4 comments on “Reaganomics

  1. hows it working? it’s working great, I’ve never had a poor man give me a job, and I’ve never had a poor man pay his bills on time.

  2. This is a comment from a user on this very topic.

    When Reagan took office, the United States was the largest creditor nation in the world, and the leading importer of raw materials. We converted those raw materials into the best products in the world, for sale both in our own market to our own citizens as well as for export to other markets. When Reagan left office, we were the largest debtor nation in the world. Reagan’s “recovery” was based upon borrowing money.
    When Reagan took office, the National Debt had been paid down to its lowest level since 1931, to 31% of Gross Domestic Product (GDP). At the end of the Reagan/Bush years, the National Debt had skyrocketed to 67% of GDP. During Reagan’s eight years, he added more debt that in the entire previous history of the United States. Here is what he said in his inaugural address:
    “For decades we have piled deficit upon deficit, mortgaging our future and our children’s future for the temporary convenience of the present. To continue this long trend is to guarantee tremendous social, cultural, political, and economic upheavals. You and I, as individuals, can, by borrowing, live beyond our means, but only for a limited period of time. Why, then, should we think that collectively, as a nation, we’re not bound by that same limitation? We must act today in order to preserve tomorrow. And let there be no misunderstanding: We are going to begin to act, beginning today.” –President Reagan, in his inaugural address, January 20, 1981
    And then he went on to ~triple~ the National Debt, from $1 Trillion to $2.9 Trillion.
    Reagan inherited 8% unemployment rates from his predecessor. But after two years of his presidency, the U.S. economy entered a recession deeper than any since the Great Depression, and unemployment hit 10.9%.
    Those are the actual facts.
    Modern conservatives genuinely believe that they stand for fiscal responsibility, smaller government, reining in spending, and liberty. Those were the ideals of Goldwater conservatives, but starting with Ronald Reagan, the reality is that modern conservatives have pushed for the very opposite of those virtues—all while still claiming them. They have promoted the fantasy of conservative values while engaging in the reality of neoconservatism, which is neither “neo” nor “conservative.” The only thing similar between conservatives and neocons is the flag lapel pin.

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