lol at this guy, WTF are you talking about with this regan nonsense. He did promote a thriving econ. infact his policy pretty much invented deficit spending, putting things on a cc, a bloated military and private job loss and public job gain growing the gov.
1. Cuts in tax rates to restore incentives for growth, first a reduction in the top rate from 70% to 50%, followed by a 25% across-the-board cut in rates for everyone. The 1986 tax reform, finally, left just two rates, 28% and 15%.
2. When Reagan came into office in 1981, he forced through Congress not only his famed, historic tax cuts, but also a package of budget cuts. That package was close to 5%, (a $31 billion cut) of the Federal budget at the time, which would be the equivalent of roughly $200 billion today.
In nominal terms, non-defense discretionary spending actually declined by 7.1% from 1981 to 1982. But the roaring inflation at the time actually masks the true magnitude of the Reagan spending cut achievement.
In constant dollars, non-defense discretionary spending declined by 14.4% from 1981 to 1982, and by 16.8% from 1981 to 1983. Moreover, in constant dollars, this non-defense discretionary spending never returned to its 1981 level for the rest of Reagan's two terms!
By 1988, this spending was still down 14.4% from its 1981 level in constant dollars. Even with
the Reagan defense build-up, which, remember, won the Cold War without firing a shot, total Federal spending as a percent of GDP declined from a high of 23.5% of GDP in 1983 to 21.3% in 1988 and 21.2% in 1989. That's a real reduction in the size of government relative to the economy of 10%.
Americansolutions.com
3. Anti-inflation monetary policy restraining money supply growth compared to demand, to maintain a stable value of the dollar.
4. Deregulation, which saved consumers an estimated $100 billion a year in lower prices. ReaganÂ’s first executive order, in fact, eliminated price controls on oil and natural gas. Production soared, and the price of oil declined by over 50%.
5. His policies worked spectacularly! The Reagan recovery started officially in November of 1982 and lasted 92 months without any more than a shallow, short recession, until July 1990, when tax increases of the Â’92 budget deal killed it.
Robert Bartley, “The Seven Fat Years,” p. 135, 144.