokin' too much a dat muddafuggin sheeeit!
1976-1980 was pretty good times,
|
You're fucking INSANE and on drugs, fuck off! |
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MTD
Guest
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| Posted: Wed May 14, 2008 9:43 pm Post subject: Re: Obama is Carter II, the sequel. |
|
|
monkey_cartman@yahoo.com wrote:
| Quote: |
I remember read my lips
|
I predict someone will locate and torture you slowly and painfully.
91.121.7.211 = [ tor1.humanistische-union.de ]
inetnum: 91.121.0.0 - 91.121.31.255
netname: OVH
descr: OVH SAS
descr: Dedicated Servers
descr: http://www.ovh.com
country: FR
admin-c: OK217-RIPE
tech-c: OTC2-RIPE
status: ASSIGNED PA
mnt-by: OVH-MNT
source: RIPE Filtered
role: OVH Technical Contact
address: OVH SAS
address: 140 Quai du Sartel
address: 59100 Roubaix
address: France
admin-c: OK217-RIPE
tech-c: GM84-RIPE
nic-hdl: OTC2-RIPE
remarks: ========================================
remarks: support : support@ovh.com
remarks: 899 701 761 (france only)
remarks: ========================================
remarks: troubles:
remarks: network : abuse@ovh.net
remarks: spam : http://www.spam-rbl.com
remarks: ========================================
remarks: peering : noc@ovh.net
remarks: prefix 213.186.32.0/19
remarks: prefix 213.251.128.0/18
remarks: - FreeIX (1Gbs) 213.228.3.244
remarks: - PariX (1Gbs) 198.32.247.104
remarks: - SfinX (1Gbs) 194.68.129.144
remarks: ========================================
abuse-mailbox: abuse@ovh.net
mnt-by: OVH-MNT
source: RIPE Filtered
person: Octave Klaba
address: OVH SAS
address: 140 quai du sartel
address: 59100 Roubaix
address: France
phone: 33 3 20 20 09 57
fax-no: 33 3 20 20 09 58
nic-hdl: OK217-RIPE
abuse-mailbox: abuse@ovh.net
mnt-by: OVH-MNT
source: RIPE Filtered
route: 91.121.0.0/18
descr: OVH ISP
descr: Paris France
origin: AS16276
mnt-by: OVH-MNT
source: RIPE Filtered
route: 91.121.0.0/17
descr: OVH ISP
descr: Paris France
origin: AS16276
mnt-by: OVH-MNT
source: RIPE Filtered
route: 91.121.0.0/16
descr: OVH ISP
descr: Paris France
origin: AS16276
mnt-by: OVH-MNT
source: RIPE Filtered |
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MTD
Guest
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| Posted: Wed May 14, 2008 9:43 pm Post subject: Re: Obama is Carter II, the sequel. |
|
|
MACK DADDY wrote:
| Quote: |
Under the misguidance of Ronold Raygun this country
|
http://www.nationalreview.com/kudlow/kudlow200406100915.asp
Between the late 1960s and 1980, the U.S. inflation rate rose from 2
percent to 14 percent, while the unemployment rate gradually drifted
higher, from 4 percent to almost 10 percent. It was a period of decline
for the country. Americans were demoralized.
As stagflation became more deeply embedded in the U.S. economy, Soviet
adventurism in Central and South America, Asia, and elsewhere around the
world became more pronounced. The Soviets saw the U.S. cut and run from
Vietnam. Our Cold War adversary saw nothing but weakness emanating from
the U.S.
Ronald Reagan changed all that. From the moment of his swearing-in in
Jan? uary 1981, with his extraordinarily strong character and deep and
abiding faith in God, Reagan acted relentlessly to revive the nation.
More than any modern president, Reagan understood the link between
economic growth at home and American strength overseas. It was the
Gipper?s most brilliant insight. He acted swiftly to show our enemies
that we would produce the necessary economic resources to do whatever it
would take, for however long was necessary, to triumph over the
Communist menace.
Immediately upon assuming office, he reversed the economic policy of the
decline years. He brought down marginal tax rates, restoring the
incentives necessary for economic growth. He gave Federal Reserve
chairman Paul Volcker the strong ground to stand on, allowing him to
harden the value of the dollar and slay inflation.
At bottom, what became known as Reaganomics was a new pro-growth policy
mix of tax incentives at the margin and stable money. But there was
more. The Californian launched a massive military buildup totaling about
$1.5 trillion. He deregulated oil prices, proving the conventional
wisdom wrong as energy became much cheaper. He launched U.S.-Canadian
free trade. He was unyielding in his opposition to the air-traffic
controllers? strike, firing thousands of these government workers and
ending the anti-growth union stranglehold on private industry. He
created individual retirement accounts and 401(k)s, giving birth to the
investor class. He also slashed social spending by reducing domestic
program levels (excluding Social Security and health care) by nearly $50
billion in 1981. That amount would come to about $90 billion today.
By 1986, Reagan?s tax-reform plan left two marginal rates of 28 percent
and 15 percent, a long stone?s throw from the 70 percent top rate he had
inherited. His plan also cut about 2,000 pages from the tax code.
Ideas matter. Results quickly followed for Reagan. Between 1982 and
1989, the economy grew, adjusting for inflation, by 35 percent: more
than 4.5 percent per year. As growth was restored, tax revenues came
flowing in. Income-tax revenues grew by 50 percent during this period
even as tax rates dropped. By 1986, the inflation rate had fallen to 1
percent. By the end of his term, unemployment had dropped to 5.5
percent. Interest rates had plunged. The stock market had soared.
From July 1982 through the end of 1988, the S&P 500 averaged a near 21
percent annual gain. Brand-new industries arose in computing, software,
communications, and the Internet — original endeavors that completely
streamlined and transformed the American economy for the decades to
come. In effect, Reaganomics launched a 20-year boom, the longest
prosperity period in the 20th century.
Reagan critics to this day continue to harp on deficits and debt, rather
than the growth miracle produced by Reaganomics. But they are factually
wrong. Reagan inherited a budget gap of roughly 2.5 percent of the
economy. By the end of his two terms, he left it exactly where he found
it. In between, he restored our economic health and revitalized our
standing around the world.
By the time of his summit meetings with Soviet chairman Gorbachev,
Reagan was able to say calmly and diplomatically that the U.S. could
produce the goods and the Soviets could not. In the next few years, the
Berlin Wall came down and the Soviet Union collapsed.
Reagan?s visionary linkage of domestic economic recovery, military
preparedness, and worldwide peace had worked with a stunning swiftness
that literally no one but the former Hollywood actor had ever visualized.
The greatness of Ronald Reagan was his optimistic vision. His
unequivocal belief in freedom and democracy, in America as a city on the
hill, never faltered. His free-market prescription for economic growth
relied on the creativity of ordinary people working in free enterprise
rather than under government planning. He believed in entrepreneurship,
not welfarism. He understood how to use military power. And his
optimistic faith in America gave a moribund country a new life. |
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MACK DADDY
Guest
|
| Posted: Thu May 15, 2008 1:24 am Post subject: Re: Obama is Carter II, the sequel. |
|
|
On May 14, 9:43 am, MTD <s...@throw.er> wrote:
| Quote: |
MACK DADDY wrote:
Under the misguidance of Ronold Raygun this country
http://www.nationalreview.com/kudlow/kudlow200406100915.asp
Between the late 1960s and 1980, the U.S. inflation rate rose from 2
percent to 14 percent, while the unemployment rate gradually drifted
higher, from 4 percent to almost 10 percent. It was a period of decline
for the country. Americans were demoralized.
As stagflation became more deeply embedded in the U.S. economy, Soviet
adventurism in Central and South America, Asia, and elsewhere around the
world became more pronounced. The Soviets saw the U.S. cut and run from
Vietnam. Our Cold War adversary saw nothing but weakness emanating from
the U.S.
Ronald Reagan changed all that. From the moment of his swearing-in in
Jan? uary 1981, with his extraordinarily strong character and deep and
abiding faith in God, Reagan acted relentlessly to revive the nation.
More than any modern president, Reagan understood the link between
economic growth at home and American strength overseas. It was the
Gipper?s most brilliant insight. He acted swiftly to show our enemies
that we would produce the necessary economic resources to do whatever it
would take, for however long was necessary, to triumph over the
Communist menace.
Immediately upon assuming office, he reversed the economic policy of the
decline years. He brought down marginal tax rates, restoring the
incentives necessary for economic growth. He gave Federal Reserve
chairman Paul Volcker the strong ground to stand on, allowing him to
harden the value of the dollar and slay inflation.
At bottom, what became known as Reaganomics was a new pro-growth policy
mix of tax incentives at the margin and stable money. But there was
more. The Californian launched a massive military buildup totaling about
$1.5 trillion. He deregulated oil prices, proving the conventional
wisdom wrong as energy became much cheaper. He launched U.S.-Canadian
free trade. He was unyielding in his opposition to the air-traffic
controllers? strike, firing thousands of these government workers and
ending the anti-growth union stranglehold on private industry. He
created individual retirement accounts and 401(k)s, giving birth to the
investor class. He also slashed social spending by reducing domestic
program levels (excluding Social Security and health care) by nearly $50
billion in 1981. That amount would come to about $90 billion today.
By 1986, Reagan?s tax-reform plan left two marginal rates of 28 percent
and 15 percent, a long stone?s throw from the 70 percent top rate he had
inherited. His plan also cut about 2,000 pages from the tax code.
Ideas matter. Results quickly followed for Reagan. Between 1982 and
1989, the economy grew, adjusting for inflation, by 35 percent: more
than 4.5 percent per year. As growth was restored, tax revenues came
flowing in. Income-tax revenues grew by 50 percent during this period
even as tax rates dropped. By 1986, the inflation rate had fallen to 1
percent. By the end of his term, unemployment had dropped to 5.5
percent. Interest rates had plunged. The stock market had soared.
From July 1982 through the end of 1988, the S&P 500 averaged a near 21
percent annual gain. Brand-new industries arose in computing, software,
communications, and the Internet — original endeavors that completely
streamlined and transformed the American economy for the decades to
come. In effect, Reaganomics launched a 20-year boom, the longest
prosperity period in the 20th century.
Reagan critics to this day continue to harp on deficits and debt, rather
than the growth miracle produced by Reaganomics. But they are factually
wrong. Reagan inherited a budget gap of roughly 2.5 percent of the
economy. By the end of his two terms, he left it exactly where he found
it. In between, he restored our economic health and revitalized our
standing around the world.
By the time of his summit meetings with Soviet chairman Gorbachev,
Reagan was able to say calmly and diplomatically that the U.S. could
produce the goods and the Soviets could not. In the next few years, the
Berlin Wall came down and the Soviet Union collapsed.
Reagan?s visionary linkage of domestic economic recovery, military
preparedness, and worldwide peace had worked with a stunning swiftness
that literally no one but the former Hollywood actor had ever visualized.
The greatness of Ronald Reagan was his optimistic vision. His
unequivocal belief in freedom and democracy, in America as a city on the
hill, never faltered. His free-market prescription for economic growth
relied on the creativity of ordinary people working in free enterprise
rather than under government planning. He believed in entrepreneurship,
not welfarism. He understood how to use military power. And his
optimistic faith in America gave a moribund country a new life.
|
Reagan sucked almost as bad as The Bush Bastards! |
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MACK DADDY
Guest
|
| Posted: Thu May 15, 2008 6:02 am Post subject: Re: Obama is Carter II, the sequel. |
|
|
On May 14, 6:31 pm, Jon Deer <e...@nol.biz> wrote:
| Quote: |
MACK DADDY wrote:
On May 14, 9:43 am, MTD <s...@throw.er> wrote:
MACK DADDY wrote:
Under the misguidance of Ronold Raygun this country
http://www.nationalreview.com/kudlow/kudlow200406100915.asp
Between the late 1960s and 1980, the U.S. inflation rate rose from 2
percent to 14 percent, while the unemployment rate gradually drifted
higher, from 4 percent to almost 10 percent. It was a period of decline
for the country. Americans were demoralized.
As stagflation became more deeply embedded in the U.S. economy, Soviet
adventurism in Central and South America, Asia, and elsewhere around the
world became more pronounced. The Soviets saw the U.S. cut and run from
Vietnam. Our Cold War adversary saw nothing but weakness emanating from
the U.S.
Ronald Reagan changed all that. From the moment of his swearing-in in
Jan? uary 1981, with his extraordinarily strong character and deep and
abiding faith in God, Reagan acted relentlessly to revive the nation.
More than any modern president, Reagan understood the link between
economic growth at home and American strength overseas. It was the
Gipper?s most brilliant insight. He acted swiftly to show our enemies
that we would produce the necessary economic resources to do whatever it
would take, for however long was necessary, to triumph over the
Communist menace.
Immediately upon assuming office, he reversed the economic policy of the
decline years. He brought down marginal tax rates, restoring the
incentives necessary for economic growth. He gave Federal Reserve
chairman Paul Volcker the strong ground to stand on, allowing him to
harden the value of the dollar and slay inflation.
At bottom, what became known as Reaganomics was a new pro-growth policy
mix of tax incentives at the margin and stable money. But there was
more. The Californian launched a massive military buildup totaling about
$1.5 trillion. He deregulated oil prices, proving the conventional
wisdom wrong as energy became much cheaper. He launched U.S.-Canadian
free trade. He was unyielding in his opposition to the air-traffic
controllers? strike, firing thousands of these government workers and
ending the anti-growth union stranglehold on private industry. He
created individual retirement accounts and 401(k)s, giving birth to the
investor class. He also slashed social spending by reducing domestic
program levels (excluding Social Security and health care) by nearly $50
billion in 1981. That amount would come to about $90 billion today.
By 1986, Reagan?s tax-reform plan left two marginal rates of 28 percent
and 15 percent, a long stone?s throw from the 70 percent top rate he had
inherited. His plan also cut about 2,000 pages from the tax code.
Ideas matter. Results quickly followed for Reagan. Between 1982 and
1989, the economy grew, adjusting for inflation, by 35 percent: more
than 4.5 percent per year. As growth was restored, tax revenues came
flowing in. Income-tax revenues grew by 50 percent during this period
even as tax rates dropped. By 1986, the inflation rate had fallen to 1
percent. By the end of his term, unemployment had dropped to 5.5
percent. Interest rates had plunged. The stock market had soared.
From July 1982 through the end of 1988, the S&P 500 averaged a near 21
percent annual gain. Brand-new industries arose in computing, software,
communications, and the Internet — original endeavors that completely
streamlined and transformed the American economy for the decades to
come. In effect, Reaganomics launched a 20-year boom, the longest
prosperity period in the 20th century.
Reagan critics to this day continue to harp on deficits and debt, rather
than the growth miracle produced by Reaganomics. But they are factually
wrong. Reagan inherited a budget gap of roughly 2.5 percent of the
economy. By the end of his two terms, he left it exactly where he found
it. In between, he restored our economic health and revitalized our
standing around the world.
By the time of his summit meetings with Soviet chairman Gorbachev,
Reagan was able to say calmly and diplomatically that the U.S. could
produce the goods and the Soviets could not. In the next few years, the
Berlin Wall came down and the Soviet Union collapsed.
Reagan?s visionary linkage of domestic economic recovery, military
preparedness, and worldwide peace had worked with a stunning swiftness
that literally no one but the former Hollywood actor had ever visualized.
The greatness of Ronald Reagan was his optimistic vision. His
unequivocal belief in freedom and democracy, in America as a city on the
hill, never faltered. His free-market prescription for economic growth
relied on the creativity of ordinary people working in free enterprise
rather than under government planning. He believed in entrepreneurship,
not welfarism. He understood how to use military power. And his
optimistic faith in America gave a moribund country a new life.
Reagan sucked
You have more $$ in your pocket today because of his economic policies.
You.- Hide quoted text -
- Show quoted text -
|
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
NO, Not even close. During Reagan and Daddy Bushes rule I usually had
to struggle to make minimum wage, or just pennies more. Ever since
Clinton was president I started making more money eh! |
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Jon Deer
Guest
|
| Posted: Thu May 15, 2008 6:31 am Post subject: Re: Obama is Carter II, the sequel. |
|
|
MACK DADDY wrote:
| Quote: |
On May 14, 9:43 am, MTD <s...@throw.er> wrote:
MACK DADDY wrote:
Under the misguidance of Ronold Raygun this country
http://www.nationalreview.com/kudlow/kudlow200406100915.asp
Between the late 1960s and 1980, the U.S. inflation rate rose from 2
percent to 14 percent, while the unemployment rate gradually drifted
higher, from 4 percent to almost 10 percent. It was a period of decline
for the country. Americans were demoralized.
As stagflation became more deeply embedded in the U.S. economy, Soviet
adventurism in Central and South America, Asia, and elsewhere around the
world became more pronounced. The Soviets saw the U.S. cut and run from
Vietnam. Our Cold War adversary saw nothing but weakness emanating from
the U.S.
Ronald Reagan changed all that. From the moment of his swearing-in in
Jan? uary 1981, with his extraordinarily strong character and deep and
abiding faith in God, Reagan acted relentlessly to revive the nation.
More than any modern president, Reagan understood the link between
economic growth at home and American strength overseas. It was the
Gipper?s most brilliant insight. He acted swiftly to show our enemies
that we would produce the necessary economic resources to do whatever it
would take, for however long was necessary, to triumph over the
Communist menace.
Immediately upon assuming office, he reversed the economic policy of the
decline years. He brought down marginal tax rates, restoring the
incentives necessary for economic growth. He gave Federal Reserve
chairman Paul Volcker the strong ground to stand on, allowing him to
harden the value of the dollar and slay inflation.
At bottom, what became known as Reaganomics was a new pro-growth policy
mix of tax incentives at the margin and stable money. But there was
more. The Californian launched a massive military buildup totaling about
$1.5 trillion. He deregulated oil prices, proving the conventional
wisdom wrong as energy became much cheaper. He launched U.S.-Canadian
free trade. He was unyielding in his opposition to the air-traffic
controllers? strike, firing thousands of these government workers and
ending the anti-growth union stranglehold on private industry. He
created individual retirement accounts and 401(k)s, giving birth to the
investor class. He also slashed social spending by reducing domestic
program levels (excluding Social Security and health care) by nearly $50
billion in 1981. That amount would come to about $90 billion today.
By 1986, Reagan?s tax-reform plan left two marginal rates of 28 percent
and 15 percent, a long stone?s throw from the 70 percent top rate he had
inherited. His plan also cut about 2,000 pages from the tax code.
Ideas matter. Results quickly followed for Reagan. Between 1982 and
1989, the economy grew, adjusting for inflation, by 35 percent: more
than 4.5 percent per year. As growth was restored, tax revenues came
flowing in. Income-tax revenues grew by 50 percent during this period
even as tax rates dropped. By 1986, the inflation rate had fallen to 1
percent. By the end of his term, unemployment had dropped to 5.5
percent. Interest rates had plunged. The stock market had soared.
From July 1982 through the end of 1988, the S&P 500 averaged a near 21
percent annual gain. Brand-new industries arose in computing, software,
communications, and the Internet — original endeavors that completely
streamlined and transformed the American economy for the decades to
come. In effect, Reaganomics launched a 20-year boom, the longest
prosperity period in the 20th century.
Reagan critics to this day continue to harp on deficits and debt, rather
than the growth miracle produced by Reaganomics. But they are factually
wrong. Reagan inherited a budget gap of roughly 2.5 percent of the
economy. By the end of his two terms, he left it exactly where he found
it. In between, he restored our economic health and revitalized our
standing around the world.
By the time of his summit meetings with Soviet chairman Gorbachev,
Reagan was able to say calmly and diplomatically that the U.S. could
produce the goods and the Soviets could not. In the next few years, the
Berlin Wall came down and the Soviet Union collapsed.
Reagan?s visionary linkage of domestic economic recovery, military
preparedness, and worldwide peace had worked with a stunning swiftness
that literally no one but the former Hollywood actor had ever visualized.
The greatness of Ronald Reagan was his optimistic vision. His
unequivocal belief in freedom and democracy, in America as a city on the
hill, never faltered. His free-market prescription for economic growth
relied on the creativity of ordinary people working in free enterprise
rather than under government planning. He believed in entrepreneurship,
not welfarism. He understood how to use military power. And his
optimistic faith in America gave a moribund country a new life.
Reagan sucked
|
You have more $$ in your pocket today because of his economic policies.
You ungrateful shitwit. |
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Bob Harrington
Guest
|
| Posted: Thu May 15, 2008 11:04 am Post subject: Re: Obama is Carter II, the sequel. |
|
|
MACK DADDY <pepsivanilla@msn.com> wrote in
news:b7113b15-c329-437d-bc1f-745d1ac2330a@x19g2000prg.googlegroups.com:
| Quote: |
On May 13, 9:26 pm, MTD <s...@throw.er> wrote:
George Grapman wrote:
Crescentius Vespasianus wrote:
For those of you who remember the Carter years 1976-1980, it was
like being trapped in someone else's nightmare. Carter taxed
business's i
n
the name of fairness, that resulted in stagflation, a nightmare of
run away inflation and unemployment. But Carter was so obsessed
with fairness he could not see that he had turned the whole
economy upside down, and everyone felt the pain. I don't remember
any happy times during the Carter years. It was when people with
Doctorate degrees were driving taxi's so they could eat. Carter
tanked so many jobs that college graduates were competing against
the illiterate for burger flipping jobs. But Carter saw
everything in terms of fairness
,
why should someone with superior education live in a better house
than someone with just high school degree, and on and on it went.
It was
a
time when you hoarded everything, because if you waited it would
cost so much more at a later time. It was a time when there were
massive lines at the gas pumps, due to shortages caused by
Carter's reluctance to engage in Arabian politics, and his
punishment of the oil companies. Not one refinery has been built
since Carter banned construction of them in 1976. Carter proposed
wind and solar power, meanwhile people's electricity rates went
through the roof. Before Carter, electric bills were so small,
they were hardly noticed, but after Carter they are now in the
hundreds of dollars per month. The change that Barack Obama
proposes are basically a return to the Carter policies that failed
so spectacularly in those nightmare years of 1976-1980.
I Remember conservatives laughing when Carter talked about
conservati
on.
And taxed the oil companies out of DOMESTIC production...nice...
I remember Reagan running in 1980 promising to balance the budget.
You're so fucking STUPID it hurts me to even read your BULLSHIT!
http://www.nationalreview.com/kudlow/kudlow200406100915.asp
Economists were vexed during the 1970s, as unemployment and inflation
rose together to stifle economic growth and all forms of investment.
The Keynesian Phillips-curve paradigm, whereby employment and
inflation are supposed to move in opposite directions, completely
broke down. The Ivy League formula of increasing the money supply to
spur growth, and high taxes to hold back inflation, had failed
utterly.
Between the late 1960s and 1980, the U.S. inflation rate rose from 2
percent to 14 percent, while the unemployment rate gradually drifted
higher, from 4 percent to almost 10 percent. It was a period of
decline for the country. Americans were demoralized.
As stagflation became more deeply embedded in the U.S. economy,
Soviet adventurism in Central and South America, Asia, and elsewhere
around the world became more pronounced. The Soviets saw the U.S. cut
and run from Vietnam. Our Cold War adversary saw nothing but weakness
emanating from the U.S.
Ronald Reagan changed all that. From the moment of his swearing-in in
Jan? uary 1981, with his extraordinarily strong character and deep
and abiding faith in God, Reagan acted relentlessly to revive the
nation.
More than any modern president, Reagan understood the link between
economic growth at home and American strength overseas. It was the
Gipper?s most brilliant insight. He acted swiftly to show our enemies
that we would produce the necessary economic resources to do whatever
it would take, for however long was necessary, to triumph over the
Communist menace.
Immediately upon assuming office, he reversed the economic policy of
the decline years. He brought down marginal tax rates, restoring the
incentives necessary for economic growth. He gave Federal Reserve
chairman Paul Volcker the strong ground to stand on, allowing him to
harden the value of the dollar and slay inflation.
At bottom, what became known as Reaganomics was a new pro-growth
policy mix of tax incentives at the margin and stable money. But
there was more. The Californian launched a massive military buildup
totaling about $1.5 trillion. He deregulated oil prices, proving the
conventional wisdom wrong as energy became much cheaper. He launched
U.S.-Canadian free trade. He was unyielding in his opposition to the
air-traffic controllers? strike, firing thousands of these government
workers and ending the anti-growth union stranglehold on private
industry. He created individual retirement accounts and 401(k)s,
giving birth to the investor class. He also slashed social spending
by reducing domestic program levels (excluding Social Security and
health care) by nearly $50 billion in 1981. That amount would come to
about $90 billion today.
By 1986, Reagan?s tax-reform plan left two marginal rates of 28
percent and 15 percent, a long stone?s throw from the 70 percent top
rate he had inherited. His plan also cut about 2,000 pages from the
tax code.
Ideas matter. Results quickly followed for Reagan. Between 1982 and
1989, the economy grew, adjusting for inflation, by 35 percent: more
than 4.5 percent per year. As growth was restored, tax revenues came
flowing in. Income-tax revenues grew by 50 percent during this period
even as tax rates dropped. By 1986, the inflation rate had fallen to
1 percent. By the end of his term, unemployment had dropped to 5.5
percent. Interest rates had plunged. The stock market had soared.
From July 1982 through the end of 1988, the S&P 500 averaged a near
21 percent annual gain. Brand-new industries arose in computing,
software, communications, and the Internet — original endeavors that
completely streamlined and transformed the American economy for the
decades to come. In effect, Reaganomics launched a 20-year boom, the
longest prosperity period in the 20th century.
Reagan critics to this day continue to harp on deficits and debt,
rather than the growth miracle produced by Reaganomics. But they are
factually wrong. Reagan inherited a budget gap of roughly 2.5 percent
of the economy. By the end of his two terms, he left it exactly where
he found it. In between, he restored our economic health and
revitalized our standing around the world.
By the time of his summit meetings with Soviet chairman Gorbachev,
Reagan was able to say calmly and diplomatically that the U.S. could
produce the goods and the Soviets could not. In the next few years,
the Berlin Wall came down and the Soviet Union collapsed.
Reagan?s visionary linkage of domestic economic recovery, military
preparedness, and worldwide peace had worked with a stunning
swiftness that literally no one but the former Hollywood actor had
ever visualized.
The greatness of Ronald Reagan was his optimistic vision. His
unequivocal belief in freedom and democracy, in America as a city on
the hill, never faltered. His free-market prescription for economic
growth relied on the creativity of ordinary people working in free
enterprise rather than under government planning. He believed in
entrepreneurship, not welfarism. He understood how to use military
power. And his optimistic faith in America gave a moribund country a
new life.- Hide quot
ed text -
- Show quoted text -
Under the misguidance of Ronold Raygun this country lost good-paying
union jobs, and in their place came the minimum wage, no medical
benes, and slavelike working conditions.
|
"Oh Norman, listen! The loons are calling!"
- Katherine Hepburn, "On Golden Pond"
Unions: Guaranteed mediocrity at a premium price |
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Bob Harrington
Guest
|
| Posted: Thu May 15, 2008 11:04 am Post subject: Re: Obama is Carter II, the sequel. |
|
|
MACK DADDY <pepsivanilla@msn.com> wrote in
news:1ba88f23-3861-4eea-bd7c-6c12307cf032@w8g2000prd.googlegroups.com:
| Quote: |
On May 14, 9:43 am, MTD <s...@throw.er> wrote:
MACK DADDY wrote:
Under the misguidance of Ronold Raygun this country
http://www.nationalreview.com/kudlow/kudlow200406100915.asp
Between the late 1960s and 1980, the U.S. inflation rate rose from 2
percent to 14 percent, while the unemployment rate gradually drifted
higher, from 4 percent to almost 10 percent. It was a period of
decline for the country. Americans were demoralized.
As stagflation became more deeply embedded in the U.S. economy,
Soviet adventurism in Central and South America, Asia, and elsewhere
around the world became more pronounced. The Soviets saw the U.S. cut
and run from Vietnam. Our Cold War adversary saw nothing but weakness
emanating from the U.S.
Ronald Reagan changed all that. From the moment of his swearing-in in
Jan? uary 1981, with his extraordinarily strong character and deep
and abiding faith in God, Reagan acted relentlessly to revive the
nation.
More than any modern president, Reagan understood the link between
economic growth at home and American strength overseas. It was the
Gipper?s most brilliant insight. He acted swiftly to show our enemies
that we would produce the necessary economic resources to do whatever
it would take, for however long was necessary, to triumph over the
Communist menace.
Immediately upon assuming office, he reversed the economic policy of
the decline years. He brought down marginal tax rates, restoring the
incentives necessary for economic growth. He gave Federal Reserve
chairman Paul Volcker the strong ground to stand on, allowing him to
harden the value of the dollar and slay inflation.
At bottom, what became known as Reaganomics was a new pro-growth
policy mix of tax incentives at the margin and stable money. But
there was more. The Californian launched a massive military buildup
totaling about $1.5 trillion. He deregulated oil prices, proving the
conventional wisdom wrong as energy became much cheaper. He launched
U.S.-Canadian free trade. He was unyielding in his opposition to the
air-traffic controllers? strike, firing thousands of these government
workers and ending the anti-growth union stranglehold on private
industry. He created individual retirement accounts and 401(k)s,
giving birth to the investor class. He also slashed social spending
by reducing domestic program levels (excluding Social Security and
health care) by nearly $50 billion in 1981. That amount would come to
about $90 billion today.
By 1986, Reagan?s tax-reform plan left two marginal rates of 28
percent and 15 percent, a long stone?s throw from the 70 percent top
rate he had inherited. His plan also cut about 2,000 pages from the
tax code.
Ideas matter. Results quickly followed for Reagan. Between 1982 and
1989, the economy grew, adjusting for inflation, by 35 percent: more
than 4.5 percent per year. As growth was restored, tax revenues came
flowing in. Income-tax revenues grew by 50 percent during this period
even as tax rates dropped. By 1986, the inflation rate had fallen to
1 percent. By the end of his term, unemployment had dropped to 5.5
percent. Interest rates had plunged. The stock market had soared.
From July 1982 through the end of 1988, the S&P 500 averaged a near
21 percent annual gain. Brand-new industries arose in computing,
software, communications, and the Internet — original endeavors that
completely streamlined and transformed the American economy for the
decades to come. In effect, Reaganomics launched a 20-year boom, the
longest prosperity period in the 20th century.
Reagan critics to this day continue to harp on deficits and debt,
rather than the growth miracle produced by Reaganomics. But they are
factually wrong. Reagan inherited a budget gap of roughly 2.5 percent
of the economy. By the end of his two terms, he left it exactly where
he found it. In between, he restored our economic health and
revitalized our standing around the world.
By the time of his summit meetings with Soviet chairman Gorbachev,
Reagan was able to say calmly and diplomatically that the U.S. could
produce the goods and the Soviets could not. In the next few years,
the Berlin Wall came down and the Soviet Union collapsed.
Reagan?s visionary linkage of domestic economic recovery, military
preparedness, and worldwide peace had | | | |
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