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The Myths of Reaganomics
Posted on 5/23/14 at 5:10 pm
Posted on 5/23/14 at 5:10 pm
I come to bury Reaganomics, not to praise it.
How well has Reaganomics achieved its own goals? Perhaps the best way of discovering those goals is to recall the heady days of Ronald Reagan's first campaign for the presidency, especially before his triumph at the Republican National Convention in 1980. In general terms, Reagan pledged to return, or advance, to a free market and to "get government off our backs."
Specifically, Reagan called for a massive cut in government spending, an even more drastic cut in taxation (particularly the income tax), a balanced budget by 1984 (that wild-spender, Jimmy Carter you see, had raised the budget deficit to $74 billion a year, and this had to be eliminated), and a return to the gold standard, where money is supplied by the market rather than by government. In addition to a call for free markets domestically, Reagan affirmed his deep commitment to freedom of international trade. Not only did the upper echelons of the administration sport Adam Smith ties, in honor of that moderate free-trader, but Reagan himself affirmed the depth of the influence upon him of the mid-19th century laissez-faire economist, Frederic Bastiat, whose devastating and satiric attacks on protectionism have been anthologized in economics readings ever since.
more
How well has Reaganomics achieved its own goals? Perhaps the best way of discovering those goals is to recall the heady days of Ronald Reagan's first campaign for the presidency, especially before his triumph at the Republican National Convention in 1980. In general terms, Reagan pledged to return, or advance, to a free market and to "get government off our backs."
Specifically, Reagan called for a massive cut in government spending, an even more drastic cut in taxation (particularly the income tax), a balanced budget by 1984 (that wild-spender, Jimmy Carter you see, had raised the budget deficit to $74 billion a year, and this had to be eliminated), and a return to the gold standard, where money is supplied by the market rather than by government. In addition to a call for free markets domestically, Reagan affirmed his deep commitment to freedom of international trade. Not only did the upper echelons of the administration sport Adam Smith ties, in honor of that moderate free-trader, but Reagan himself affirmed the depth of the influence upon him of the mid-19th century laissez-faire economist, Frederic Bastiat, whose devastating and satiric attacks on protectionism have been anthologized in economics readings ever since.
more
Posted on 5/23/14 at 5:11 pm to rmcc316
It's going to be an Anarchist reunion as soon as Wiki and G come.
Posted on 5/23/14 at 5:15 pm to rmcc316
anti-reagan;dr. Reagan had to deal with Top O'Neil, who never met a spending increase he didn't like.
Posted on 5/23/14 at 5:18 pm to rmcc316
Reaganomics was never truly implemented. Reagan had to deal with Tip O'Neill and Teddy Kennedy and their constantly spending like Teddy on a drunken/raping rampage through Palm Beach.
Reagan also had what he considered a more important objective -- to get rid of the Soviet Union through superior fire power. Remember all the Democrats and their bumper sticker slogans -- "Ronnie Raygun," "No one wins an arms race." Well, guess what, as history (and the present) has always shown, the Dims were WRONG again.
But, in order to achieve this, Reagan did have to make the proverbial deal with the two-headed devil that was O'Neill/Kennedy. For every dollar that Reagan raised through tax cuts, and every dollar Reagan spent bringing our armed forces up to competency level (after being GUTTED by Carter), he had to agree to spend $3 on O'Neill/Kennedy welfare/voting buying program.
Reagan also had what he considered a more important objective -- to get rid of the Soviet Union through superior fire power. Remember all the Democrats and their bumper sticker slogans -- "Ronnie Raygun," "No one wins an arms race." Well, guess what, as history (and the present) has always shown, the Dims were WRONG again.
But, in order to achieve this, Reagan did have to make the proverbial deal with the two-headed devil that was O'Neill/Kennedy. For every dollar that Reagan raised through tax cuts, and every dollar Reagan spent bringing our armed forces up to competency level (after being GUTTED by Carter), he had to agree to spend $3 on O'Neill/Kennedy welfare/voting buying program.
Posted on 5/23/14 at 5:21 pm to rmcc316
quote:Make your case.
I come to bury Reaganomics, not to praise it.
You didn't with the OP.
Take your time.
Posted on 5/23/14 at 5:24 pm to rmcc316
I'd rent my right testical to a homeless Chinese eunuch if Reagan could be President again.
Posted on 5/23/14 at 6:24 pm to rmcc316
Reagan's greatest accomplishment on the economy was being President when Volcker changed the way the Fed operated.
Posted on 5/24/14 at 8:47 am to rmcc316
quote:
and a return to the gold standard
i didn't know that he called for this in his campaign, although i wasn't around back then.
at any rate, glad that part didn't work out.
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