Ronald Reagan brought “an economic recovery that is still going on”?
What alternative universe is Scott Stantis writing from?
Reagan was the one who blew a hole in record deficits, and built a phony “economic recovery” on a house of cards — CREDIT CARDS. Sure, the drunken sailor feels pretty darn good while he’s running up the debts, maxing out the credit cards, having a wild time.
But when the cards are maxed out and the bills come due, the house of cards collapses. For Reagan, the first sign of cracks in the walls was October of 1987, with the biggest percentage stock market collapse since 1929. And then when his vice president, George H W Bush, succeeded him, the whole thing fell apart so badly that Bush was forced to break his “read my lips, no new taxes” pledge and Clinton ran on the platform of “it’s the economy, stupid” to make Bush a one-term president. Clinton then proceeded to eliminate the annual budget deficits and replace them with budget SURPLUSES, the first president to do so since LBJ.
Jimmy Carter had inherited wild inflation and high interest rates from his Federal Reserve Chair, Arthur Burns, who had been appointed by Nixon. Reagan ran against Carter citing the “misery index” of high interest and inflation rates, but those are set by the Federal Reserve, not the president.
IN HIS LAST YEAR AS PRESIDENT, Carter appointed Fed Chair Paul Volcker, arguably the greatest Fed Chair in history, who served through much of the Reagan years and brought down interest and inflation rates that Reagan shamelessly took credit for.
Ronald Reagan brought “an economic recovery that is still going on”?
What alternative universe is Scott Stantis writing from?
Reagan was the one who blew a hole in record deficits, and built a phony “economic recovery” on a house of cards — CREDIT CARDS. Sure, the drunken sailor feels pretty darn good while he’s running up the debts, maxing out the credit cards, having a wild time.
But when the cards are maxed out and the bills come due, the house of cards collapses. For Reagan, the first sign of cracks in the walls was October of 1987, with the biggest percentage stock market collapse since 1929. And then when his vice president, George H W Bush, succeeded him, the whole thing fell apart so badly that Bush was forced to break his “read my lips, no new taxes” pledge and Clinton ran on the platform of “it’s the economy, stupid” to make Bush a one-term president. Clinton then proceeded to eliminate the annual budget deficits and replace them with budget SURPLUSES, the first president to do so since LBJ.
Jimmy Carter had inherited wild inflation and high interest rates from his Federal Reserve Chair, Arthur Burns, who had been appointed by Nixon. Reagan ran against Carter citing the “misery index” of high interest and inflation rates, but those are set by the Federal Reserve, not the president.
IN HIS LAST YEAR AS PRESIDENT, Carter appointed Fed Chair Paul Volcker, arguably the greatest Fed Chair in history, who served through much of the Reagan years and brought down interest and inflation rates that Reagan shamelessly took credit for.