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During Reagan's presidency, the US went from a creditor to debtor nation and marked a take-off for financial inequality.
The idea that Reagan produced a uniquely booming economy is false
First, Reagan's record on the economy was not just exaggerated by his boosters, it's almost exactly the opposite of what they claim. It was a fairly ordinary time by the most common measurements of economic growth, looking good only in comparison with a selective time-slice of the 1970s. But once you start looking beneath the surface even the tiniest bit, the picture turns very dark indeed.
In terms of the most basic measure of economic growth - increase in gross domestic product (GDP) - the vaunted "Reagan boom" was an unremarkable period of time. If we look at Reagan's eight years, and compare them with Clinton's and JFK/LBJ's, Reagan comes in dead last, with 31.7 per cent compared with Clinton's 33.1 per cent and JFK/LBJ's 47.1 per cent. Only Nixon/Ford's eight years make Reagan look good, with a mere 26.2 per cent growth.
The idea that Reagan brought prosperity is true only for those at the top, not for average American workers
If we examine incomes, we discover that Reagan's eight years marked a real take-off for inequality, while average incomes stagnated. The income growth of the top once per cent was ten times that of everyone else during his term: 61.5 per cent versus 6.15 per cent. Under JFK/LBJ, the bottom 99 per cent actually did better: gaining 30.9 per cent compared with 26.9 per cent for the top once per cent. And while inequality continued to rise under Clinton, the bottom 99 per cent did more than twice as well as they did under Reagan, gaining 16.7 per cent compared with 56.6 per cent for the wealthiest one per cent.
Originally posted by nyk537
Europe isn't the only country yearning for Reagan....so is America!
Originally posted by WeRpeons
He was the author of "Trickle down economics," ask Americans if they ever got the trickle? We continue this program and still there is no trickle.
Originally posted by KnightFire
reply to post by nyk537
Originally posted by nyk537
Europe isn't the only country yearning for Reagan....so is America!
You couldn't have said it any better. Amen!!!!
Originally posted by yakuzakid
Regan ended the cold war, I'm sure that's why Eastern European countries love him.
What's Obama done? Send thousands of more troops to the middle east?
Originally posted by SaturnFX
Comparably, Reagen was a liberal lefty considering todays politics.
Makes sense...Europe is pretty left of (our) center...aka, they are center center, not right center.
Originally posted by syrinx high priest
clinton had a better overall approval rating, yet reagan is always remembered with such sappy sentimentality it's kinda amusing
Originally posted by Blaine91555
As an interesting example the French Wine Industry is not doing well because the government dictates even what grapes they are allowed to grow, while in the US the market controls it and the best Wines all come from the US as a result. Once government starts taking over business you can kiss freedom and prosperity goodbye. France is giving up a big part of it's culture and identity because it has allowed government to have to much control.