“Reaganomics means you start a business in your garage; Obamanomics means you move into your parent’s garage.” – Sen. Ted Cruz.
“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.