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| Source:The New Democrat- Mr. Conservative U.S. Senator Barry Goldwater (Republican, Arizona) |
Source:The New Democrat
“Here is the portrait of a dysfunctional party: On Tuesday, the House Republicans unveiled a budget that set a goal of spending cuts totaling $6,454 billion. On Wednesday, Senate Republicans defeated legislation to cut spending by $1 billion. On Thursday, House Republicans voted to renew $20 billion per year in farm subsidies.
The 2018 GOP talks like Barry Goldwater and spends like Lyndon Johnson.”
From David Stockman
From Wikipedia
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| Source:Bloomberg News- David Stockman was President Ronald W. Reagan's Budget Director in the early 1980s. |
From Bloomberg News
"Reaganomics (/reɪɡəˈnɒmɪks/; a portmanteau of Reagan and economics attributed to Paul Harvey),[1] or Reaganism, were the neoliberal[2][3][4] economic policies promoted by U.S. President Ronald Reagan during the 1980s. These policies are characterized as supply-side economics, trickle-down economics, or "voodoo economics" by opponents,[5] while Reagan and his advocates preferred to call it free-market economics.
The pillars of Reagan's economic policy included increasing defense spending, balancing the federal budget and slowing the growth of government spending, reducing the federal income tax and capital gains tax, reducing government regulation, and tightening the money supply in order to reduce inflation.[6]
The results of Reaganomics are still debated. Supporters point to the end of stagflation, stronger GDP growth, and an entrepreneurial revolution in the decades that followed.[7][8] Critics point to the widening income gap, what they described as an atmosphere of greed, reduced economic mobility, and the national debt tripling in eight years which ultimately reversed the post-World War II trend of a shrinking national debt as percentage of GDP."
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| Source:Wikipedia- Ronald W. Reagan (Republican, California) 40th President of the United States. |
From Wikipedia
David Stockman as he told Bloomberg News, which is linked on this post, said Reaganomics in 1981 was, cutting taxes across the board deeply, while at the same decreasing government spending overall, while increasing the defense budget to win the Cold War against Russia, and deregulating American industry across the board.
But the reason why Stockman told Bloomberg News that Reaganomics would've worked, if tried, because all the Reagan Administration did in the 1980s was cut taxes deeply across the board and increase defense spending. But the U.S. Government, as well as deficits and the national debt, ballooned under President Reagan in the 1980s. They inherited a 40 billion dollar deficit from President Jimmy Carter in 1981 and gave incoming President George H.W. Bush a 200 billion dollar deficit, when the Reagan's left office in 1989.
It wasn't just defense spending that ballooned during the Reagan Administration. The Department of Justice to deal with the Reagan expansion of the War On Drugs in the 1980s, rising crime rates, as well as immigration.
The overall Federal budget ballooned during the Reagan years and so did the deficit and debt. So much for fiscal conservatism, even if you want to Ronald Reagan an economic Conservative, which he was.
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