Not sure how you can call a 4 million increase in unemployment 3 trillion added to the debt, 1.6% GDP growth, massive expansion of govt. an improvement but to some I guess that is what ideologues think.
By the way it is Reagan NOT Regan.
Last edited by Conservative; 10-27-10 at 10:23 PM.
He did that in less than two years?Quote conservative
The Reagan economy created 18 million jobs, doubled govt. revenue, and doubled GDP
The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say
I was around in the '80s and I did experience the misery of stagflation. The Reagan tax cuts you talk about were actually not that significant for normal people. They were great for Reagan's rich buddies. The top marginal rate was lowered to 50% from 69% but the top marginal rate was 69% for incomes over $215.400. The new maximum rate of 50% was for incomes over $85,600. Folks making over $85,600 (a very big income in '81) got a huge tax decrease to support "trickle down." Normal folks saw hardly any change to their taxes.
I'm not trying to argue that things are great right now. I would, however, point out that you are willing to give Reagan the benefit of looking at his entire administration but you seemingly are trying to judge Obama based on the fact that he was not able to work an economic miracle in the first 18 months of his presidency. What Reagan inherited was not nearly so bad as what Obama inherited. By the end of his term, things were much better. I think Obama deserves the same opportunity.
AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.