Economics 101

[P@triot]

At the end of the day, the Reagan economy (when taken into context with the Jimmy Carter disaster) is probably the single greatest economy in U.S. history.

Unemployment was higher under Reagan, Interest rates were higher under Reagan and the Reagan Recession was the second longest in history and the Carter recession was one of the shortest in history.

Yeah....the Carter recession was one of the "shortest in history" because Reagan ended it with strong economic policy.

Reagan benefitted from Carter's policies.

Reagan immediately rid the U.S. of Carter's failed liberal policies. Nice try though.

 

[Rshermr]

At the end of the day, the Reagan economy (when taken into context with the Jimmy Carter disaster) is probably the single greatest economy in U.S. history.

Unemployment was higher under Reagan, Interest rates were higher under Reagan and the Reagan Recession was the second longest in history and the Carter recession was one of the shortest in history.

But, we should not forget that Republicans economic accomplishments include three records, representing first, second, and third place:
1. The great Republican Depression of 1929, NUMBER 1. Over 25% ue.
2. The Great Reagan Depression of 1982, Number 2. 10.8% ue.
3. The Great Republican Recession of 2008, number 3. 10% ue.
Now, of course, though it was during their administrations and based on their policies, they do not ever take credit for their records. Poor ignorant clowns just rely on Republican Talking Points. That way, they do not need to try reason.

Relative to the Great Reagan Depression of 1982, they can never provide any kind of answer as to why Ronnie did not use Reaganomics after he created the most damaging recession on record, and their response was to use Keynesian policies - tax and use deficit spending. The fact that Reagans admin nearly tripled the national debt and spent more than all presidents up till then combined did not bother them at all. And how quickly they forgot those pledges to reduce the size of the us government after they had increased it by more than any admin before them.

 

[Rshermr]

At the end of the day, the Reagan economy (when taken into context with the Jimmy Carter disaster) is probably the single greatest economy in U.S. history.

Unemployment was higher under Reagan, Interest rates were higher under Reagan and the Reagan Recession was the second longest in history and the Carter recession was one of the shortest in history.

Yeah....the Carter recession was one of the "shortest in history" because Reagan ended it with strong economic policy.

Usually I don't bother responding to your posts. They are just to stupid. But here you outdid yourself. That post was so wrong and so easy to prove it was wrong, it makes me laugh. Dipshit.

 

[Rshermr]

What does cutting taxes cause?

Economic growth.

Not for Reagan. As you can see from the chart, GDP fell from St Ronnie's 1981tax cuts and rose after Reagan started raising taxes in 1982.

Following enactment in August 1981, the first 5% of the 25% total cuts took place beginning in October. An additional 10% began in July 1982, followed by a third decrease of 10% beginning in July 1983.[4]

Thanks. I always enjoy it when liberals post the refutations of their own claims.

Can you post the chart that shows 7% GDP growth after Obama raised rates?

And I always love it when CON$ lie about what others post. I posted no such thing, YOU did and Reagan's tax cuts never followed that projected schedule.

Following the 1981 tax cuts, as the economy was mired in recession and the federal deficit was spiraling out of control, even groups such as the Business Roundtable lobbied Reagan to raise taxes. And he did:
The first Reagan tax increase came in 1982. By then it was clear that the budget projections used to justify the 1981 tax cut were wildly optimistic. In response, Mr. Reagan agreed to a sharp rollback of corporate tax cuts, and a smaller rollback of individual income tax cuts. Over all, the 1982 tax increase undid about a third of the 1981 cut.

When Obama raised taxes, why didn't he achieve the same GDP growth as Reagan?
Obama's should have been higher, because he's so much smarter than Reagan, so what happened?
Why did Obama have so much fail compared to so much Reagan success?

I am shocked you do not know the reasons. Let me help you, me poor ignorant con tool:
1. Republicans owned the congress and stopped every effort to fight the recession. Voted against bills to fight recession every single time, with every republican congressman voting no. And, they then refused to bring forward a single bill aimed at shortening the recession.
2. They required the only bill that got through, with zero votes from their side, to be over 1/3 tax cuts, which, according to the cbo, had the least effect on the recession of any measures the bill had.
3. Obama came into office while we were seeing losses of over 500,000 jobs per month. And he was left with the largest recession of any new president since the Great Republican Depression of 1929. The recession now known as the Great Republican Recession.
Sorry to blunt your well refined conservative talking point. Try thinking some time.

 

[Indeependent]

At the end of the day, the Reagan economy (when taken into context with the Jimmy Carter disaster) is probably the single greatest economy in U.S. history.

Unemployment was higher under Reagan, Interest rates were higher under Reagan and the Reagan Recession was the second longest in history and the Carter recession was one of the shortest in history.

Yeah....the Carter recession was one of the "shortest in history" because Reagan ended it with strong economic policy.

Reagan benefitted from Carter's policies.

Reagan immediately rid the U.S. of Carter's failed liberal policies. Nice try though.

And the rich got richer and Black Monday.
Nice try, though.

 

[Toddsterpatriot]

Following enactment in August 1981, the first 5% of the 25% total cuts took place beginning in October. An additional 10% began in July 1982, followed by a third decrease of 10% beginning in July 1983.[4]

Thanks. I always enjoy it when liberals post the refutations of their own claims.

In 1988, libertarian political writer Sheldon Richman described TEFRA as "the largest tax increase in American history." In 2003, former Reagan adviser Bruce Bartlett wrote in National Review that "TEFRA raised taxes by $37.5 billion per year", elaborating, "according to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history."[10] However, this "increase" was achieved primarily through the cancellation of future tax cuts scheduled by ERTA the year before that had yet to take effect at the time of TEFRA's passage.[11] Taxpayers still receive $375 billion in tax cuts in the 3 years following TEFRA.[11]

And I love it when the CON$ post contradicting claims that end up proving the Libs correct!!!

Taxpayers still receive $375 billion in tax cuts in the 3 years following TEFRA.[11][/QUOTE]

That sneaky Reagan even when he raised taxes, they went lower.

 

[Indeependent]

Following enactment in August 1981, the first 5% of the 25% total cuts took place beginning in October. An additional 10% began in July 1982, followed by a third decrease of 10% beginning in July 1983.[4]

Thanks. I always enjoy it when liberals post the refutations of their own claims.

In 1988, libertarian political writer Sheldon Richman described TEFRA as "the largest tax increase in American history." In 2003, former Reagan adviser Bruce Bartlett wrote in National Review that "TEFRA raised taxes by $37.5 billion per year", elaborating, "according to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history."[10] However, this "increase" was achieved primarily through the cancellation of future tax cuts scheduled by ERTA the year before that had yet to take effect at the time of TEFRA's passage.[11] Taxpayers still receive $375 billion in tax cuts in the 3 years following TEFRA.[11]

And I love it when the CON$ post contradicting claims that end up proving the Libs correct!!!

Taxpayers still receive $375 billion in tax cuts in the 3 years following TEFRA.[11]

That sneaky Reagan even when he raised taxes, they went lower.[/QUOTE]
Some people with advanced are REALLY lucky thanks to Reaganomics...They've been replaced by all those Business Visas we don't need thanks to automation.

 

[P@triot]

Relative to the Great Reagan Depression of 1982, they can never provide any kind of answer as to why Ronnie did not use Reaganomics after he created the most damaging recession on record, and their response was to use Keynesian policies - tax and use deficit spending. The fact that Reagans admin nearly tripled the national debt and spent more than all presidents up till then combined did not bother them at all. And how quickly they forgot those pledges to reduce the size of the us government after they had increased it by more than any admin before them.

Hilarious. There was no "Great Reagan Depression". What there was (as usual) was Jimmy Carter and the Dumbocrats destroying the world economy. Reagan came in and turned it all around. This is the 1930's junior. People no longer believe lies if told enough. We have too much information at our fingertips and too many resources. All you're doing is destroying your own credibility and making yourself look like a partisan hack.

 

[Toddsterpatriot]

When Obama raised taxes, why didn't he achieve the same GDP growth as Reagan?

Obama didn't raise taxes at first but continued the Bush tax cuts. GDP languished. Finally he let most of the Bush tax cuts expire and GDP grew.

Obama raised taxes in his 4th year. Reagan cut in his 1st.

Your chart shows cuts work better than no cuts. Thanks!

 

[P@triot]

At the end of the day, the Reagan economy (when taken into context with the Jimmy Carter disaster) is probably the single greatest economy in U.S. history.

Unemployment was higher under Reagan, Interest rates were higher under Reagan and the Reagan Recession was the second longest in history and the Carter recession was one of the shortest in history.

Yeah....the Carter recession was one of the "shortest in history" because Reagan ended it with strong economic policy.

Reagan benefitted from Carter's policies.

Reagan immediately rid the U.S. of Carter's failed liberal policies. Nice try though.

And the rich got richer and Black Monday.
Nice try, though.

Yeah...."Black Monday". By Tuesday everything was fine. When FDR over saw his "Black Monday" it lasted over a decade thanks to ignorant liberal socialism. And not only did he force people to live in near perpetual poverty, he also shredded the U.S. Constitution in the process. Yeah libtard policy!

 

[Toddsterpatriot]

At the end of the day, the Reagan economy (when taken into context with the Jimmy Carter disaster) is probably the single greatest economy in U.S. history.

Unemployment was higher under Reagan, Interest rates were higher under Reagan and the Reagan Recession was the second longest in history and the Carter recession was one of the shortest in history.

But, we should not forget that Republicans economic accomplishments include three records, representing first, second, and third place:
1. The great Republican Depression of 1929, NUMBER 1. Over 25% ue.
2. The Great Reagan Depression of 1982, Number 2. 10.8% ue.
3. The Great Republican Recession of 2008, number 3. 10% ue.
Now, of course, though it was during their administrations and based on their policies, they do not ever take credit for their records. Poor ignorant clowns just rely on Republican Talking Points. That way, they do not need to try reason.

Relative to the Great Reagan Depression of 1982, they can never provide any kind of answer as to why Ronnie did not use Reaganomics after he created the most damaging recession on record, and their response was to use Keynesian policies - tax and use deficit spending. The fact that Reagans admin nearly tripled the national debt and spent more than all presidents up till then combined did not bother them at all. And how quickly they forgot those pledges to reduce the size of the us government after they had increased it by more than any admin before them.

they can never provide any kind of answer as to why Ronnie did not use Reaganomics after he created the most damaging recession on record

You never did explain how Reagan created the recession.

Was it by cutting the top rate from 70% to 50%?
Was it his military buildup? Can you provide any specifics?

 

[P@triot]

I am shocked you do not know the reasons. Let me help you, me poor ignorant con tool[

I'm not the least bit shocked by your absurd and ignorant propaganda.

1. Republicans owned the congress and stopped every effort to fight the recession. Voted against bills to fight recession every single time, with every republican congressman voting no. And, they then refused to bring forward a single bill aimed at shortening the recession.

Barack Obama spent the first two years of his Administration with a Democrat House and Senate (and a super-majority for a little bit, so Republican's couldn't even filibuster). He received 100% of the policies/bills that he asked for. He said the economy needed trillions in "stimulus" - he got it in three different rounds of stimulus spending. He said the economy needed Obamacare. He got it. He said the economy needed "finance reform" - he got the Dodd/Frank finance reform. He asked for the debt ceiling to be raised over and over and over - he got it each and every time. You literally could not point to one single piece of legislation that he wanted which he did not receive.

2. They required the only bill that got through, with zero votes from their side, to be over 1/3 tax cuts, which, according to the cbo, had the least effect on the recession of any measures the bill had.

If Republican's had ZERO votes on an unnamed bill (which proves you're either ignorant or too lazy to look it up), then how could the Republican's been in position to demand anything - including tax cuts? Oops...

3. Obama came into office while we were seeing losses of over 500,000 jobs per month. And he was left with the largest recession of any new president since the Great Republican Depression of 1929. The recession now known as the Great Republican Recession.

As we've already established in many threads - the Jimmy Carter economy that Ronald Reagan took over was exponentially worse than the economy Barack Obama took over. He took over an economy with 7% unemployment and he rammed that up over 10% despite spending like an irresponsible, immature, drunk sailor.

In short Rshemr - you're a fool. You don't have any clue about reality. And you just got destroyed with facts.

 

[P@triot]

Relative to the Great Reagan Depression of 1982, they can never provide any kind of answer as to why Ronnie did not use Reaganomics after he created the most damaging recession on record.

That's because there is no explanation to something that never happened. It's like asking Dumbocrats to explain what caused the unicorn to go extinct...

Jimmy Carter and libtard Dumbocrat policy did what it always does - crashed the world economy. Reagan came and employed conservative policy - and it did what it always does. Created an economic tidal wave of wealth and prosperity for all (well - anyone willing to work anyway).

No matter how many times you attempt to lie about this - it doesn't matter. History is well documented. Ronald Reagan was one of the most beloved presidents of all time because he took the second worst economy in U.S. history from Jimmy Carter and the Dumbocrats and over night he restored the U.S. to the economic (and for that matter - military) super power that it had always been. But thanks for playing junior! Game over.

 

[Rshermr]

When Obama raised taxes, why didn't he achieve the same GDP growth as Reagan?

Obama didn't raise taxes at first but continued the Bush tax cuts. GDP languished. Finally he let most of the Bush tax cuts expire and GDP grew.

Obama raised taxes in his 4th year. Reagan cut in his 1st.



Your chart shows cuts work better than no cuts. Thanks!

Yes, but Reagan raised taxes in his 2nd, 3rd, 5th, and 7th. So what does that tell you??? Quick, run to the Conservative talking Points site.

Relative to the Great Reagan Depression of 1982, they can never provide any kind of answer as to why Ronnie did not use Reaganomics after he created the most damaging recession on record, and their response was to use Keynesian policies - tax and use deficit spending. The fact that Reagans admin nearly tripled the national debt and spent more than all presidents up till then combined did not bother them at all. And how quickly they forgot those pledges to reduce the size of the us government after they had increased it by more than any admin before them.

Hilarious. There was no "Great Reagan Depression". What there was (as usual) was Jimmy Carter and the Dumbocrats destroying the world economy. Reagan came in and turned it all around. This is the 1930's junior. People no longer believe lies if told enough. We have too much information at our fingertips and too many resources. All you're doing is destroying your own credibility and making yourself look like a partisan hack.

You should use that information at your fingertips instead of relying on bat shit crazy con web sites, and the conservative talking points site. Too easy to see how you line up, me boy.
So, the reason I am going to ignore you is obvious in your post. It is not the 1930's, me boy. Look, I know I am being hard on you, and I should not. You are ill. Mentally. And I know it is congenital. Not your fault, me boy. JUST BAD LUCK.

 

[Toddsterpatriot]

What does cutting taxes cause?

Economic growth.

Not for Reagan. As you can see from the chart, GDP fell from St Ronnie's 1981tax cuts and rose after Reagan started raising taxes in 1982.

Following enactment in August 1981, the first 5% of the 25% total cuts took place beginning in October. An additional 10% began in July 1982, followed by a third decrease of 10% beginning in July 1983.[4]

Thanks. I always enjoy it when liberals post the refutations of their own claims.

Can you post the chart that shows 7% GDP growth after Obama raised rates?

And I always love it when CON$ lie about what others post. I posted no such thing, YOU did and Reagan's tax cuts never followed that projected schedule.

Following the 1981 tax cuts, as the economy was mired in recession and the federal deficit was spiraling out of control, even groups such as the Business Roundtable lobbied Reagan to raise taxes. And he did:
The first Reagan tax increase came in 1982. By then it was clear that the budget projections used to justify the 1981 tax cut were wildly optimistic. In response, Mr. Reagan agreed to a sharp rollback of corporate tax cuts, and a smaller rollback of individual income tax cuts. Over all, the 1982 tax increase undid about a third of the 1981 cut.

When Obama raised taxes, why didn't he achieve the same GDP growth as Reagan?
Obama's should have been higher, because he's so much smarter than Reagan, so what happened?
Why did Obama have so much fail compared to so much Reagan success?

I am shocked you do not know the reasons. Let me help you, me poor ignorant con tool:
1. Republicans owned the congress and stopped every effort to fight the recession. Voted against bills to fight recession every single time, with every republican congressman voting no. And, they then refused to bring forward a single bill aimed at shortening the recession.
2. They required the only bill that got through, with zero votes from their side, to be over 1/3 tax cuts, which, according to the cbo, had the least effect on the recession of any measures the bill had.
3. Obama came into office while we were seeing losses of over 500,000 jobs per month. And he was left with the largest recession of any new president since the Great Republican Depression of 1929. The recession now known as the Great Republican Recession.
Sorry to blunt your well refined conservative talking point. Try thinking some time.

Republicans owned the congress and stopped every effort to fight the recession.

The recession ended by June 2009. The Republicans didn't take the House until Jan 2011.
How could they stop Obama's "recession fight"?

And, they then refused to bring forward a single bill aimed at shortening the recession.

Bastards! Refusing to fight the recession that ended 18 months before they took over. LOL!

They required the only bill that got through, with zero votes from their side, to be over 1/3 tax cuts, which, according to the cbo, had the least effect on the recession of any measures the bill had.

Yeah, refundable tax credits are one of the weakest tax cuts you can give.

Obama came into office while we were seeing losses of over 500,000 jobs per month.

And managed to hand us the weakest recovery in history.
Maybe he should have cut tax rates across the board, like Reagan did?

 

[Indeependent]

Unemployment was higher under Reagan, Interest rates were higher under Reagan and the Reagan Recession was the second longest in history and the Carter recession was one of the shortest in history.

Yeah....the Carter recession was one of the "shortest in history" because Reagan ended it with strong economic policy.

Reagan benefitted from Carter's policies.

Reagan immediately rid the U.S. of Carter's failed liberal policies. Nice try though.

And the rich got richer and Black Monday.
Nice try, though.

Yeah...."Black Monday". By Tuesday everything was fine. When FDR over saw his "Black Monday" it lasted over a decade thanks to ignorant liberal socialism. And not only did he force people to live in near perpetual poverty, he also shredded the U.S. Constitution in the process. Yeah libtard policy!

The Conservative vision that caused the Great Depression was the same Conservative vision that caused Black Monday, and no, everything WASN'T fine by Tuesday, as major firms converged, people were laid off and work hours were in excess of 100 per week.
Supply Side Economics has always been the Wet Dream of Republicans...Cheap Labor and No Benefits.
Under Reagan, thanks to technology, it accelerated, and manufacturing began it's long, torturous journey away from the US.
The Bi-Partisan Economy we have today did NOT start in a vacuum, it started with Reagan.

 

[Indeependent]

Not for Reagan. As you can see from the chart, GDP fell from St Ronnie's 1981tax cuts and rose after Reagan started raising taxes in 1982.

Following enactment in August 1981, the first 5% of the 25% total cuts took place beginning in October. An additional 10% began in July 1982, followed by a third decrease of 10% beginning in July 1983.[4]

Thanks. I always enjoy it when liberals post the refutations of their own claims.

Can you post the chart that shows 7% GDP growth after Obama raised rates?

And I always love it when CON$ lie about what others post. I posted no such thing, YOU did and Reagan's tax cuts never followed that projected schedule.

Following the 1981 tax cuts, as the economy was mired in recession and the federal deficit was spiraling out of control, even groups such as the Business Roundtable lobbied Reagan to raise taxes. And he did:
The first Reagan tax increase came in 1982. By then it was clear that the budget projections used to justify the 1981 tax cut were wildly optimistic. In response, Mr. Reagan agreed to a sharp rollback of corporate tax cuts, and a smaller rollback of individual income tax cuts. Over all, the 1982 tax increase undid about a third of the 1981 cut.

When Obama raised taxes, why didn't he achieve the same GDP growth as Reagan?
Obama's should have been higher, because he's so much smarter than Reagan, so what happened?
Why did Obama have so much fail compared to so much Reagan success?

I am shocked you do not know the reasons. Let me help you, me poor ignorant con tool:
1. Republicans owned the congress and stopped every effort to fight the recession. Voted against bills to fight recession every single time, with every republican congressman voting no. And, they then refused to bring forward a single bill aimed at shortening the recession.
2. They required the only bill that got through, with zero votes from their side, to be over 1/3 tax cuts, which, according to the cbo, had the least effect on the recession of any measures the bill had.
3. Obama came into office while we were seeing losses of over 500,000 jobs per month. And he was left with the largest recession of any new president since the Great Republican Depression of 1929. The recession now known as the Great Republican Recession.
Sorry to blunt your well refined conservative talking point. Try thinking some time.

Republicans owned the congress and stopped every effort to fight the recession.

The recession ended by June 2009. The Republicans didn't take the House until Jan 2011.
How could they stop Obama's "recession fight"?

And, they then refused to bring forward a single bill aimed at shortening the recession.

Bastards! Refusing to fight the recession that ended 18 months before they took over. LOL!

They required the only bill that got through, with zero votes from their side, to be over 1/3 tax cuts, which, according to the cbo, had the least effect on the recession of any measures the bill had.

Yeah, refundable tax credits are one of the weakest tax cuts you can give.

Obama came into office while we were seeing losses of over 500,000 jobs per month.

And managed to hand us the weakest recovery in history.
Maybe he should have cut tax rates across the board, like Reagan did?

Of course the Recession ENDED...There was no one left to fire.

 

[Toddsterpatriot]

When Obama raised taxes, why didn't he achieve the same GDP growth as Reagan?

Obama didn't raise taxes at first but continued the Bush tax cuts. GDP languished. Finally he let most of the Bush tax cuts expire and GDP grew.

Obama raised taxes in his 4th year. Reagan cut in his 1st.



Your chart shows cuts work better than no cuts. Thanks!

Yes, but Reagan raised taxes in his 2nd, 3rd, 5th, and 7th. So what does that tell you??? Quick, run to the Conservative talking Points site.

Relative to the Great Reagan Depression of 1982, they can never provide any kind of answer as to why Ronnie did not use Reaganomics after he created the most damaging recession on record, and their response was to use Keynesian policies - tax and use deficit spending. The fact that Reagans admin nearly tripled the national debt and spent more than all presidents up till then combined did not bother them at all. And how quickly they forgot those pledges to reduce the size of the us government after they had increased it by more than any admin before them.

Hilarious. There was no "Great Reagan Depression". What there was (as usual) was Jimmy Carter and the Dumbocrats destroying the world economy. Reagan came in and turned it all around. This is the 1930's junior. People no longer believe lies if told enough. We have too much information at our fingertips and too many resources. All you're doing is destroying your own credibility and making yourself look like a partisan hack.

You should use that information at your fingertips instead of relying on bat shit crazy con web sites, and the conservative talking points site. Too easy to see how you line up, me boy.
So, the reason I am going to ignore you is obvious in your post. It is not the 1930's, me boy. Look, I know I am being hard on you, and I should not. You are ill. Mentally. And I know it is congenital. Not your fault, me boy. JUST BAD LUCK.

Yes, but Reagan raised taxes in his 2nd, 3rd, 5th, and 7th.

Yup, raised the top rate all the way from 70% to 28%.

So what does that tell you???

That Obama should have cut the top rate from 35% to 20%.

 

[Toddsterpatriot]

Yeah....the Carter recession was one of the "shortest in history" because Reagan ended it with strong economic policy.

Reagan benefitted from Carter's policies.

Reagan immediately rid the U.S. of Carter's failed liberal policies. Nice try though.

And the rich got richer and Black Monday.
Nice try, though.

Yeah...."Black Monday". By Tuesday everything was fine. When FDR over saw his "Black Monday" it lasted over a decade thanks to ignorant liberal socialism. And not only did he force people to live in near perpetual poverty, he also shredded the U.S. Constitution in the process. Yeah libtard policy!

The Conservative vision that caused the Great Depression was the same Conservative vision that caused Black Monday, and no, everything WASN'T fine by Tuesday, as major firms converged, people were laid off and work hours were in excess of 100 per week.
Supply Side Economics has always been the Wet Dream of Republicans...Cheap Labor and No Benefits.
Under Reagan, thanks to technology, it accelerated, and manufacturing began it's long, torturous journey away from the US.
The Bi-Partisan Economy we have today did NOT start in a vacuum, it started with Reagan.

The Conservative vision that caused the Great Depression was the same Conservative vision that caused Black Monday,

They had portfolio insurance and program trading in the 1920s?

 

[edthecynic]

At the end of the day, the Reagan economy (when taken into context with the Jimmy Carter disaster) is probably the single greatest economy in U.S. history.

Unemployment was higher under Reagan, Interest rates were higher under Reagan and the Reagan Recession was the second longest in history and the Carter recession was one of the shortest in history.

Yeah....the Carter recession was one of the "shortest in history" because Reagan ended it with strong economic policy.

It ended not only well before Reagan took office, but also before St Ronnie started the worst recession at the time since the Great Republican Depression, only to be outdone by the Great Bush Recession.