|
|
| View previous topic :: View next topic |
| Author |
Message |
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:c19871fa-541d-491c-aad3-3ccbdec2ba64@q1g2000prf.googlegroups.com:
| Quote: |
On May 14, 6:31 pm, Jon Deer <e...@nol.biz> wrote:
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 th
e
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 i
t
would take, for however long was necessary, to triumph over the
Communist menace.
Immediately upon assuming office, he reversed the economic policy
of th
e
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 abou
t
$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 $5
0
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 ha
d
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,
rathe
r
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 visualize
d.
The greatness of Ronald Reagan was his optimistic vision. His
unequivocal belief in freedom and democracy, in America as a city
on th
e
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!
|
That's when Macky became a Clinton camp follower... |
|
| Back to top |
|
 |
| |
Ads |
Advertising
Sponsor
|
|
|
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
