Ronald Reagan and the Greatest Economic Boom since WWII

[PatriotArmy]

We see wokeness taking hold in big business because leftist college grads stuffed full of idiot propaganda have moved into higher positions.

We see wokeness taking hold in institutions like the CIA and the military because leftist college grads stuffed full of idiot propaganda have moved into high positions.

This forum is no different. The lies and misinformation told about Ronald Reagan in one of my others threads is astounding. But here is the New York Times - - wot? wot? yes, the New York Times, praising thre greatest economic boom every after Reagan left office.


The Reagan Boom - Greatest Ever
New York Times - Jan 17, 1990

Opinion | The Reagan Boom - Greatest Ever (Published 1990)

www.nytimes.com

Almost everyone knows that the greatest depression the U.S. ever had was in the 1930's. It was known as the Great Depression, and its infamy merits a separate section in economics textbooks. But what was its counterpart? When did our greatest economic expansion occur?

We just had it. And it is still expanding, setting new records with each passing month.

We don't know whether historians will call it the Great Expansion of the 1980's or Reagan's Great Expansion, but we do know from official economic statistics that the seven year period from 1982 to 1989 was the greatest, consistent burst of economic activity ever seen in the U.S. In fact, it was the greatest economic expansion the world has ever seen - in any country, at any time.

The two key measures that mark a depression or expansion are jobs and production. Let's look at the records that were set. Creation of jobs. From November 1982, when President Ronald Reagan's new economic program was beginning to take effect, to November 1989, 18.7 million new jobs were created. It was a world record: Never before had so many jobs been created during a comparable time period. The new jobs covered the entire spectrum of work, and more than half of them paid more than $20,000 a year. As total employment grew to 119.5 million, the rate of unemployment fell to slightly over 5 percent, the lowest level in 15 years. Creation of wealth.

The amount of wealth produced during this seven year period was stupendous - some $30 trillion worth of goods and services. Again, it was a world record. Never before had so much wealth been produced during a comparable period. According to a recent study, net asset values - including stocks, bonds and real estate - went up by more than $5 trillion between 1982 and 1989, an increase of roughly 50 percent.

There are other important measures. Steady economic growth. As we begin the decade of the 1990's, we are in our 86th straight month of economic growth - a new record for peacetime, five months longer than the wartime growth of World War II and only 23 months short of the wartime record set during the Vietnam War in the 1960's. Most experts now predict that it will last right through 1990, and perhaps beyond. . . . CUT

Opinion | The Reagan Boom - Greatest Ever (Published 1990)

www.nytimes.com

 

[PatriotArmy]

 

[edthecynic]

We see wokeness taking hold in big business because leftist college grads stuffed full of idiot propaganda have moved into higher positions.

We see wokeness taking hold in institutions like the CIA and the military because leftist college grads stuffed full of idiot propaganda have moved into high positions.

This forum is no different. The lies and misinformation told about Ronald Reagan in one of my others threads is astounding. But here is the New York Times - - wot? wot? yes, the New York Times, praising thre greatest economic boom every after Reagan left office.


The Reagan Boom - Greatest Ever
New York Times - Jan 17, 1990

Opinion | The Reagan Boom - Greatest Ever (Published 1990)

www.nytimes.com

Almost everyone knows that the greatest depression the U.S. ever had was in the 1930's. It was known as the Great Depression, and its infamy merits a separate section in economics textbooks. But what was its counterpart? When did our greatest economic expansion occur?

We just had it. And it is still expanding, setting new records with each passing month.

We don't know whether historians will call it the Great Expansion of the 1980's or Reagan's Great Expansion, but we do know from official economic statistics that the seven year period from 1982 to 1989 was the greatest, consistent burst of economic activity ever seen in the U.S. In fact, it was the greatest economic expansion the world has ever seen - in any country, at any time.

The two key measures that mark a depression or expansion are jobs and production. Let's look at the records that were set. Creation of jobs. From November 1982, when President Ronald Reagan's new economic program was beginning to take effect, to November 1989, 18.7 million new jobs were created. It was a world record: Never before had so many jobs been created during a comparable time period. The new jobs covered the entire spectrum of work, and more than half of them paid more than $20,000 a year. As total employment grew to 119.5 million, the rate of unemployment fell to slightly over 5 percent, the lowest level in 15 years. Creation of wealth.

The amount of wealth produced during this seven year period was stupendous - some $30 trillion worth of goods and services. Again, it was a world record. Never before had so much wealth been produced during a comparable period. According to a recent study, net asset values - including stocks, bonds and real estate - went up by more than $5 trillion between 1982 and 1989, an increase of roughly 50 percent.

There are other important measures. Steady economic growth. As we begin the decade of the 1990's, we are in our 86th straight month of economic growth - a new record for peacetime, five months longer than the wartime growth of World War II and only 23 months short of the wartime record set during the Vietnam War in the 1960's. Most experts now predict that it will last right through 1990, and perhaps beyond. . . . CUT

Opinion | The Reagan Boom - Greatest Ever (Published 1990)

www.nytimes.com

1990 Before the Clinton BOOM left Reagan in the dust, followed by the Obama BOOM that buried reagan 6 feet under.

 

[edthecynic]

Reagan has always been a LYING POS, as phony as his hair color.

 

[Mr Natural]

Reagan has always been a LYING POS, as phony as his hair color.

An actor playing a part.

 

[PatriotArmy]

1990 Before the Clinton BOOM left Reagan in the dust, followed by the Obama BOOM that buried reagan 6 feet under.

Thanks for showing us all what liars democrats are. Obama destroyed this economy and saddled us with more debt than all other presidents combined.

As for Clinton, he only had a good run, after the GOP took over the Congress and balanced the budget. Republican House leader Newt Gingrich is the only man to balance the budget in 70 years.

 

[PatriotArmy]

Reagan has always been a LYING POS . . .

Says a lying POS.

 

[PatriotArmy]

THE SECOND AMERICAN REVOLUTION: REAGANOMICS

Reaganomics: Economic Policy and the Reagan Revolution

Explore Reagan's economic policy, emphasizing lower taxes, deregulation, and free-market capitalism. Discover the impact on U.S. growth and prosperity.

www.reaganfoundation.org

When Ronald Reagan took the oath of office as America’s 40th President on January 20, 1981, the country was experiencing some of bleakest economic times since the Depression. Taxes were high, unemployment was high, interest rates were high and the national spirit was low.

Bringing America back was the new President’s top priority. He shared his vision in his Inaugural Address:

“This Administration’s objective will be a healthy, vigorous, growing economy that provides equal opportunities for all Americans, with no barriers born of bigotry or discrimination. Putting America back to work means putting all Americans back to work. Ending inflation means freeing all Americans from the terror of runaway living costs. All must share in the productive work of this ’new beginning,’ and all must share in the bounty of a revived economy.”

President Reagan had earned a degree in Economics at Eureka college, and even though he would sometimes joke about “two economists having three opinions”, he knew what needed to be done and how to do it. He had a simple, but specific plan, of which he spoke often during the campaign: cut taxes, get control of government spending and get the government out of the way so that the entrepreneurial spirit of the American people could be unleashed. Some skeptics derisively called his plan “Reaganomics,” but President Reagan was undeterred. He knew that only if people had money in their pockets and incentives to invest and build businesses would jobs be created, inflation tamed and interest rates reduced.

Almost as soon as the Inaugural ceremony was over, President Reagan set his sights on Capitol Hill. From day one, he and his team worked tirelessly to get Congress to pass legislation to put the economy back on track. Even a near-fatal assassination attempt did not slow him down. While still recovering, he summoned Congressional leaders to the White House to twist their arms. Ronald Reagan may have been the first President to wear pajamas to a meeting with the bipartisan Congressional leadership. He wanted them to know he meant business.

His efforts paid off. In August 1981, President Reagan signed the Economic Recovery Tax Act of 1981, which brought reductions in individual income tax rates, the expensing of depreciable property, incentives for small businesses and incentives for savings. So began the Reagan Recovery. A few years later, the Tax Reform Act of 1986 brought the lowest individual and corporate income tax rates of any major industrialized country in the world.

The numbers tell the story. Over the eight years of the Reagan Administration:

• 20 million new jobs were created
• Inflation dropped from 13.5% in 1980 to 4.1% by 1988
• Unemployment fell from 7.6% to 5.5%
• Net worth of families earning between $20,000 and $50,000 annually grew by 27%
• Real gross national product rose 26%
• The prime interest rate was slashed by more than half, from an unprecedented 21.5% in January 1981 to 10% in August 1988

Given actual rates of inflation, through 1987, the Reagan tax cuts saved the median-income two-earner American family of four close to $9,000 in taxes from what it would have owed in 1980.

Tax cuts were only one “leg of the stool.” The second, jobs, was equally strong. Not only were there millions of new jobs, but the benefits of job creation were not limited to one segment of society. Employment of African-Americans rose by more than 25% between 1982 and 1988, and more than half of the new jobs created went to women.

Taming the lion called government spending was another key component of the plan – the “third leg of the stool.” Here, too, President Reagan did what he said he would do. During his Administration, growth in government spending plummeted from 10% in 1982, to just over 1% in 1987. With inflation factored in, Federal spending actually went down in 1987 – the first time that had happened in well over a decade.

So impressive was the Reagan Recovery that at the G7 Economic Summit in 1983, when it was obvious the President’s plan was working, the West German Chancellor asked him to “tell us about the American miracle." That was quite a turnaround from two years earlier, when President Reagan outlined his economic recovery plan to an unconvinced group of world leaders. Now, however, they all wanted to know how he did it, so he told them: reducing tax rates restored the incentive to produce and create jobs, and getting government out of the way allowed people to be entrepreneurs. From there, the free marketplace operated as it was supposed to.

As President Reagan observed with a wry smile, “I could tell our economic program was working when they stopped calling it Reaganomics.” But what really pleased him most about the Reagan Recovery was not the vindication or all the impressive statistics. To him, the success of Reaganomics was what it brought to the American people. Millions had good jobs and were able to keep more of the money for which they worked so hard. Families could reliably plan a budget and pay their bills. The seemingly insatiable Federal government was on a much-needed diet. And businesses and individual entrepreneurs were no longer hassled by their government, or paralyzed by burdensome and unnecessary regulations every time they wanted to expand.

In a phrase, the American dream had been restored.

 

[Crepitus]

We see wokeness taking hold in big business because leftist college grads stuffed full of idiot propaganda have moved into higher positions.

We see wokeness taking hold in institutions like the CIA and the military because leftist college grads stuffed full of idiot propaganda have moved into high positions.

This forum is no different. The lies and misinformation told about Ronald Reagan in one of my others threads is astounding. But here is the New York Times - - wot? wot? yes, the New York Times, praising thre greatest economic boom every after Reagan left office.


The Reagan Boom - Greatest Ever
New York Times - Jan 17, 1990

Opinion | The Reagan Boom - Greatest Ever (Published 1990)

www.nytimes.com

Almost everyone knows that the greatest depression the U.S. ever had was in the 1930's. It was known as the Great Depression, and its infamy merits a separate section in economics textbooks. But what was its counterpart? When did our greatest economic expansion occur?

We just had it. And it is still expanding, setting new records with each passing month.

We don't know whether historians will call it the Great Expansion of the 1980's or Reagan's Great Expansion, but we do know from official economic statistics that the seven year period from 1982 to 1989 was the greatest, consistent burst of economic activity ever seen in the U.S. In fact, it was the greatest economic expansion the world has ever seen - in any country, at any time.

The two key measures that mark a depression or expansion are jobs and production. Let's look at the records that were set. Creation of jobs. From November 1982, when President Ronald Reagan's new economic program was beginning to take effect, to November 1989, 18.7 million new jobs were created. It was a world record: Never before had so many jobs been created during a comparable time period. The new jobs covered the entire spectrum of work, and more than half of them paid more than $20,000 a year. As total employment grew to 119.5 million, the rate of unemployment fell to slightly over 5 percent, the lowest level in 15 years. Creation of wealth.

The amount of wealth produced during this seven year period was stupendous - some $30 trillion worth of goods and services. Again, it was a world record. Never before had so much wealth been produced during a comparable period. According to a recent study, net asset values - including stocks, bonds and real estate - went up by more than $5 trillion between 1982 and 1989, an increase of roughly 50 percent.

There are other important measures. Steady economic growth. As we begin the decade of the 1990's, we are in our 86th straight month of economic growth - a new record for peacetime, five months longer than the wartime growth of World War II and only 23 months short of the wartime record set during the Vietnam War in the 1960's. Most experts now predict that it will last right through 1990, and perhaps beyond. . . . CUT

Opinion | The Reagan Boom - Greatest Ever (Published 1990)

www.nytimes.com

Until it was topped by the longest period of economic growth since wwI.

Also, Obama's expansion didn't cripple the government and the middle class with imaginary "trickle down economics" schemes.

 

[Biff_Poindexter]

You know its a sad day for reactionary right wingers when they have to dust off those Reaganomics fairy-tales they have been telling themselves for decades

 

[rightwinger]

Bill Clinton had a much bigger economic boom than Reagan
Only Clinton did it and ran a budget surplus, while Reagan tripled the deficit

 

[whitehall]

Thanks to the historic revisionists who never saw a democrat they didn't like we look back at the incredible tragedy and destruction of WW2 as an "economic boom". FDR was elected in 1932 on a platform to end the emerging recession and during his first two terms it turned into a soup line depression and the U.S. was practically broke after WW2. Reagan's domestic policies promoted an "economic boom" while his foreign policy initiated the collapse of the Soviet empire without firing a shot.

 

[Mac1958]

Bill Clinton had a much bigger economic boom than Reagan
Only Clinton did it and ran a budget surplus, while Reagan tripled the deficit

Republicans like to spend like a 16-year old girl with daddy's Gold Card, and then crow about the economic stimulation it creates.

 

[Biff_Poindexter]

Thanks to the historic revisionists who never saw a democrat they didn't like we look back at the incredible tragedy and destruction of WW2 as an "economic boom". FDR was elected in 1932 on a platform to end the emerging recession and during his first two terms it turned into a soup line depression and the U.S. was practically broke after WW2. Reagan's domestic policies promoted an "economic boom" while his foreign policy initiated the collapse of the Soviet empire without firing a shot.

Whatever makes you feel better bro.....


I anticipate future fairy tales like this would be spun up about Trump....

 

[rightwinger]

Reagan's domestic policies promoted an "economic boom" while his foreign policy initiated the collapse of the Soviet empire without firing a shot.

It was Soviet economic policies over 70 years that led to the collapse of the Soviet empire

 

[Jets]

Bill Clinton had a much bigger economic boom than Reagan
Only Clinton did it and ran a budget surplus, while Reagan tripled the deficit

Republicans like to spend like a 16-year old girl with daddy's Gold Card, and then crow about the economic stimulation it creates.

It seems “fiscal conservatism” is a relative term....

 

[rightwinger]

Bill Clinton had a much bigger economic boom than Reagan
Only Clinton did it and ran a budget surplus, while Reagan tripled the deficit

Republicans like to spend like a 16-year old girl with daddy's Gold Card, and then crow about the economic stimulation it creates.

It seems “fiscal conservatism” is a relative term....

To Republicans it means cut taxes and increase spending

 

[C_Clayton_Jones]

Reagan/Bush left America in recession, the consequence of failed conservative economic dogma.

 

[Aldo Raine]

1990 Before the Clinton BOOM left Reagan in the dust, followed by the Obama BOOM that buried reagan 6 feet under.

Thanks for showing us all what liars democrats are. Obama destroyed this economy and saddled us with more debt than all other presidents combined.

As for Clinton, he only had a good run, after the GOP took over the Congress and balanced the budget. Republican House leader Newt Gingrich is the only man to balance the budget in 70 years.

Why haven’t they been able to balance the budget when the had a Rethugikkkon in the Oval Office?
MAGA

 

[22lcidw]

We see wokeness taking hold in big business because leftist college grads stuffed full of idiot propaganda have moved into higher positions.

We see wokeness taking hold in institutions like the CIA and the military because leftist college grads stuffed full of idiot propaganda have moved into high positions.

This forum is no different. The lies and misinformation told about Ronald Reagan in one of my others threads is astounding. But here is the New York Times - - wot? wot? yes, the New York Times, praising thre greatest economic boom every after Reagan left office.


The Reagan Boom - Greatest Ever
New York Times - Jan 17, 1990

Opinion | The Reagan Boom - Greatest Ever (Published 1990)

www.nytimes.com

Almost everyone knows that the greatest depression the U.S. ever had was in the 1930's. It was known as the Great Depression, and its infamy merits a separate section in economics textbooks. But what was its counterpart? When did our greatest economic expansion occur?

We just had it. And it is still expanding, setting new records with each passing month.

We don't know whether historians will call it the Great Expansion of the 1980's or Reagan's Great Expansion, but we do know from official economic statistics that the seven year period from 1982 to 1989 was the greatest, consistent burst of economic activity ever seen in the U.S. In fact, it was the greatest economic expansion the world has ever seen - in any country, at any time.

The two key measures that mark a depression or expansion are jobs and production. Let's look at the records that were set. Creation of jobs. From November 1982, when President Ronald Reagan's new economic program was beginning to take effect, to November 1989, 18.7 million new jobs were created. It was a world record: Never before had so many jobs been created during a comparable time period. The new jobs covered the entire spectrum of work, and more than half of them paid more than $20,000 a year. As total employment grew to 119.5 million, the rate of unemployment fell to slightly over 5 percent, the lowest level in 15 years. Creation of wealth.

The amount of wealth produced during this seven year period was stupendous - some $30 trillion worth of goods and services. Again, it was a world record. Never before had so much wealth been produced during a comparable period. According to a recent study, net asset values - including stocks, bonds and real estate - went up by more than $5 trillion between 1982 and 1989, an increase of roughly 50 percent.

There are other important measures. Steady economic growth. As we begin the decade of the 1990's, we are in our 86th straight month of economic growth - a new record for peacetime, five months longer than the wartime growth of World War II and only 23 months short of the wartime record set during the Vietnam War in the 1960's. Most experts now predict that it will last right through 1990, and perhaps beyond. . . . CUT

Opinion | The Reagan Boom - Greatest Ever (Published 1990)

www.nytimes.com

1990 Before the Clinton BOOM left Reagan in the dust, followed by the Obama BOOM that buried reagan 6 feet under.

Technically it was the Republican 1994 Revolution Boom. Clinton and the Repubs worked together and unfortunately a lot was smoke and mirrors as they played with the system to balance the budget. Real cuts only to defense by Clinton were made during his tenure.