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The 20% interest rates were brought in by Volker to take control over the inflation rate and did infact cause a severe recession early in the Reagan admin
You just dont get it
Your bull over empowering people can be used by Obama taking on debt saying it's justified to get the US out of the economic mess left by Bush.
The Debt as a % of GDP accounts for the the doubling of the GDP It is the ratio of debt to the GDP which is why I used that reference rather then just federal government debt.
As for government revenue you could triple it, or quintuple it, but if you increase spending even more you are increasing the debt. And in the case of most government leaving it for future generations to pay off.
The Reagan admin was not fiscally conservative, it was Keynsian
I get it quite well, Obama has a vision of making this country just like any European Socialist nation which has low economic growth, high unemployment, and high taxes
As for the so called mess that Bush left, I again state you haven't a clue how our govt. works. We have three equal branches of govt. except apparently when people like you want to place blame. Congress is every bit as much to blame if not more than Bush. Obama was in that Congress.
Don't you find it somewhat interesting that Obama was in the State legislature of Illinois as the state went bankrupt and is probably beyond saving. Then he was elected to Congress and has helped destroy the U.S. Economy. Now that his hope and change you can believe in.
If you are concerned about debt to GDP ratio was high during Reagan what is it now? Obama has proposed deficits of over 3 trillion in fiscal year 2010 and 2011 on top of the joint deficit of 1.47 trillion in 2009. That is almost the entire Bush debt in 8 years.
Govt. revenue is NOT growing because there are over 15 million unemployed Americans. Reagan knew that employed people pay taxes and it was the focus on tax cuts that stimulated and grew the economy that created those jobs.
Based upon the debt that GHW Bush, Clinton, GW Bush, and now Obama created Reagan was a fiscal conservative.