The Success of Reaganomics

[Mr. Shaman]

Defict


Well, let’s take a look at the Reagan legacy on federal spending and deficits. In 1980, the last year of Jimmy Carter’s presidency, government outlays were running at 21.7% of GDP and the budget deficit was 2.7% of GDP. (The economy was also a basket case, which is when you would expect budget deficits to be at their worse.) In 1988, Reagan’s last year in office, outlays as a percent of GDP were running at 21.3% with a deficit of 3.1% of GDP. The budget deficit over Reagan’s eight years averaged 4.2% and ran as high as 6.0% in 1983.

You really should invest in tap-dancing lessons.

So far....you're not fooling anyone.

*

​

 

[Mr. Shaman]

Regan may have reduced the tax rates, he however did away with lots of deductions on personal income tax so it was a net tax increase.
I was there I know.

you're clueless....

Yeah....there seems to be a lot-o'-that, goin' around.....

The Real Reagan Legacy
Debunking Myths About Reagan

 

[Mr. Shaman]

Defict


Well, let’s take a look at the Reagan legacy on federal spending and deficits. In 1980, the last year of Jimmy Carter’s presidency, government outlays were running at 21.7% of GDP and the budget deficit was 2.7% of GDP. (The economy was also a basket case, which is when you would expect budget deficits to be at their worse.) In 1988, Reagan’s last year in office, outlays as a percent of GDP were running at 21.3% with a deficit of 3.1% of GDP. The budget deficit over Reagan’s eight years averaged 4.2% and ran as high as 6.0% in 1983.

Lets talk absolutes ie dollars not %gdp crap.

Percentage of GDP is what counts, you're not too bright when it comes to ecomomics are you? Gross National product is higher, there is more wealth that has been created. Get it?

WHOOPS!!!!!!

You forgot to mention Voodoo Economicos' preference for making Minimum-Monthly-Payments on the National Debt.

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[rightwinger]

Even David Stockman admitted that "trickle down" didn't work. What did work was borrowing hundreds of billions of dollars and pumping it into the economy

 

[Mr. Shaman]

Lets give Reagan a hand, and cut the government by 98%. Just keep the IRS & 40% tax rate & send congress home until we have paid off our mounting debts. I am not afraid to take responsibility for myself & family for four years without government. Bring it on.

Yeah....let's see those photos (from your Family Album), showing your family patching all the pot-holes in your street.

 

[Mr. Shaman]

Or lets go with Growth of National debt. Reagan grew the national debt by 189%!!!! So much for a fiscally conservative president. But I guess pin the debt tail on the donkeys.

Reagan grew the national debt by 1.5 trillion over the eight years he was in office but his policies help to create over 17 trillion dollars in wealth during his term and many more trillions after that

That's what Porky Limbaugh says, huh??

 

[Mr. Shaman]

Reagan presided over a 16th month recession starting in July 1981, which means almost all of it occurred AFTER his tax cuts.

Reagan couldn't balance a budget even when the business cycle gave him a strong expansion to work with, unlike Clinton, who got the same sort of expansion in his presidency AND balanced the budget.

....AND whacked deficit-spending!!!!!​

"Not only was the entire national deficit eliminated after raising taxes on the wealthy in 1993, but the economy grew so fast for the remainder of the decade that many conservative economists thought that the Fed should raise the prime interest rate in order to slow it down."

1993 Deficit Reduction
The Wall Street Journal​

 

[Mr. Shaman]

Untrue. During his first term, 5.3 million jobs were created. During his second term, 10.8 million were created. Grand total of 16.1 million jobs. It's worth noting that this was paralleled the rate of population growth Impressive number, topped by only one other President in history. But not what you've claimed. The only President to "create" at least 20 million jobs over two terms was Clinton. I have not yet found info as to how this compares to the population growth during the same period.

There are two defensible methods of measuring the performance of the economy on Reagan's watch.

....OR, you can (simply) look at the job-creation numbers.....'cause who's really interested in watchin' one o' you "conservatives" tap-dance?

Jobs Creation; Per President

 

[Mr. Shaman]

People need to realize the president has a lot less to do with the economy than the Fed does, the Fed deserves the credit and blame and more often than not the blame.

....At least, that's what Republicans insist....when a Republican is President (for obvious-reasons..... )

A NATION TRANSFORMED
Clinton-Gore Administration Accomplishments: 1993 - 1999

 

[Jroc]

People need to realize the president has a lot less to do with the economy than the Fed does, the Fed deserves the credit and blame and more often than not the blame.

....At least, that's what Republicans insist....when a Republican is President (for obvious-reasons..... )

A NATION TRANSFORMED
Clinton-Gore Administration Accomplishments: 1993 - 1999

Are you a mental patient? All that bold and red stuff, I think you got an anger management problem. What’s the matter? Not getting enough of other people's money to spend. You libs won’t be happy till were back up to 90% tax rates and that still wouldn’t be enough for you. People like you can’t even have a descent exchange..Waste of time

 

[Dot Com]

Didn't he raise taxes?
Supply-side economics - Wikipedia, the free encyclopedia

The FICA tax rate increased throughout Reagan's term, jumping to 7.51% in 1988 and the ceiling was raised by 61% through Reagan's two terms. Those tax hikes on wage earners, along with inflation, are the source of the revenue gains of the early 1980s

 

[Flopper]

Contrary to the liberal talking points...

The Reagan Tax Cuts: Lessons for Tax Reform

And the income level of the top 5% increased nearly 50% while the bottom 20% remained unchanged.
Income inequality in the United States - Wikipedia, the free encyclopedia

 

[JohnnyApplesack]

The only modern president more of a disaster than Raygun was his twisted protégé GWB.

The country will never recover from the just completed Billionaire Coup, the one Reagan initiated. The middle class is a terminal patient, no wonder drugs like common sense and true patriotism to be found anywhere.

And no sense explaining the where and what fors to the droolers. Better off cleaning out the garage.

 

[JohnnyApplesack]

Contrary to the liberal talking points...

The Reagan Tax Cuts: Lessons for Tax Reform

And the income level of the top 5% increased nearly 50% while the bottom 20% remained unchanged.
Income inequality in the United States - Wikipedia, the free encyclopedia

Yeah, who would have guessed when the middle class shrank it would end up paying less tax, and as the wealthy class grew it would end up paying more.

Astounding.

 

[Jroc]

Didn't he raise taxes?
Supply-side economics - Wikipedia, the free encyclopedia

The FICA tax rate increased throughout Reagan's term, jumping to 7.51% in 1988 and the ceiling was raised by 61% through Reagan's two terms. Those tax hikes on wage earners, along with inflation, are the source of the revenue gains of the early 1980s

Yeah ..Ok... FICA is supposed fund S.S. and medicare although LBJ made it so it all went into the general fund So much for the S.S. lock box.

 

[georgephillip]

Reagan's Heritage:

"'If Ronald Reagan and his "Reaganauts" could only slow down the growth of government spending, not reverse it or eliminate wasteful programs, what hope is there for any other conservative president?' complained the conservative Heritage Foundation soon after Reagan left office.

"The only major government agency Reagan managed to eliminate was the Civil Aeronautics Board, which didn't have much to do after the Carter administration deregulated the airline industry.

"Fittingly, the Ronald Reagan Building on Pennsylvania Avenue, completed 10 years after Reagan left office, today houses 5,000 government employees and is the largest government building in Washington."

Ronald Reagan...

 

[Jroc]

Contrary to the liberal talking points...

The Reagan Tax Cuts: Lessons for Tax Reform

And the income level of the top 5% increased nearly 50% while the bottom 20% remained unchanged.
Income inequality in the United States - Wikipedia, the free encyclopedia

Yeah, who would have guessed when the middle class shrank it would end up paying less tax, and as the wealthy class grew it would end up paying more.

Astounding.

Read the whole thread before you comment idiot. "middle class shrank"...Maybe a lot of them moved up.

 

[Jroc]

Reagan's Heritage:

"'If Ronald Reagan and his "Reaganauts" could only slow down the growth of government spending, not reverse it or eliminate wasteful programs, what hope is there for any other conservative president?' complained the conservative Heritage Foundation soon after Reagan left office.

"The only major government agency Reagan managed to eliminate was the Civil Aeronautics Board, which didn't have much to do after the Carter administration deregulated the airline industry.

"Fittingly, the Ronald Reagan Building on Pennsylvania Avenue, completed 10 years after Reagan left office, today houses 5,000 government employees and is the largest government building in Washington."

Ronald Reagan...

So you support cutting government and a lot of those unnecessary government workers Georgie that the first time I've ever agreed with you on anything

 

[JohnnyApplesack]

"middle class shrank"...Maybe a lot of them moved up.

Yup, and maybe a lot of the foreclosures, layoffs, and pay cuts will only lead to gated communities, right?

Are you another one of those $45K/yr droolers fighting to protect the millions and millions you're sure to earn someday, somehow, in some way? You take a bite on that one, pilgrim?

 

[georgephillip]

Reagan's Heritage:

"'If Ronald Reagan and his "Reaganauts" could only slow down the growth of government spending, not reverse it or eliminate wasteful programs, what hope is there for any other conservative president?' complained the conservative Heritage Foundation soon after Reagan left office.

"The only major government agency Reagan managed to eliminate was the Civil Aeronautics Board, which didn't have much to do after the Carter administration deregulated the airline industry.

"Fittingly, the Ronald Reagan Building on Pennsylvania Avenue, completed 10 years after Reagan left office, today houses 5,000 government employees and is the largest government building in Washington."

Ronald Reagan...

So you support cutting government and a lot of those unnecessary government workers Georgie that the first time I've ever agreed with you on anything

I'm for crucifying the rich on their cross of gold

"The Republican strategy is to split the vast middle and working class – pitting unionized workers against non-unionized, public-sector workers against non-public, older workers within sight of Medicare and Social Security against younger workers who don’t believe these programs will be there for them, and the poor against the working middle class.

"By splitting working America along these lines, Republicans hope to deflect attention from the big story.

"That’s the increasing share of total income and wealth going to the richest 1 percent while the jobs and wages of everyone else languish.

Please explain why the richest 1% deserve a greater share of American wealth?

Robert Reich