Ronald Reagan: Fiscal Disaster
Hale "Bondad" Stewart
The Huffington Post
There's been a great deal of back of forth about Clinton and Obama and what they have said about Reagan. Personally, I've missed most of it. Being a stock market person I've been a little preoccupied over the last few weeks. But, I think it's time to chime in on the debate because the underlying facts -- those pesky things -- aren't very flattering to Reagan. In fact, the facts -- again, those pesky annoying things -- indicate that Reagan was a complete and total fiscal disaster.
First, let's go to the charts, shall we? It wouldn't be a Bonddad diary without charts and graphs. Let's start with Reagan's buying the "tax cuts pay for themselves" line of reasoning. Here is a graph from the St. Louis Federal Reserve of the year-over-year percentage change in tax receipts.
(Go here to see the charts.)
The Huffington Post
There's been a great deal of back of forth about Clinton and Obama and what they have said about Reagan. Personally, I've missed most of it. Being a stock market person I've been a little preoccupied over the last few weeks. But, I think it's time to chime in on the debate because the underlying facts -- those pesky things -- aren't very flattering to Reagan. In fact, the facts -- again, those pesky annoying things -- indicate that Reagan was a complete and total fiscal disaster.
First, let's go to the charts, shall we? It wouldn't be a Bonddad diary without charts and graphs. Let's start with Reagan's buying the "tax cuts pay for themselves" line of reasoning. Here is a graph from the St. Louis Federal Reserve of the year-over-year percentage change in tax receipts.
(Go here to see the charts.)
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1 Comments:
Being a poor student, I leaned quickly to read the first paragraph and then skip to the last paragraph ... (the middle is full of details to support whatever the author is trying to convey) ... with that said ... ya gotta love the last paragraph.
QUESTION : Bush complained that he inherited a recession when he came into office and then 9/11 hit and no one could see that coming. OK, here's the question, with how much the US Stock Market lost so far this year and how much the World's Markets lost on 1/21/08, why shouldn't Bush be blamed for the Subprime Mortgage crisis ? IF you accept the unforeseen 9/11 premise, how can you accept his fiscal mismanagement after 9/11 subsided ? Investors have lost more (on paper) than during 9/11.
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