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Indybay FeatureRelated Categories: U.S. | Global Justice and Anti-Capitalism
When Ronald Reagan became president, he brought into the office something that had been lacking in the previous three administrations: confidence. His programs were innovative (to be sure), and he was an eloquent orator.
Simply put, Americans (in general) trusted his leadership, and he capitalized on that.
"Reaganomics" instituted sweeping tax cuts, particularly for the upper-income taxpayers. The Reagan advisers assessed (correctly I believe) that more money in the hands of those with a surplus would be reinvested in the economy. The American economy boomed for nearly eight years, but President Reagan left the White House having bloated our economy with debt. The largest deficits in the history of any economy (nearly $2.2 trillion) were accumulated during the longest period of uninterrupted economic growth.
For half a century – from the depths of the Great Depression until the rise of Ronald Reagan – the U.S. government invested in building the nation and funding key research. And the country flourished. But Reagan then reversed those priorities.
All the things that Reagan has promised to do were things that you can see now the American people were in the mood for and are popular issues but in the end it lead to bankruptcy today!
Ted Rudow III,MA