Reaganomics worked.
Obamanomics failed
Yes, but what Bush practiced was not Reagnomics. There was no need for him to spend like he did (and what he spent on).
Reagan's policies provided a glide path for Clinton that would have eliminated the debt (which is why I tell the left to shove the "debt explosion" argument up their asses (sideways). Clinton (and the GOP house) was on target to eliminate the debt altogether. As much as I like Dick Cheney, I totally disagreed with his "deficits don't matter" argument. In context, they do. And Bush didn't need them...could not afford them.
The entire federal budget had gotten to the point where revenues were not going to catch up one way or the other. Addtionally, Bush took over in a very mild recession and there was not room for error. He borrowed to stave off the inevitable. And Obama has carried his legacy forward at the speed of light.
Reaganomics worked.
Obamanomics failed
Yes, but what Bush practiced was not Reagnomics. There was no need for him to spend like he did (and what he spent on).
Reagan's policies provided a glide path for Clinton that would have eliminated the debt (which is why I tell the left to shove the "debt explosion" argument up their asses (sideways). Clinton (and the GOP house) was on target to eliminate the debt altogether. As much as I like Dick Cheney, I totally disagreed with his "deficits don't matter" argument. In context, they do. And Bush didn't need them...could not afford them.
The entire federal budget had gotten to the point where revenues were not going to catch up one way or the other. Addtionally, Bush took over in a very mild recession and there was not room for error. He borrowed to stave off the inevitable. And Obama has carried his legacy forward at the speed of light.
Reagan provided a path to ruin. Many of the catastrophes confronting the United States today can be traced to Reagan's presidency.
It took EVERY president from George Washington to Jimmy Carter to create one trillion dollars of debt. It took Reagan only 5 YEARS to create the second trillion dollars of debt. How did Reagan do it? With a
welfare queen mentality. Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt.
Reagan engineered the creation of more new debt than the combined deficits of all previous Presidents. He assailed Jimmy Carter's $73.8 billion deficit in the 1980 campaign, but the deficit reached $220.7 billion in 1986. The deficits rose from 2.6 percent of the gross national product in the fiscal year 1981 to 6.3 percent in 1983.
While Mr. Reagan was committed to reducing the size and scope of the Federal Government, the Federal civilian work force increased during his Presidency by 150,000, growing to more than 3 million.
While Mr. Reagan was committed to reducing Government spending, it rose by $321 billion during his Presidency, to more than a trillion dollars. Federal outlays rose from 22.7 percent of the gross national product in 1981 to 24 percent in 1985.