Thread: Reaganomics is a failed policy.

I know the following is coming from a totally partisan source. I know this. But I want to see how it flies here:

I loved your recap of the McCain interview with Brokaw. Just wanted to point out that not only did Reagan raise taxes during a recession, but Bill Clinton raised taxes in 1993 a year after his election. We were mired in the worst recession since the depression at the time. Not one GOP Congressman or Senator voted for Clinton’s tax raise at the time and they all claimed it would ruin the economy, the same as now. Well, as you know, Bill raised taxes and we saw the greatest growth in our history along with record surpluses that will probably never be equaled. Under Reagan we saw the beginning of the deregulation era that brought us the savings and loan crisis, the Enron debacle and this current banking crisis that we find ourselves in today. When Reagan took office in 1980 our total debt was under 1 trillion dollars. Today it is 11 trillion and we had surpluses under Clinton. So under Reagan, Bush 1 and Bush 2 we increased our national debt from 1 trillion to 11 trillion.
It’s time that everybody realized that Milton Friedman and Reaganomics is a totally failed policy and until we do realize it, we are doomed to keep repeating it. It’s remarkable that more so called experts have not addressed the failed “deregulation” policies of the GOP as the main contributor to this collapse of our banking system.

Email of the Day: Reaganomics is a totally failed policy | Crooks and Liars

I, being a pinko commie fuckface, completely agree.


Annnnnd, go!

Reaganomic, as in cutting taxes to get a defecit and try to spur economic growth is truely dead. Especially after the years under Bush with lower taxes and a huge defecit.

However, the article makes it seem like that the era of limited regulations under Reagan, and a more free market, is a bad idea. And I would have to disagree with that.
The article acually goes into detail about the problems with Reagan taxes, because those problems existed, but it doesn't say anything about GOP deregulation because most of the lack of regulation was only a problem because of more of other types of regulations.

Reagan's regualtion policy was incredibly smart, but his taxes to get us into the red and was a bad idea in hindsight.

Clinton on the otherhand, had a great tax policy, but we all know where his regulations to give lower income individuals housing gave us...

So even if Reaganomics is a bad idea, we can't forget that the free market still has powerful forces that should be tampered with as least as possible.

yep

Originally Posted by Ronin Tetsuro

I know the following is coming from a totally partisan source. I know this. But I want to see how it flies here:



Email of the Day: Reaganomics is a totally failed policy | Crooks and Liars

I, being a pinko commie fuckface, completely agree.


Annnnnd, go!

It flies like a pig. Completely fallacious.

Just wanted to point out that not only did Reagan raise taxes during a recession

Nope he cut taxes and then some taxes were increase later at the insistence of Democrats when the economy was growing and as part budget negotiations. Along with that were promised spending cuts which were never enacted into legislation.

, but Bill Clinton raised taxes in 1993 a year after his election.

He raised taxes in his first budget which was fiscal year 1993 starting in Oct of 1992 and some of those increases were retoractive.

We were mired in the worst recession since the depression at the time.

We had come out of a mild recession and were entering a period of growth when Clinton took office. Clinton's tax increase, the only budget measure he ever got passed, slowed that growth for the next two years and the recovery was anemic costing us jobs and revenue.

Not one GOP Congressman or Senator voted for Clinton’s tax raise at the time

Yes they had more sense than he did.

and they all claimed it would ruin the economy,

It slowed it and cost revenue and jobs.

Bill raised taxes and we saw the greatest growth in our history

After the Republican congress forced taxes cuts down his throat including the middle class tax cut he had lied about.

along with record surpluses

After the Republican congress forced spending cuts down his throat after he lied about cutting it himself.

Revenues and the economy grew at high rates and we had a brief surplus in spite of Clinton not because of him.

that will probably never be equaled.

If we get the Dems out we might.

Under Reagan we saw the beginning of the deregulation era that brought us the savings and loan crisis,

Actually no.

the Enron debacle

No again that was just unscrupulous business people.

and this current banking crisis that we find ourselves in today.

No again that goes back to Carter and was brought about by Democrat liberal policies.

When Reagan took office in 1980 our total debt was under 1 trillion dollars. Today it is 11 trillion and we had surpluses under Clinton.

In spite of Clinton. Had the congress during Reagan terms accepted his spending request we most likely would have seen surpluses then.

It’s time that everybody realized that Milton Friedman and Reaganomics is a totally failed policy and until we do realize it,

No it works quite well until the spending is allowed to grow faster than revenues.

we are doomed to keep repeating it.

We are doomed to repeating Carter and Clinton's failed policy of higher taxes and on top of the Obama's massive wealth transfer scheme

It’s remarkable that more so called experts have not addressed the failed “deregulation” policies of the GOP as the main contributor to this collapse of our banking system.

It would be remarkable if they did since it is not true.

Originally Posted by Ronin Tetsuro

I know the following is coming from a totally partisan source. I know this. But I want to see how it flies here:



Email of the Day: Reaganomics is a totally failed policy | Crooks and Liars

I, being a pinko commie fuckface, completely agree.


Annnnnd, go!

No what has failed is the media. They are doing zero reporting on the real causes of this debackle. And as a result, the American people are not up in arms enough over it. The American people have been hoodwinked.

The thing that has failed about the government is the socialist ideals of taking from the haves and giving to the have nots. It has utterly failed, yet the Democratic candidate is running on the platform of taking from the rich and giving to the poor.

Originally Posted by Nerv14

So even if Reaganomics is a bad idea, we can't forget that the free market still has powerful forces that should be tampered with as least as possible.

yep

I'll agree with all you said up until the above. When has this mythical free market existed? You've already admitted that the problems of the financial sector are tired directly into the lack of regulation in some places and the regulation of other areas. It's my understanding that true free market requires NO regulation, at all.

So how can we forget that free market is a powerful force when we have not at any point experienced one?

Please, help. I've asked for clarification on this from others, and I have yet to get a satisfactory answer.

How can reagonomics be a bad idea?

If the rich have more money they're going to find a way to make more money with that money.

They're going to invest it.

Originally Posted by justoneman

No what has failed is the media. They are doing zero reporting on the real causes of this debackle. And as a result, the American people are not up in arms enough over it. The American people have been hoodwinked.

My god... we agree.

The thing that has failed about the government is the socialist ideals of taking from the haves and giving to the have nots. It has utterly failed, yet the Democratic candidate is running on the platform of taking from the rich and giving to the poor.

It's very hard to believe you, having just watched my retirement, my child's college fund, and my grandchild's inheritance go directly into a bank executive's offshore account.

Originally Posted by Feslin

How can reagonomics be a bad idea?

If the rich have more money they're going to find a way to make more money with that money.

They're going to invest it.

Yeah? How's that been working out for us? Those bankers sure are re-injecting that bailout money into the economy at rapid fire speed, boy howdy!

Keep dreaming.

Originally Posted by Ronin Tetsuro

Yeah? How's that been working out for us? Those bankers sure are re-injecting that bailout money into the economy at rapid fire speed, boy howdy!

Keep dreaming.

The first checks just went out today. The fact remains the beginnings and the downfall were all caused by failed liberal policies and it was the Democrats/Liberals in congress who stood in the way of stopping it, denying it would happen and attacking those who were warning them it would.

Originally Posted by Ronin Tetsuro

I'll agree with all you said up until the above. When has this mythical free market existed?

Why do you call it mythical.

It's my understanding that true free market requires NO regulation, at all.

Where did you learn that?

So how can we forget that free market is a powerful force when we have not at any point experienced one?

Well we have markets that are certainly "freeer" than others wouldn't you agree. Like the US Economy was a much more freeer market than that of the old Soviet Union or former system Communist China. Which did better?