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And what do you believe caused that growth?Is it really possible that all the triumphant declarations that the Reagan tax cuts led to a revenue boom declarations that you see in highly respectable places are based on nothing but a failure to make the most elementary corrections for inflation and population growth? Yes, it is. I know were supposed to pretend that were having a serious discussion in this country; but the truth is that we arent. - Reagan and revenue - NYTimes.com
Krugman LIES!
Under President Reagan, federal revenues increased even with tax cuts, federal spending did not decrease, the country experienced the longest period of sustained growth during peacetime in its history, and the rich paid more taxes proportionately than they had before the tax cuts were implemented.
Total federal revenues doubled from just over $517 billion in 1980 to more than $1 trillion in 1990. In constant inflation-adjusted dollars, this was a 28 percent increase in revenue.
As a percentage of the gross domestic product (GDP), federal revenues declined only slightly from 18.9 percent in 1980 to 18 percent in 1990.
Revenues from individual income taxes climbed from just over $244 billion in 1980 to nearly $467 billion in 1990. In inflation-adjusted dollars, this amounts to a 25 percent increase.
And I thank Ronald Reagan for single handily CRUSHING the life out of Soviet Union and ending a major form of Socialism from the world stage THANK YOU Mr Reagan for having the vision to do what needed to be done.
Reagan's administration was SPECTACULARLY successful in that regard and restoring american self-confidence and prosperity. The faux "republicans" want to lay at Reagan's doorstep the consequences of the democrat created ponzi schemes of social security and medicare/medicaid. It will only work with those who don't know the history. Unfortunately, as 2008 showed, there are many idiots-with-a-vote.
Is it really possible that all the triumphant declarations that the Reagan tax cuts led to a revenue boom declarations that you see in highly respectable places are based on nothing but a failure to make the most elementary corrections for inflation and population growth? Yes, it is. I know were supposed to pretend that were having a serious discussion in this country; but the truth is that we arent. - Reagan and revenue - NYTimes.com
So I guess it had nothing to do with the fact that Federal Reserve Chairman Paul Volcker completely reversed the inflationary monetary policy of the Federal Reserve and actually destroyed rather than created money, thus bringing interest rates more in line with savings?And what do you believe caused that growth?Krugman LIES!
Under President Reagan, federal revenues increased even with tax cuts, federal spending did not decrease, the country experienced the longest period of sustained growth during peacetime in its history, and the rich paid more taxes proportionately than they had before the tax cuts were implemented.
• Total federal revenues doubled from just over $517 billion in 1980 to more than $1 trillion in 1990. In constant inflation-adjusted dollars, this was a 28 percent increase in revenue.
• As a percentage of the gross domestic product (GDP), federal revenues declined only slightly from 18.9 percent in 1980 to 18 percent in 1990.
• Revenues from individual income taxes climbed from just over $244 billion in 1980 to nearly $467 billion in 1990. In inflation-adjusted dollars, this amounts to a 25 percent increase.
Reagans policies and leadership.
"And I thank Ronald Reagan for single handily CRUSHING the life out of Soviet Union and ending a major form of Socialism from the world stage"
More BS myth: Gorby did it, and we're lucky Ronnie Bluster didn't screw it up and bring the hard liners back. All he did was break OUR budget, and start the ball rolling with ALLY Saddam and abandoning Afghanistan, after arming Bin Laden. Also made greed and discrimination acceptable. A nightmare.
Wilson's legacy is idealism.
Only here could one read a statement of such breathtaking ignorance!
And I thank Ronald Reagan for single handily[sic] CRUSHING the life out of Soviet Union and ending a major form of Socialism from the world stage THANK YOU Mr Reagan for having the vision to do what needed to be done.
You want to go round and round with me on this? Hokay!
The OP WAS just raw numbers, without any analysis of the history behind the numbers.
Reagan HUGELY reduced tax rates with the 1981 tax cut.
Reagan agreed to a democrat proposal for a tax increase with a $2 for $1 spending cut in 1982.
Reagan had to greatly ramp up the military because of the consequences of carter's appeasement policy which unleashed a huge soviet military buildup and anti-US aggression all over the world. This was expensive. To do otherwise would have been almost treason. That he HAD to do this says NOTHING about his philospohy of cutting spending when it's POSSIBLE.
OK - now you repeat your standard anti-Reagan post.
from a man who ran Reagan's Office of Management and Budget:
FREELAND: You worked for Ronald Reagan. Do you think the American economy — so you’re, like, a red-blooded capitalist — could it sustain higher taxes than it has now?
STOCKMAN: Absolutely.
Note the brazen dishonesty of the leftwing? You represent the single defector from the Reagan administration, who was fired by Reagan, as representative of the Reagan administration.
Wilson's legacy is warmongering and authoritarian tyranny.Wilson's legacy is idealism...
Yeah...It crashed and fucking burned....Just like the UN ought to.#49-Ever hear of the League of Nations, MORON?
Wilson's legacy is warmongering and authoritarian tyranny.Wilson's legacy is idealism...
Little wonder you like him.
Yeah...It crashed and fucking burned....Just like the UN ought to.#49-Ever hear of the League of Nations, MORON?
So I guess it had nothing to do with the fact that Federal Reserve Chairman Paul Volcker completely reversed the inflationary monetary policy of the Federal Reserve and actually destroyed rather than created money, thus bringing interest rates more in line with savings?And what do you believe caused that growth?
Reagans policies and leadership.
Reagan's policies did not grow the economy. His policies, Congresses policies--whoever was at fault for enacting them--were tax, spend, and expand government. Those policies have failed throughout history. The one thing different under Reagan was what the Federal Reserve did, and his rhetoric.
