I just about had a coronary on the way to work this morning when I heard Senator Rounds say this to Belfrage.
They were talking about the tax cuts and the federal budget. Rounds went on to say that the policies that the Reagan administration implemented created the booming economy of the 90’s.
First off, Reaganomics destroyed our economy which has been a roller coaster since it’s implementation and has caused the biggest gap between the rich and the poor ever in the history of our country. If Mike Rounds is hoping for the trickle down economics of Reagan to work in 2018 like it did in the 80’s, God help us.
It is as if the 1987 stock market crash (under Reagan, I might add) never happen to many in the GOP. It’s absolutely incredible!….. Absolutely incredible! No wonder they are so accepting of the Donald of Orange and his fabricated world of constant lies…. And with this perception of the world, I guess it makes it a lot easier to watch FOX on a daily basis too, doesn’t it?….
Do they not remember that Bush41 was not re-elected because of a recession caused by that stock market crash I might add as well? Don’t they remember anything, or do they have a politically selective memory? Have they forgot about the politics of Ross Perot and Pat Buchanan? My goodness!
Bush41 raised taxes, which also contributed to his defeat politically, and so did Clinton, and it was the enhanced fiscal policies of the 1990s due to greater tax revenues from both the tax increases and a growing economy caused by the advent of the internet, and the “Peace Dividend” of the 1990s as a result of the end of the then Cold War, which gave us the economy of the 1990s and not Reagaonmics. Reagonomics had become nothing but carnage after October 19, 1987 or “Black Monday” and long before the 1990s took off, I might add.
Do you all remember when Rush Limbaugh said back in 1993, that Clinton’s tax increases would be a jobs killer and a recession maker? Limbaugh’s then claim, although wrong, itself further proves that there was no Reagan continuum from his eventual failed economic policies of the 1980s.
Republicans like Rounds either do not know their history or do not want to know it. The Reagan Myth is at times toxic and I wish our Republican friends instead were as fearful of the Russian bear as Reagan was then, and not complicit to it as they are today, as they opine today about a Reagan economy that never really was with any lasting staying power – but the bear, well, it still roams the landscape I am afraid…
I might also add, that the Reagan economy, before the stock market crash, was not the by-product of Reaganomics, rather it was a product of less regulation (which caused the ’87 stock market crash ironically), deficit spending (Keynesian economics actually ironically), and a serious reduction in inflation due to Volcker’s monetary policies of high interest rates…. I think we remember Volcker, he is the Fed Chair that Carter actually appointed to the Fed and Reagan kept…..A good thing, huh?….. Republicans, however, never like to talk about Volcker for some reason….. Selective memory I guess….
I might also add, that the initial fears of a protracted Gulf War also contributed to the Bush41 recession; but the fact that Bush41 raised taxes was truly the last dagger into the policies of the alleged Reaganomic continuum and any hint of its lingering qualities or staying power well into the 1990s…