Excerpts:
“Both inherited an American economy in collapse. And both applied daring, expensive remedies. Mr. Reagan passed the biggest tax cut ever, combined with an agenda of deregulation, monetary restraint and spending controls. Mr. Obama, of course, has given us a $1 trillion spending stimulus.”
“By the end of Reagan’s first term, it was Morning in America. Today there is gloomy talk of America in its twilight.”
“My purpose here is not more Reagan idolatry, but to point out an incontrovertible truth: One program for recovery worked, and the other hasn’t.”
“In any case, what Reagan inherited was arguably a more severe financial crisis than what was dropped in Mr. Obama’s lap. You don’t believe it? From 1967 to 1982 stocks lost two-thirds of their value relative to inflation”
“There is something that is genuinely different this time. It isn’t the nature of the crisis Mr. Obama inherited, but the nature of his policy prescriptions. Reagan applied tax cuts and other policies that, yes, took the deficit to unchartered peacetime highs. But that borrowing financed a remarkable and prolonged economic expansion and a victory against the Evil Empire in the Cold War. What exactly have Mr. Obama’s deficits gotten us?”
Link to Full Article:
http://online.wsj.com/article/SB10001424053111904875404576530412322260784.html?KEYWORDS=reagan
Should we compare the marginal tax rate of the early 80’s to those Obama inherited? Lower marginal rates mean a lower economic bang for you tax cut buck. Further the US 2009 economy was/is not even close to the 1980’s economy, heck it’s not even the some economy we had in 2000.
People are spending their tax cuts at Big Box stores and from there it goes straight overseas, creating jobs oveseas, not here as opposed to the higher rate of manufacturing we had in the ’80’s.
So I guess Stephen is arguing for more borrowing at low rates to stimulate the economy??
He recommended the Bush tax cuts which are still in force so I guess we should be swimming in jobs Based upon Mr. Moore’s policy prescriptions.
Mr. Moore has zero credibility, nada, zip none.
Neither do you.
Uh, Steve, did you even read the story? (Or was that just a partisan vent?)
I lived through the story.
I’ll take that as a No. (And a yes, to my questions.)
Well, to answer your original question…
Mr. Moore, was asking the question – what are we getting – from Obama’s borrow and spend policies… He comparatively argues Mr. Reagan’s borrowing at least made an impact.
Wouldn’t you have to be a complete partisan hack (a mind numbed [bleep] [bleep] or a bitter flight controller) to completely discount what he said?
One of my favorite Reagan quotes: “A Republicans favorite day is July 4, a Democrats favorite day is April 15.”
Lets just ask the question that Reagan made famous during his campaign against Carter and direct it at the American people today.
Are you better off than you were 3 years ago?
I do not know of many people outside of the non-competitive walls of government that can honestly answer that with a yes.
Life in America after 3 years of Obamanomics should just read, “if you ain’t on the dole, you are in the hole”.
The dole in this case means government employees.
I wonder whether Mr. Steve Smith is better off than he was three years ago. Fat chance of that, unless he is a recipient of Mr. Obama’s porkulus.
I have not had any money or hope since Bill Clinton left office! Shame we can’t bring Bill back!
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