Do a search and you will discover it was the tax RATE cuts under Reagan,
passed by the Dims in Congress by the way, that lead to the increased
revenue in the nineties that led to balanced budgets, not cuts in federal
You forget it was the Carter years and the double digit inflation rates and
18% interest rates that killed the economy. The Dims knew Reagan was right
and passed his tax RATE cut request that turned things around. Reagan
said from the outset it would take ten years to reverse what Carter caused
to happen to the economy. History will show Carter to be the worst modern
day President. In just four years the value of everyones savings and
investments lost over 50% of their value and he was gone
DJIA Jan 1977 - 954.37
DJIA Jan 1981 - 947.27
DJIA Jan 2001 - 10,887.40
DJIA Jun 2008 - 12,083.80
Both essentially flat.
Oil Jan 1977 13.90
Oil Jan 1981 38.00
Oil Jan 2001 29.58
Oil Jun 2008 125.54
Almost tripled on Carter's watch. More than quadrupled on Bush 43's.
Dollar Index Jan 1977 107.1214
Dollar Index Jan 1981 96.0263
Dollar Index Jan 2001 103.5074
Dollar Index Jun 2008 71.2499
10% decline for Carter; freefall with historical lows for Bush 43.
Federal Budget FY 1980 $590,900,000,000
Federal Budget FY 2009 $2,853,000,000,000
More than quadrupled from Carter to Bush 43.
National Debt FY 1980 $930,200,000,000
National Debt FY 2007 $9,008,000,000,000
Increased nine-fold from Carter to Bush 43.
Americans killed in Operation Eagle Claw 8
Americans killed in Operation Iraqi Freedom 4,000 and rising
actually reduced government revenue and later led to Reagan raising
taxes to correct this. Credible research will also show that the
balanced budgets of the late 20th century were due to Clinton raising
taxes and restraining spending.
spending, so periodic tax cuts have been necessary anyway. Carter
wanted a 25% cut over 3 years, while Reagan wanted 30%, and in the end
Reagan's tax cut was 25%, net of his tax increases.
Carter, but Carter was hardly the prime cause of the economic woes of
the 1970s. The blame lied more with the Middle East oil producers
suddenly raising their prices because of our support for Israel and
with Nixon's earlier disasterous wage and price controls combined with
an inflationary monetary policy. Paul Volcker, the former Federal
Reserve chairman, who served during the Carter and Reagan
presidencies, said it took 10 years to undo the damage of those
President is ridiculous, as long as George W. Bush is not forgotten.
Bush is a true tragedy, both to the U.S. and to himself, and was
simply unqualified to occupy the Oval Office. He hasn't been just the
wrong person for the job but exactly the wrong person for the job.
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