Anyone else tired of these Reagan lovers cherry-picking facts?
--A rebuttal to those who refuse to believe that the world has changed almost 30 years down the line.
Anyone else have anything to add, read HEREHERE
"Spending Reductions"--Reagan's tax cuts were "spending" & drove the federal deficit to the highest level in proportion to GDP in history. Spending reductions, indeed.
"Deregulation. Reagan’s deregulation plan has now saved consumers an estimated $100 billion per year in lower prices. Reagan’s first executive order, in fact, eliminated price controls on oil and natural gas."
-Reagan's deregulation policies worked short term b/c in the 1980s America was an emerging market. His philosophy almost 30 years down the road, culminated in Eron, Tyco, Worldcom & the subprime collapse b/c allowing corporations to operate under little oversight, & allowing banks to give out loans under little regulation ending up costing America over $700 billion in bailouts so far, & an a historic decline in home prices & the stock market. In addition, no price controls have led to oil price gauging & has cost the American consumer millions of dollars & is hurting the economy by the decline of disposable income. $100 billion a year, thanks alot!
"These four components produced a 25-year economic boom from 1982 to 2007."-Recession, as soon as Reagan leaves office, forcing President Bush Senior to raise taxes. 1992, Recession, forcing spending reductions & tax increases under Bill Clinton. 2001, recession.
1993-2000-tech boom-America's great credit rating spurred by a "Liberal" who can actually balance a budget & raised taxes, allowing American entrepreneurs to take chances in the stock market leads to an unprecedented amount of wealth & American investors confident enough to pour trillions of dollars into the stock market.
2000-housing boom-Historically low interest rates caused by the fiscal responsible Clinton administration & the tech bubble bursting (partly of reduced confidence b/c of corporate scandal-which was allowed by deregulation) led investors to invest in new assets, in this case real estate. The deregulation policies of the Reaganites allowed banks & mortgage companies to give out loans to people who had no chance of paying them back. 2000-2005-Reaganites "borrow" or in budget terms "spend" trillions of dollars making the single biggest contribution to the global demand for loanable funds. Interest rates soar as a result, foreclosures rise, & b/c of the 2005 Bush bankruptcy bill, millions are mirred in debt.
I don't have neither the patience nor the space to even talk about how ridiculous the claims are about President Obama's economic plans. I just hope all of you are as optimistic about the stimulus passed today as I am, so I am going to leave you with a quote from Bill Clinton in 2000.
"Eight years ago, when our party met in New York, it was a far different time for America. Our economy was in trouble, our society was divided, our political system was paralyzed. Ten million of our fellow citizens were out of work. Interest rates were high. The deficit was $290 billion and rising. After 12 years of Republican rule, the federal debt had quadrupled, imposing a crushing burden on our economy and our children...
We sent our plan to Congress.Not a single Republican supported it. Their leaders said it would increase the deficit, kill jobs, and give us a one-way ticket to recession. Time has not been kind to those predictions.
The Republicans said then they would not be held responsible for the results of our economic policies. I hope the American people will take them at their word."