Was there protests when unemployment was 10.8% under Reagan?

Discussion in 'General Discussion' started by Truthseeker420, Oct 8, 2011.

  1. Truthseeker420
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    Truthseeker420 Gold Member

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    I don't recall. But workers were in a lot better shape from the Carter years. 30 years of Trickle Down Economics has hurt America.
     
  2. driveby
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    driveby Gold Member

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    It was Bush's fault.....
     
  3. Truthseeker420
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    Truthseeker420 Gold Member

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    I would slap him but he would probaly have me killed.
     
  4. Truthmatters
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    Ronald Reagan - Wikipedia, the free encyclopedia


    During Jimmy Carter's last year in office (1980), inflation averaged 12.5%, compared to 4.4% during Reagan's last year in office (1988).[114] Over those eight years, the unemployment rate declined from 7.1% to 5.5%, hitting annual rate highs of 9.7% (1982) and 9.6% (1983) and averaging 7.5% during Reagan's administration.[115]
    Reagan implemented policies based on supply-side economics and advocated a classical liberal and laissez-faire philosophy,[116] seeking to stimulate the economy with large, across-the-board tax cuts.[117][118] Citing the economic theories of Arthur Laffer, Reagan promoted the proposed tax cuts as potentially stimulating the economy enough to expand the tax base, offsetting the revenue loss due to reduced rates of taxation, a theory that entered political discussion as the Laffer curve. Reaganomics was the subject of debate with supporters pointing to improvements in certain key economic indicators as evidence of success, and critics pointing to large increases in federal budget deficits and the national debt. His policy of "peace through strength" (also described as "firm but fair") resulted in a record peacetime defense buildup including a 40% real increase in defense spending between 1981 and 1985.[119]

    During Reagan's presidency, federal income tax rates were lowered significantly with the signing of the bipartisan Economic Recovery Tax Act of 1981[120] which lowered the top marginal tax bracket from 70% to 50% and the lowest bracket from 14% to 11%, however other tax increases signed by Reagan ensured that tax revenues over his two terms were 18.2% of GDP as compared to 18.1% over the past 40 years.[121] Then, in 1982 the Job Training Partnership Act of 1982 was signed into law, initiating one of the nation's first public/private partnerships and a major part of the president's job creation program. Reagan's Assistant Secretary of Labor and Chief of Staff, Al Angrisani, was a primary architect of the bill. The Tax Reform Act of 1986, another bipartisan effort championed by Reagan, reduced the top rate further to 28% while raising the bottom bracket from 11% to 15% and reducing the quantity of brackets to 4. Conversely, Congress passed and Reagan signed into law tax increases of some nature in every year from 1981 to 1987 to continue funding such government programs as TEFRA, Social Security, and the Deficit Reduction Act of 1984.[122][123] Despite the fact that TEFRA was the "largest peacetime tax increase in American history," Reagan is better known for his tax cuts and lower-taxes philosophy.[123][124][125][126] Real gross domestic product (GDP) growth recovered strongly after the early 1980s recession ended in 1982, and grew during his eight years in office at an annual rate of 3.85% per year.[127] Unemployment peaked at 10.8% monthly rate in December 1982—higher than any time since the Great Depression—then dropped during the rest of Reagan's presidency.[128] Sixteen million new jobs were created, while inflation significantly decreased.[129] The net effect of all Reagan-era tax bills was a 1% decrease in government revenues when compared to Treasury Department revenue estimates from the Administration's first post-enactment January budgets.[130] However, federal Income Tax receipts increased from 1980 to 1989, rising from $308.7Bn to $549.0Bn.[131]
     
    Last edited: Oct 8, 2011
  5. alan1
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    alan1 USMB Mod Staff Member Supporting Member

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    Obviously it's racism now. <sarcasm intended>
     
  6. Truthmatters
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    Unemployment went up in Reagans first three years in office.
     
  7. Si modo
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    Si modo Diamond Member

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    [​IMG]
     
  8. driveby
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    driveby Gold Member

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    Dear Truthtwister420,

    Here's why:


    Unemployment peaked at 10.8% monthly rate in December 1982&#8212;higher than any time since the Great Depression&#8212;then dropped during the rest of Reagan's presidency.[128] Sixteen million new jobs were created, while inflation significantly decreased.


    On to the next epic fail for you.....
     
  9. Truthmatters
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    Tax Equity and Fiscal Responsibility Act of 1982 - Wikipedia, the free encyclopedia


    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."[8] 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.[9] Taxpayers still receive $375 billion in tax cuts in the 3 years following TEFRA.[9]
     
  10. driveby
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    driveby Gold Member

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    What happened the next five years? ..... :eusa_whistle:
     

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