- Oct 6, 2008
- Reaction score
- Brooklyn, NY
Yep, we need someone to increase the debt by another 180% over 8 years!
Too bad you aren't any good at math.
- Under Reagan, the debt went up $1.7 trillion, from $900 billion to $2.6 trillion.
- But….the national wealth went up $ 17 trillion
- Reagan's near-trillion-dollar bulge in defense spending transformed the global balance of power in favor of capitalism. Spurring a stock-market, energy, venture-capital, real-estate and employment boom, the Reagan tax-rate cuts and other pro-enterprise policies added some $17 trillion to America's private-sector assets, dwarfing the trillion-dollar rise in public-sector deficits and creating 45 million net new jobs at rising wages and salaries.
Reaganomics - Wikipedia
And the tax cuts of the Economic Recovery Act of 1981 stimulated economic growth. “As a 1982 JEC study pointed out, 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.” http://www.house.gov/jec/fiscal/tx-grwth/reagtxct/reagtxct.htm
“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.” http://www.ustreas.gov/education/fact-sheets/taxes/ustax.shtml