Had no choice. Do you remember why Reagan wanted money for defense? The Soviet Union fell apart trying to keep up. The Reagan administration brought in higher revenues with their tax cuts. And the Democrats couldn't wait to find new ways to spend it. Thus the constant hikes.
New Democrat Plan To Tax The Rich, Taxing Assets. Will It Work?
- Thread starter Wally
- Start date
UnionStrong
Sorry, but I don’t care anymore.
49 states
Up In Smoke
Well-Known Member
The revenues went up as a result of 12 tax increases starting in 1982.
Reagan's tax cuts spurred a very vigorous economy that led to much higher government revenues. The Democrats insisted on more spending. That led to the tax hikes. Not something Reagan wanted but was forced to acquiesce to.
Up In Smoke
Well-Known Member
Unemployment was north of 7% almost his entire term, GDP averaged 3.5% growth, inflation averaged 5% and a couple trillion was added to the national debt.
Did you happen to notice what Reagan brought us out of?
Inflation:
1980: 13.5%(Carter)
1981: 10.5%
1982: 6.1%
1983: 3.2%
1984: 4.3%
1985: 3.5%
1986: 1.9%
1987: 3.7%
1988: 4.1%
Source: The Minneapolis Federal Reserve
That averages to 4.66% in his 8 years by the way. And he added $1.7 trillion in debt.
Up In Smoke
Well-Known Member
Source(?) and not much different than what the Minneapolis Fed put out.
And did you notice the steady decline in unemployment? I know you'll say it's still high compared to now. You are aware that a lot more people could collect welfare back then without working compared to those who have to work today to get assistance?
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Up In Smoke
Well-Known Member
bls.gov
Please read my updated post.
Up In Smoke
Well-Known Member
Stats don't lie. GPD slowed while inflation grew.
You do know that 1988 was Reagan's last year? You do know that the Fed puts the brakes on economies to keep them from overheating? There are liars, damn liars, and statisticians(Mark Twain). You can cite stats all day but I lived through the Reagan years as a young adult. They were much better than the 70's. Not for nothing did Reagan win 49 states in 1984.
You're trying to bolster Biden's rep but it was much more than just the economy. Reagan put pride back in being American. What has Biden done? Even as we speak he's appeasing the Iranians which has emboldened them. He's let in close to 8 million unvetted illegals who we have to support. And who knows who came in with them. Reagan was the catalyst behind the fall of the Soviet Union. He should be on Rushmore. Clinton, Obama, and Biden. Not one of them stands up in comparison.
DriveInDriveOut
Inordinately Right
That's called responsibility, something you radical left wing extremists are allergic to.
DriveInDriveOut
Inordinately Right
The current situation proves you wrong.
Nothing the federal reserve is doing is working to tame the inflation caused by your party's ultraleft extremist spending.
Get outta here. Despite the Democratic majority Regan still had veto power and there was little chance that Congress would have come up with the 2/3 majority needed to override a presidential veto.
Either sign it, veto it or let it sit on the desk and become law....Either way you own it.
Beginning in 2025 the Trump tax cuts begin to expire. We'll see what happens then.
Oh and by the way....."We have to cut Social Security".....Stanley Druckenmiller.....Billionaire hedge fund manager on his interview with CNBC yesterday....You and your we must protect the rich.
More fear mongering before the election? Y'all trot that out every 2 years.
Repeat after me... REAGAN, not REGAN.
Reagan vetoed 78 bills and had 9 overridden.
I hope you learned something today. You have so much potential to learn seeing as how you know so little.
newolddude
Well-Known Member
And knowledge coming from a guy who has what?....A GED?
Two years of college and a lifetime of reading. Unlike you I don't make up stuff as I go.
Instead you only post what you want the rest of us to read.
What I found interesting is how Trump no longer occupies space in you guys heads.
Now you're back at Reagan and judging by the looks of things pretty soon you'll be talking about Calvin Coolidge .
