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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 5:14 pm to joshnorris14
quote:
It's going to be an Anarchist reunion as soon as Wiki and G come.
im waiting for people to automatically assume i'm a liberal.
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 5:17 pm to HailHailtoMichigan!
i dont disagree with that. why so much affection for the guy though?
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 5:21 pm to TerryDawg03
quote:He was dealing with the most evil country this world has ever known. We needed a strong military at the time.
I like Reagan, but his defense spending changes
Posted on 5/23/14 at 5:22 pm to MMauler
quote:
l (after being GUTTED by Carter)
LINK
quote:
In recent years, the Soviets had strengthened their forces and influence, expanding the army, developing a large navy, and increasing their arms and technicians in the Third World. As Carter's concern about these developments mounted, he alarmed critics of military spending by calling for a significant increase in the military budget for fiscal 1979, a substantial strengthening of North Atlantic Treaty Organization (NATO) forces, and the development and deployment of a new weapon, the neutron bomb.
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 5:26 pm to Jim Rockford
quote:Never used.
the neutron bomb
Never considered.
Never pertinent.
Now then, let's talk conventional forces, shall we.
Posted on 5/23/14 at 5:27 pm to theunknownknight
quote:
I'd rent my right testical to a homeless Chinese eunuch if Reagan could be President again.
Posted on 5/23/14 at 5:29 pm to HailHailtoMichigan!
Posted on 5/23/14 at 5:29 pm to HailHailtoMichigan!
quote:
He was dealing with the most evil country this world has ever known. We needed a strong military at the time.
That's easy to gloss over for people born during the 1980's. They've become conscious in a world where the US is the unchallenged top dog. It's difficult for them to conceive of another nation that had us outgunned, could wipe us out with the push of a few buttons and a goal of hostile take over of various nations around the world.
Posted on 5/23/14 at 5:30 pm to Jim Rockford
quote:
With a paper-tiger military LINK
Posted on 5/23/14 at 5:31 pm to NC_Tigah
quote:
Make your case.
the article laid it out pretty nice.
what were reagans top 3 promised accomplishments?
Posted on 5/23/14 at 5:31 pm to NC_Tigah
Read the reviews of the book I linked.
Posted on 5/23/14 at 5:33 pm to Jim Rockford
quote:
Which was on its last legs LINK
With a paper-tiger military LINK
All this stuff was predicted. It's a pity no one was listening.
Reagan was. Hence the knowledge that an arms race would push them over the edge.The democrats certainly didn't know it and were busy praising the command economy of the Soviets as late as 1987. They laughed at Reagan for suggesting that the Soviets were weak economically and capable of being toppled.
Posted on 5/23/14 at 5:33 pm to rmcc316
quote:Promised accomplishments?
what were reagans top 3 promised accomplishments?
Or Reaganomic accomplishments?
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