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As America braces for the 100th anniversary of Reagan's birth, we face another "Neo-Con-niption" fit of disinformation, myths, revisionism, and lies about his presidency . . . . Reagan tripled the national debt! Year after year his Voodoo Reaganomics continues to inflict so much damage to our country that we may never fully recover in our life time. Volumes have been spoken about this, yet it doesn't seem to sink in with the powers that be in DC and TV
You can thank The Gipper for the birth of the current mortgage crisis. As William Kleinknecht, author of The Man Who Sold the World, put it, Reagan pushed for the elimination of all ceilings on interest rates and restrictions on loans, with his goal to "allow all depository institutions to make the same type of loans in whatever amount they see fit." The subsequent Garn-St. Germain Depository Institutions Act of 1982 enabled lenders to issue adjustable rate and interest-only mortgages, the drivers of the current mortgage meltdown.
We have gone, when Reagan came into office we were the largest exporter of manufactured goods and the largest importer of raw materials on the planet. And the largest creditor. More people owed us money than anybody else in the world. Now just twenty eight years later we're the largest importer of finished goods, manufactured goods, exporter of raw materials which is kind of the definition of a third world nation and we're the most in debt of any country in the world. This is the absolute consequence of Reaganomics.
Then came Reaganomics. Taking his cues from the conservative billionaires who fund right-wing think tanks like the Heritage Foundation, Reagan cut top marginal tax rates on the rich from 74 percent to 38 percent. Predictably, there was an immediate surge in the markets—followed by the worst crash since the Great Depression and the failure of virtually the entire nation’s savings-and-loan banking system.
As Beinhart noted, the massive Republican tax cuts of the 1920s (from 73 to 25 percent) led directly to the Roaring Twenties’ real estate and stock market bubbles, a temporary boom, and then the crash and Republican Great Depression that started in 1929. Then, from the 1930s to the 1980s, rates on the very rich went back up into the 70 to 90 percent range. As a result, the economy grew steadily, and for the first time in the history of our nation we went 50 years without a crash or major bank failure. It was also during this period that the American worker’s wages increased enough to produce the strongest middle class this nation has ever seen.
Originally posted by Blueracer
From the OP:
"Reagan tripled the national debt!
Just one point of contention right off the bat. Isn't the tripling of the national debt congress's fault?
Originally posted by sdcigarpig Even Jimmy Carter, for not taking actions and supporting the Shaw of Iran, when all of the signs pointed to him being a dictator, and failing to even do something about the hostages that were taken.
Originally posted by sdcigarpig So yes Regan may have given a tax breaks to the rich, yet no one ever stops to think, is it right to deny a person the fruits of their hard labor?
Originally posted by poet1b
reply to post by adifferentbreed
That Obama admires Reagan ought to tell you something about how bad of a president Reagan was.
Originally posted by poet1b
reply to post by centurion1211
Sadly, you really think there is a difference.
Both are sticking with the free market plan to destroy middle class America, and eliminate our liberties.