Wry Catcher
Diamond Member
- Banned
- #101
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) Economic Report of the President: 2010 Report Spreadsheet Tables
f. Charitable contributions rose 57% faster than inflation. Dinesh DSouza, Ronald Reagan: How an Ordinary May Became an Extraordinary Leader, p. 116
Half-truths x ( - cause and effect evidence) = - propaganda.
Does a man make history, or does history make the man?
(an essay question from a lower division history course)
PC argues the former, without evidence or documentation.
Leaving out the economic situaton faced by Carter (Stagflation, see Ford & WIN program); the oil embargo and the Iran Revolution/Embassy takeover she fully ignores the massive debt created by Reagan's support for the war machine, his attack on unions, failure to take a growing drug and AIDS epidemic serously and the crash of 1987, PC provides a good story. As usual one not very honest.
Very foolish attempt to support your left-wing fantasies, Wry.
1. "...without evidence or documentation..."
Did you fail to notice the links in my post?
Clean off those specs.
2. "...without evidence or documentation..."
And yours is ......where?
3. A great President has vision, and that of President Reagan saved not only the United States, but the entire world, including the oppressed people of Eastern Europe. This is what he purchased with the increased spending for defense.
You, and Jimmy Carter should go out and get the game of "Clue" and play it a few time.
Did you notice that I didn't claim that you were dishonest? That is the hallmark of the Left.
Why would I need or want to follow your links, I was a working adult, university grad, navy vet, married parent during the Carter Administration. You and your sources have an agenda and when history gets in the way ... well, it's easy enough to change.
One point on which you might comment. Carter pushed energy saving ideas and installed solar collectors on the White House Roof. What did Reagan do and say about this?
Where Did the Carter White House's Solar Panels Go?: Scientific American