“Reaganomics means you start a business in your garage; Obamanomics means you move into your parent’s garage.” – Sen. Ted Cruz.
Watchdog:
“The truth of the matter is that stimulus money not only doesn’t stimulate; it actually reduces output.” (Dr. Arthur Laffer, Chief Economic Advisor for President Ronald Reagan)
When President Reagan entered office in 1981, he faced a lugubrious economy. According to Bloomberg, the recession of 2009 was the worst since WWII. Reagan didn’t inherit “a recession,” he inherited three. By 1969 we were maturating into the worst economy in our history. He inherited Carter’s double-digit inflation. Unemployment was 11%. Prices had risen over 25%. Economists agreed this was an “epidemic plague” and would vaporize the economy unless we took proximate reformatory action.
President Reagan was such a bad example, he only had a degree in Economics. [sarcasm]
I am always surprised at how no mention is ever made of how the doubling and tripling of gas prices is never mentioned as a contributing factor of the inflation we experienced in the ’70’s. In 1970 a gallon of gas costs 36 cents. In 1975 it was 53 cents, in 1980 $1.13.
I remember very well how the massive price increases by the OPEC cartel pushed up prices of everything from gas to heating oil to groceries, clothing and electricity. Wages couldn’t keep pace.
Reagan’s tax cuts put some of that money back into people’s pockets at a time when OPEC was taking it out.
I’m in California and Gov. Moonbeam just raised our gas tax 12 cents. He’s gonna pour that money down a rat hole named High Speed Rail.
geeknerd.
Fellow Californian, have you seen this yet? Have you heard it on any local news cast. Where do you think he’ll go to get this money?
http://theblacksphere.net/2017/04/ca-governor-makes-1-8-billion-deficit-error/
Reagan also gave us one of the largest military base pay
raises ever. I did not complain.