How the GOP has destroyed the economy

Note this is NOT touting liberal policies. Just pointing out the silliness of the radical right attitude. Real conservatives know the difference between hype and reality. The others like Sarah Palin.

just the typical left wing drivel. bang & blame. i could do a billy joel song on the destructiveness of bill clinton's policies alone. forget jimmy carter. imagine how devastated we are going to be when pelosi&reid are done pleasing their caliph.

I found thie to be and instresting read.

During Jimmy Carter's last year in office (1980), inflation averaged 12.5%, compared to 4.4% during Reagan's last year in office (1988).[105] Over those eight years, the unemployment rate declined from 7.5% to 5.3%, hitting highs of 9.7% (1982) and 9.6% (1983) and averaging 7.5% during Reagan's administration.[106]

Reagan implemented policies based on supply-side economics and advocated a classical liberal and laissez-faire philosophy,[107] seeking to stimulate the economy with large, across-the-board tax cuts.[108][109] Citing the economic theories of Arthur Laffer, Reagan promoted the proposed tax cuts as potentially stimulating the economy enough to expand the tax base, offsetting the revenue loss due to reduced rates of taxation, a theory that entered political discussion as the Laffer curve. Reaganomics was the subject of debate with supporters pointing to improvements in certain key economic indicators as evidence of success, and critics pointing to large increases in federal budget deficits and the national debt. His policy of "peace through strength" (also described as "firm but fair") resulted in a record peacetime defense buildup including a 40% real increase in defense spending between 1981 and 1985.[110]

During Reagan's presidency, federal income tax rates were lowered significantly with the signing of the bipartisan Economic Recovery Tax Act of 1981.[111] The top tier tax bracket rates were lowered from 70% to 28%. Conversely, Congress raised some taxes in every year from 1981 to 1987 to continue funding such government programs as TEFRA, Social Security, and the Deficit Reduction Act of 1984.[112][113] Despite the fact that TEFRA was the "largest peacetime tax increase in American history," Reagan is better known for his tax cuts and lower-taxes philosophy.[113][114][115][116] Real gross domestic product (GDP) growth recovered strongly after the 1982 recession and grew during his eight years in office at an annual rate of 3.85% per year.[117] Unemployment peaked at 10.8% percent in December 1982—higher than any time since the Great Depression—then dropped during the rest of Reagan's presidency.[118] Sixteen million new jobs were created, while inflation significantly decreased.[119] The net effect of all Reagan-era tax bills was a 1% decrease in government revenues when compared to Treasury Department revenue estimates from the Administration's first post-enactment January budgets.[120] However, federal Income Tax receipts almost doubled from 1980 to 1989, rising from $308.7Bn to $549.0Bn.[121]

During the Reagan Administration, federal receipts grew at an average rate of 8.2% (2.5% attributed to higher Social Security receipts), and federal outlays grew at an annual rate of 7.1%.[122][123] Reagan also revised the tax code with the bipartisan Tax Reform Act of 1986.[124]


Reagan gives a televised address from the Oval Office, outlining his plan for Tax Reduction Legislation in July 1981Reagan's policies proposed that economic growth would occur when marginal tax rates were low enough to spur investment,[125] which would then lead to increased economic growth, higher employment and wages. Critics labeled this "trickle-down economics"—the belief that tax policies that benefit the wealthy will create a "trickle-down" effect to the poor.[126] Questions arose whether Reagan's policies benefitted the wealthy more than those living in poverty,[127] and many poor and minority citizens viewed Reagan as indifferent to their struggles.[127]

Following his less-government intervention views, Reagan cut the budgets of non-military[128] programs[129] including Medicaid, food stamps, federal education programs[128] and the EPA.[130] He protected entitlement programs, such as Social Security and Medicare,[131] however, his administration attempted to purge many people with alleged disabilities from the Social Security disability rolls.[132]

The administration's stance toward the Savings and Loan industry contributed to the Savings and Loan crisis.[133] It is also suggested, by a minority of Reaganomics critics, that the policies partially influenced the stock market crash of 1987,[134] but there is no consensus regarding a single source for the crash.[135] In order to cover newly spawned federal budget deficits, the United States borrowed heavily both domestically and abroad, raising the national debt from $700 billion to $3 trillion.[119] Reagan described the new debt as the "greatest disappointment" of his presidency.[119]

He reappointed Paul Volcker as Chairman of the Federal Reserve, and in 1987 he appointed monetarist Alan Greenspan to succeed him. Reagan ended the price controls on domestic oil which had contributed to energy crises in the 1970s.[136][137] The price of oil subsequently dropped, and the 1980s did not see the fuel shortages that the 1970s had.[138] Reagan also fulfilled a 1980 campaign promise to repeal the Windfall profit tax in 1988, which had previously increased dependence on foreign oil.[139] Some economists, such as Nobel Prize winners Milton Friedman and Robert A. Mundell, argue that Reagan's tax policies invigorated America's economy and contributed to the economic boom of the 1990s.[140] Other economists, such as Nobel Prize winner Robert Solow, argue that the deficits were a major reason why Reagan's successor, George H. W. Bush, reneged on a campaign promise and raised taxes.

Go here and read.
http://en.wikipedia.org/wiki/Ronald_Reagan

I put a lot more faith into this than I would a person that was booted out. Sound like the man is a little upset at Ragan. So tigger when are you going to learn the difference between hype and reality?