I wouldnt say Reagan to the Rescue.<quoted text>
After Carter came Reagan to the rescue!
History repeats itself!
The King of Debt
A born-again convert to supply side economics, Ronald Reagan came to office in 1981 promising to simultaneously slash taxes, massively increase defense spending and balance the budget. Instead, as his budget director David Stockman acknowledged last year, Reagan produced red ink as far as the eye could see:
"[The] debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
Which is exactly right. While the Republicans' fiscal rot deepened under George W. Bush, it began with Ronald Reagan. It was the legendary Gipper whose financial recklessness and tax-cutting fetish came to define the modern GOP.
The numbers tell the story. As predicted, Reagan's massive $749 billion supply-side tax cuts in 1981 quickly produced even more massive annual budget deficits. Combined with his rapid increase in defense spending, Reagan delivered not the balanced budgets he promised, but record-settings deficits. Even his OMB alchemist David Stockman could not obscure the disaster with his famous "rosy scenarios."
Forced to raise taxes twice to avert financial catastrophe (a fact conveniently forgotten in the conservative hagiography of Reagan manufactured by the GOP's 2008 ticket of John McCain and Sarah Palin), the Gipper nonetheless presided over a tripling of the American national debt. By the time he left office in 1989, Ronald Reagan more than equaled the entire debt burden produced by the previous 200 years of American history.