Reagan Unumployment rate was 10.8% at the End of 82

[editec]

To randomly select one econometric and try to make the case that you are somehow going to EXPLAIN the economy using that single stat is just plain old silly.

And yet we see this same goofy partisan technique used here by people who truly do NOT understand anything about economics every damned day.

Read a BOOK and educate yourselves, for crimminies sakes!

The information about the economic history of this nation is well documented.

And when you read the thoughts written by this nation's most intelligent economists (both right AND left) , what you ultimeatly discover is they seldom know until the autopsy of the economy, why it did what it did..

Jesus GOD some of you people are hopelessly blinded by your partisan POVS.

WAKE UP AND LEARN SOMETHING from the EXPERTS!

 

[Truthmatters]

They have to do something to defend their failed ideas.

I wish they would just chuck the failed ones and get some good ideas to replace them with.

 

[boedicca]

Reagan came into office with initial job approval ratings as high as 60% by mid-March 1981. On March 30, Reagan was shot by John Hinckley and the resulting concern and sympathy lifted his ratings to 68% by May.

But even as Reagan recovered from his wounds, the public's concerns about the bad economy didn't, and his ratings began to fall as each month went by.

By the end of 1981, Reagan's job approval rating had drifted down to 49%.

In 1982, the public's view of the economy remained sour, and his ratings during 1982 fell even further, hitting the 40% range, ending his second year at 41%. In the '82 midterm elections, the Republicans lost 28 seats in the House. The cause? The economy and the voter's anger over it.

The unemployment rate in Reagan's second year - a full year after his tax cuts for the top 1% - rose to a post WW2 high of 10.8%. According to Gallup, only one third approved of the way he was handling the economy, with the deficit exploding due to his tax cuts benefiting the wealthy.

At the beginning of '83, his approval rating fell to a low of 35%.

The economy, and Reagan's approval, only started to improve in his third year.

01/1981 - Unemployment rate 7.5% .... Reagan sworn in.
02/1981 - 7.4%
03/1981 - 7.4%
04/1981 - 7.2%
05/1981 - 7.5%
06/1981 - 7.5%
07/1981 - 7.2%
08/1981 - 7.4% *Reagan cuts taxes for top 1% & says unemployment will DROP to 6.9%.
09/1981 - 7.6%
10/1981 - 7.9%
11/1981 - 8.3%
12/1981 - 8.5%
01/1982 - 8.6%
02/1982 - 8.9%
03/1982 - 9.0%
04/1982 - 9.3%
05/1982 - 9.4%
06/1982 - 9.6%
07/1982 - 9.8%
08/1982 - 9.8%
09/1982 - 10.1%
10/1982 - 10.4%
11/1982 - 10.8%

Daily Kos: Unemployment Hits 10.8%, Presidential Approval Drops to 35%

The heartbreak of economic illiteracy on parade^^^

Have you heard of inflation? Do you know about the Volcker monetary policy which sent the country into a recession during this time to cure double digit inflation?

Inflation rates:

1979 - 11.22%
1980 - 13.58%
1981 - 10.35%
1982 - 6.16%
1983 - 3.22%

The policy was successful. Defeating inflation was a key objective in the early 80s. Then, combined with tax cuts, the economy started growing and generated real jobs:

Unemployment Rates:

1980 - 7.18%
1981- 7.62%
1982 - 9.71%
1983 - 9.6%
1984 - 7.51%
1985 - 7.19%
1986 - 7.00%
1987 - 7.18%
1988 - 5.49%

Obama's unemployment situation is quite different. He did not inherit serious double digit inflation to tame. Instead, his QE policies are going to create it.

Good luck creating real jobs in that scenario.


http://www.miseryindex.us/indexbyPresident.asp

 

[Mr. Shaman]

Reagan came into office with initial job approval ratings as high as 60% by mid-March 1981. On March 30, Reagan was shot by John Hinckley and the resulting concern and sympathy lifted his ratings to 68% by May.

But even as Reagan recovered from his wounds, the public's concerns about the bad economy didn't, and his ratings began to fall as each month went by.

By the end of 1981, Reagan's job approval rating had drifted down to 49%.

In 1982, the public's view of the economy remained sour, and his ratings during 1982 fell even further, hitting the 40% range, ending his second year at 41%. In the '82 midterm elections, the Republicans lost 28 seats in the House. The cause? The economy and the voter's anger over it.

The unemployment rate in Reagan's second year - a full year after his tax cuts for the top 1% - rose to a post WW2 high of 10.8%. According to Gallup, only one third approved of the way he was handling the economy, with the deficit exploding due to his tax cuts benefiting the wealthy.

At the beginning of '83, his approval rating fell to a low of 35%.

The economy, and Reagan's approval, only started to improve in his third year.

01/1981 - Unemployment rate 7.5% .... Reagan sworn in.
02/1981 - 7.4%
03/1981 - 7.4%
04/1981 - 7.2%
05/1981 - 7.5%
06/1981 - 7.5%
07/1981 - 7.2%
08/1981 - 7.4% *Reagan cuts taxes for top 1% & says unemployment will DROP to 6.9%.
09/1981 - 7.6%
10/1981 - 7.9%
11/1981 - 8.3%
12/1981 - 8.5%
01/1982 - 8.6%
02/1982 - 8.9%
03/1982 - 9.0%
04/1982 - 9.3%
05/1982 - 9.4%
06/1982 - 9.6%
07/1982 - 9.8%
08/1982 - 9.8%
09/1982 - 10.1%
10/1982 - 10.4%
11/1982 - 10.8%

Daily Kos: Unemployment Hits 10.8%, Presidential Approval Drops to 35%

Odd ... seems I had more money when Reagan was President.

....But, candy was less-expensive, back-then!!

Your allowance SHOULD have gone farther!!

 

[Mr. Shaman]

Reagan came into office with initial job approval ratings as high as 60% by mid-March 1981. On March 30, Reagan was shot by John Hinckley and the resulting concern and sympathy lifted his ratings to 68% by May.

But even as Reagan recovered from his wounds, the public's concerns about the bad economy didn't, and his ratings began to fall as each month went by.

By the end of 1981, Reagan's job approval rating had drifted down to 49%.

In 1982, the public's view of the economy remained sour, and his ratings during 1982 fell even further, hitting the 40% range, ending his second year at 41%. In the '82 midterm elections, the Republicans lost 28 seats in the House. The cause? The economy and the voter's anger over it.

The unemployment rate in Reagan's second year - a full year after his tax cuts for the top 1% - rose to a post WW2 high of 10.8%. According to Gallup, only one third approved of the way he was handling the economy, with the deficit exploding due to his tax cuts benefiting the wealthy.

At the beginning of '83, his approval rating fell to a low of 35%.

The economy, and Reagan's approval, only started to improve in his third year.

01/1981 - Unemployment rate 7.5% .... Reagan sworn in.
02/1981 - 7.4%
03/1981 - 7.4%
04/1981 - 7.2%
05/1981 - 7.5%
06/1981 - 7.5%
07/1981 - 7.2%
08/1981 - 7.4% *Reagan cuts taxes for top 1% & says unemployment will DROP to 6.9%.
09/1981 - 7.6%
10/1981 - 7.9%
11/1981 - 8.3%
12/1981 - 8.5%
01/1982 - 8.6%
02/1982 - 8.9%
03/1982 - 9.0%
04/1982 - 9.3%
05/1982 - 9.4%
06/1982 - 9.6%
07/1982 - 9.8%
08/1982 - 9.8%
09/1982 - 10.1%
10/1982 - 10.4%
11/1982 - 10.8%

Daily Kos: Unemployment Hits 10.8%, Presidential Approval Drops to 35%

The heartbreak of economic illiteracy on parade^^^

Have you heard of inflation? Do you know about the Volcker monetary policy which sent the country into a recession during this time to cure double digit inflation?

Inflation rates:

1979 - 11.22%
1980 - 13.58%
1981 - 10.35%
1982 - 6.16%
1983 - 3.22%

The policy was successful. Defeating inflation was a key objective in the early 80s. Then, combined with tax cuts, the economy started growing and generated real jobs:

Unemployment Rates

1980 - 7.18%
1981- 7.62%
1982 - 9.71%
1983 - 9.6%
1984 - 7.51%
1985 - 7.19%
1986 - 7.00%
1987 - 7.18%
1988 - 5.49%

Obama's unemployment situation is quite different. He did not inherit serious double digit inflation to tame.

True!!

He inherited....

BUSHCO'S HOUSE-O'-CARDS!!!!

January 13, 2008

"The recession-deniers were muzzled by a horrendous last two weeks of December, and the gloom-and-doomers are now out in force. Their key arguments:

* Plummeting housing will now drag down the rest of the economy.

*The "bad debt" problem is not just "sub-prime" folks who should never have have taken out mortgages in the first place. It includes credit card debt, "high quality" mortgages, car loans, and other leverage that have recently become a consumer way of life.

*Pressure on consumers is leading to a reduction in consumer spending (70% of economy), which, in turn, will lead to a reduction in spending by companies that sell stuff to consumers.

*The question now is not "will there be a recession?" but "how bad will it get?"

*The most optimistic forecasts in a NYT gloom-and-doom round-up are for three crappy quarters, regardless of what the Fed does. Less optimistic forecasts suggest that we are, well, screwed.

After blowing the last downturn, we've been worried this one since last summer (see below). We also suspect that, given the importance of housing to the economy and debt to consumer spending, the recession will be deeper and more prolonged than people think."

"U.S. Economy Screwed"​

 

[The Rabbi]

They have to do something to defend their failed ideas.

I wish they would just chuck the failed ones and get some good ideas to replace them with.

You're talking about the Democrats, right? Because every idea they've come up with has been a failure. Cash for Clunkers? Fail. HAMP? Fail. Cap N Tax? Fail. Gynormous deficits? Fail. Shovel ready projects? Fail. Synfuels? Fail. Shale Oil? Fail. Alt Energy? Fail. Green jobs? Fail.
If they run on this record in 12 they're toast.

 

[GHook93]

Where was it at during the end of this term? Carter, or Barack Obama Senior, did some major damage to the economy (Similar to what Clinton did with fair trade with China, NAFTA and Pushing the Community Reinvestment Act and giving FM & FM more power and oversight).

However, see 1987!!! That was the year where American produced the highest percentage EVER (actually the highest percent any country has ever produced) of the world's goods at 28%!!! After the Carter error killed jobs left and right, Reagan came in and created them. It took a few years, but that was what a horrendous President like Carter did.

Obama got dealt a raw hand. Clinton created some bad economic policies and started off a mortgage and credit bubble that burst right before he got to office and Bush didn't reverse any of Clintons poor economic policies and didn't try to prevent the bubble from bursting! Nevertheless, his policies now look horrendous and people justified in believing they won't turn around the economy, like Reagan's policies did!

http://www.mapi.net/Issues in Brief/E-526.pdf American Manufacturing Sector in 1987

Reagan came into office with initial job approval ratings as high as 60% by mid-March 1981. On March 30, Reagan was shot by John Hinckley and the resulting concern and sympathy lifted his ratings to 68% by May.

But even as Reagan recovered from his wounds, the public's concerns about the bad economy didn't, and his ratings began to fall as each month went by.

By the end of 1981, Reagan's job approval rating had drifted down to 49%.

In 1982, the public's view of the economy remained sour, and his ratings during 1982 fell even further, hitting the 40% range, ending his second year at 41%. In the '82 midterm elections, the Republicans lost 28 seats in the House. The cause? The economy and the voter's anger over it.

The unemployment rate in Reagan's second year - a full year after his tax cuts for the top 1% - rose to a post WW2 high of 10.8%. According to Gallup, only one third approved of the way he was handling the economy, with the deficit exploding due to his tax cuts benefiting the wealthy.

At the beginning of '83, his approval rating fell to a low of 35%.

The economy, and Reagan's approval, only started to improve in his third year.

01/1981 - Unemployment rate 7.5% .... Reagan sworn in.
02/1981 - 7.4%
03/1981 - 7.4%
04/1981 - 7.2%
05/1981 - 7.5%
06/1981 - 7.5%
07/1981 - 7.2%
08/1981 - 7.4% *Reagan cuts taxes for top 1% & says unemployment will DROP to 6.9%.
09/1981 - 7.6%
10/1981 - 7.9%
11/1981 - 8.3%
12/1981 - 8.5%
01/1982 - 8.6%
02/1982 - 8.9%
03/1982 - 9.0%
04/1982 - 9.3%
05/1982 - 9.4%
06/1982 - 9.6%
07/1982 - 9.8%
08/1982 - 9.8%
09/1982 - 10.1%
10/1982 - 10.4%
11/1982 - 10.8%

Daily Kos: Unemployment Hits 10.8%, Presidential Approval Drops to 35%

 

[Flopper]

Tax cuts are good for the economy right? Would anyone care to explain why unemployment has increase after every major tax cut in the last 50?


Tax Fredom Act 1969 5yr avg before cut 3.445 5yr avg after cut 3.58%

Tax Reform Act of 1981 5yr avg before cut 7.4% 5yr avg after cut 7.9%

Tax Relief Act of 2003 5yr avg before cut 5.9% 5yr avg after cut 6.1%

Tax Relief Act of 2003 5yr avg before cut 4.94% 5yr avg after cut 7.9%

Pretty easy to explain. The 5 years preceding a tax cut (stimulus to economy) are generally a robust late cycle economic expansion, that dips into recession. The recession triggers the tax cut to stimulate the economy (in the short run), usually at the cost of increasing the deficit. Employment recovers slowly after the recession.

Of course in 1981, Paul Volker was in the process of raising interest rates to 12% to choke inflation, and in the process he induced a deep recession. The medicine was harsh, but it was necessary to break the back of inflation (highest in my lifetime). We discovered what an enemy inflation is to the lower and middle class families. We wanted inflation dead, and were glad when it went away. There were true stories of retirees going to the grocery and buying canned dog food with horse meat in it, for themselves; its the best they could afford. This point illustrates that there are many forces active in a large economy at all times, which is why I never buy simplistic conservative arguments about tax cuts and economic activity either; the economy is more complex than that. Tax policy is usually not the main driver of the economy. To attempt to explain economic performance solely on tax policy is a fools errand.

There are always other economic factors that have an effect. Cutting taxes has always been hailed as a strong fiscal stimulus. As such I would expect a strong decrease in unemployment somewhere in history of tax cuts. In the 2008 recession we did nothing with tax rates and unemployment is down 1.3% so far. We had the lowest tax rate in our history and we entered the worst recession in 75 years. I really don’t have much faith in tax cuts as economic stimulus.

 

[JFK_USA]

What??? Reagan was a GOD!!! He never did anything wrong and Republicans have all the answers according to republicans even though all facts are against them.

 

[hortysir]

And this is, most likely, the 37,000,000th time it's been posted online.

Does this excuse BamBam?

About the same amout of threads that give BS about Reaganomics/Trickle Down Theory.

Is that a 'yes' or 'no', Buttseeker??

 

[JRK]

Reagan came into office with initial job approval ratings as high as 60% by mid-March 1981. On March 30, Reagan was shot by John Hinckley and the resulting concern and sympathy lifted his ratings to 68% by May.

But even as Reagan recovered from his wounds, the public's concerns about the bad economy didn't, and his ratings began to fall as each month went by.

By the end of 1981, Reagan's job approval rating had drifted down to 49%.

In 1982, the public's view of the economy remained sour, and his ratings during 1982 fell even further, hitting the 40% range, ending his second year at 41%. In the '82 midterm elections, the Republicans lost 28 seats in the House. The cause? The economy and the voter's anger over it.

The unemployment rate in Reagan's second year - a full year after his tax cuts for the top 1% - rose to a post WW2 high of 10.8%. According to Gallup, only one third approved of the way he was handling the economy, with the deficit exploding due to his tax cuts benefiting the wealthy.

At the beginning of '83, his approval rating fell to a low of 35%.

The economy, and Reagan's approval, only started to improve in his third year.

01/1981 - Unemployment rate 7.5% .... Reagan sworn in.
02/1981 - 7.4%
03/1981 - 7.4%
04/1981 - 7.2%
05/1981 - 7.5%
06/1981 - 7.5%
07/1981 - 7.2%
08/1981 - 7.4% *Reagan cuts taxes for top 1% & says unemployment will DROP to 6.9%.
09/1981 - 7.6%
10/1981 - 7.9%
11/1981 - 8.3%
12/1981 - 8.5%
01/1982 - 8.6%
02/1982 - 8.9%
03/1982 - 9.0%
04/1982 - 9.3%
05/1982 - 9.4%
06/1982 - 9.6%
07/1982 - 9.8%
08/1982 - 9.8%
09/1982 - 10.1%
10/1982 - 10.4%
11/1982 - 10.8%

Daily Kos: Unemployment Hits 10.8%, Presidential Approval Drops to 35%

I cannot find his 1.2 trillion dollar failed stimulus in those numbers

 

[8537]

Reagan came into office with initial job approval ratings as high as 60% by mid-March 1981. On March 30, Reagan was shot by John Hinckley and the resulting concern and sympathy lifted his ratings to 68% by May.

But even as Reagan recovered from his wounds, the public's concerns about the bad economy didn't, and his ratings began to fall as each month went by.

By the end of 1981, Reagan's job approval rating had drifted down to 49%.

In 1982, the public's view of the economy remained sour, and his ratings during 1982 fell even further, hitting the 40% range, ending his second year at 41%. In the '82 midterm elections, the Republicans lost 28 seats in the House. The cause? The economy and the voter's anger over it.

The unemployment rate in Reagan's second year - a full year after his tax cuts for the top 1% - rose to a post WW2 high of 10.8%. According to Gallup, only one third approved of the way he was handling the economy, with the deficit exploding due to his tax cuts benefiting the wealthy.

At the beginning of '83, his approval rating fell to a low of 35%.

The economy, and Reagan's approval, only started to improve in his third year.

01/1981 - Unemployment rate 7.5% .... Reagan sworn in.
02/1981 - 7.4%
03/1981 - 7.4%
04/1981 - 7.2%
05/1981 - 7.5%
06/1981 - 7.5%
07/1981 - 7.2%
08/1981 - 7.4% *Reagan cuts taxes for top 1% & says unemployment will DROP to 6.9%.
09/1981 - 7.6%
10/1981 - 7.9%
11/1981 - 8.3%
12/1981 - 8.5%
01/1982 - 8.6%
02/1982 - 8.9%
03/1982 - 9.0%
04/1982 - 9.3%
05/1982 - 9.4%
06/1982 - 9.6%
07/1982 - 9.8%
08/1982 - 9.8%
09/1982 - 10.1%
10/1982 - 10.4%
11/1982 - 10.8%

Daily Kos: Unemployment Hits 10.8%, Presidential Approval Drops to 35%

Nice userID, fuckwit. Odd ... seems I had more money when Reagan was President. Even MORE odd is I haven't been unemployed since I was 16 until y'all voted that Chicago politician into office.

But please ... blame Bush, dirtwad. Meanwhile, I'll work on another loan from China.

Get a clue.

You blame Obama for the fact that you don't have a job? Speaking of clues...

Remember when conservatives were the party of personal responsibility? Nah, you ain't old enough to remember Coolidge.

 

[GHook93]

Nope Clinton holds those reigns! He is held up as the best ever since there was a surplus, yet supertroops leave out:
(1) Community Reinvestment Act and Fannie Mae/Freddie Mac:
He created the mortgage and credit bubble to start, by pushing the ill advised Carter Error Community Reinvestment Act. The theory, force the banks to lend to everyone and we will see a homeowners utopia. What we got was a dytopia. The banks were forced to lend to the people would couldn't afford them. The only way to do it was toss out the matrix and make very risky loans. This artificially skyrocketed home values. So the needed to stretch the risk matrix to lend to the middle class. During this time Clinton's crownies gave Fannie Mae and Freddie Mac (who were around since the 30s) power to create a secondary mark. Now the banks could make the riskest loans: Poor credit, no money down and stated income and assets, and just sell them off to the FM & FM, who had Wall Street package these loans in CDOs. What we are seeing today unfold in the housing market was a direct effect of Clinton's policies.

(2) China:
China uses such unarmed tactics that even considering removal of trade barriers with China was a bad thing

(3) NAFTA:
It's been great for Mexico. Drop all trade barriers with a neighbor that utilizes slave wages, won't have the shipping costs disadvantage that Asia has, has no enviromental or worker protection laws, no union protections (to which we have too much union protection), what could go wrong?

(4) GATT and WTO:
Clinton was a major player in getting GATT through, which later became the WTO. The WTO in theory is a good thing, since it supposed to enforce trade agreements and promote fair trade. But it's like the UN. It primarily attacks the US and Europe and allows China, South Korea and other 3rd world nations to break trade agreement! Of course they didn't include worker and enviromental standards, because that would.be "unfair" to poor countries! Its a farce

(5) China Promotion to Super Power:
Clinton negotiated the trade agreement with China that got rid of trade barriers or really protections against China's unfair trade tactics. Then we got China accepted into the WTO. WTF, it would be like my company voluntarily giving up its competitive advantages and then allowing them to sign contracts with all your customers! This one policy opened up China to our markets like a wolf in the hens house. China changed none of their policies and has created the largest trade deficit between any two countries in history.

Funny while Reagan took down the Evil Empire competiting super-power, Clinton propelled China into a competing super-power!

http://www.cfr.org/content/publications/attachments/ChinaTaskForce.pdf

(6) Foreign Policy Train Wreck:
(a) Fictious People of Kosovo
The alien Muslims had been invading and ethnically cleansing the Serbs from their countries heartland for centuries. However the Muslim invasion and Serb ethic cleansing really stated to heat up before Serbia responded in the decade prior. In fact, back in the 70s the fictious people of Kosovo tried to have Albania annex Kosovo (sound familiar, it will with the American Southwest shortly). Serbia finally said enough is enough and attacked to take back their homeland. They attacked with brutality yes, but they were justified. Nevertheless, Clinton bombed the Serbs into the stoneages. What do we have now? An Islamist, antiWest, ANTIAMERICAN Muslim country, that is a world leader in mafia activity. Good job bill!

(b)Al Qaeda:
World Trade Bombing, no response. USS Cole, no response. Kenya Embassy bombing, no response. OBL in his sights, no shot ordered! Failure.

(c) Demantled of the military

(d) Rwanda - A real cause to intervene (such as the Ivory Coast for Obama), but decided to protect ungrateful Muslims, as Obama is no doubt protecting Al Qaeda terrorist in Libya!

Reagan is so powerful a myth in the minds of the believers, reality, that darn thing we only wonder about, is lost, excused, hidden, or discouraged. Heroes are always excused by their followers.

"....there's a growing realization that the starting point for many of the catastrophes confronting the United States today can be traced to Reagan's presidency. There's also a grudging reassessment that the "failed"- presidents of the 1970s--Richard Nixon, Gerald Ford and Jimmy Carter--may deserve more credit for trying to grapple with the problems that now beset the country." OpEdNews - Article: Ronald Reagan: Worst President Ever?

http://www.truth-out.org/a-rich-fantasy-life67572
Allen Barra: Allen Barra on the Myth of Ronald Reagan - Book Review - Truthdig

 

[Truthseeker420]

[ame=http://www.youtube.com/watch?v=elH2zbbeF64]YouTube - Rachel Maddow Show: Paul Krugman on the Failure of Reagonomics[/ame]

 

[Mad Scientist]

The best you can do to support your argument is a video by that guy Mr. Maddow? He's a shining example of how people can get educated out of their common sense.

 

[The Rabbi]

Rachel Maddow? Really?
Why anyone would listen to that ugly dyke is beyond me.

Yeah. I'd consider the longest peace-time expansion post WW2 in history to be a complete and total failure. Failure of the Democratic Party's ideology that is.
Why is the Left so fixated on Reagan??

 

[Oddball]

Can We All Agree Reaganomics/Trickle Down Theory Is A Complete Failure

No, we can't agree, as cutting spending was part of the formula....Something that Reagan didn't do.

Of course, that Madcow guy and that Krugman rodent invoke the total flaming strawman, in proclaiming that "laissez-faire" is dead, when our economy is as far from it as you can get, short of being entirely centrally planned.

 

[PoliticalChic]

YouTube - Rachel Maddow Show: Paul Krugman on the Failure of Reagonomics

1. Ronald Reagan attained the presidency following the most inept President in my lifetime, James Carter. Confronting real problems in the areas of foreign and domestic policy, and possibly the most palpable, the economic situation. “Reaganomics” was his plan to fight slow growth and high inflation. The four elements of the plan:
a. A restrictive monetary policy to stabilize the dollar and end inflation.
b. A 25% tax cut to all income levels.
c. A promise to cut domestic spending to balance the budget.
d. An easing of government regulation.

2. He was successful in the first two of the four. Volcker doubled the fed funds rate in one year, reaching 20% in 1981. Historical Changes of the Target Federal Funds and Discount Rates - Federal Reserve Bank of New York
And the tax cuts of the Economic Recovery Act of 1981 stimulated economic growth. “As a 1982 JEC study pointed out,[1] similar across-the-board tax cuts had been implemented in the 1920s as the Mellon tax cuts, and in the 1960s as the Kennedy tax cuts. In both cases the reduction of high marginal tax rates actually increased tax payments by "the rich," also increasing their share of total individual income taxes paid.” The Reagan Tax Cuts: Lessons for Tax Reform

“As inflation came down and as more and more of the tax cuts from the 1981 Act went into effect, the economic began a strong and sustained pattern of growth.” US Department of the Treasury

2. The benefits from Reaganomics:

a. The economy grew at a 3.4% average rate…compared with 2.9% for the previous eight years, and 2.7% for the next eight.(Table B-4)

b. Inflation rate dropped from 12.5% to 4.4%. (Table B-63)

c. Unemployment fell to 5.5% from 7.1% (Table B-35)

d. Prime interest rate fell by one-third.(Table B-73)

e. The S & P 500 jumped 124% (Table B-95) http://www.gpoaccess.gov/eop/tables10.html

f. Charitable contributions rose 57% faster than inflation. Dinesh D’Souza, “Ronald Reagan: How an Ordinary May Became an Extraordinary Leader,” p. 116

 

[Wiseacre]

Are you aware that the principles of Reaganomics are one of the primary reasons for the greatest period of economic growth in history up until the great recession hit? Which was caused by poor management, inefective regulators, and really bad governing from both political parties?

 

[RDD_1210]

Shocking, the first responses can only attack the source.