Did you actually just use the Huffington Post as a reference? No wonder your head is so screwed up.<quoted text>
Reagan lowered the "unearned income" tax rate; then had to raise taxes 11 times before leaving office. H. Bush had to raise taxes too. Reagan's plan backfired big time. We are still paying the price.
The narrative is wrong, however, for thoroughly documentable reasons. First, it was Carter not Reagan who appointed Volcker a full 14 months before Reagan became president. Carter knew that Volcker would raise rates sharply probably causing a recession but told his counselors who advised against the appointment to let him worry about the politics.
The Federal Funds rate was 11 percent when Carter appointed Volcker in August 1979. By the time Reagan took office in January 1981, Volcker had pushed the rate to 20 percent (the prime was 21 percent) and rates never went higher. So contrary to the mythology, Carter took the political risks not Reagan. Indeed during the first year of Reagan's administration Volcker brought the Federal Funds rate down from 20 to 12 percent, and pushed it down to 8.5 percent by the end of 1982. It took no political fortitude on Reagan's part to tolerate a 60 percent decline in rates over his first two years. Click for entire article.
SEEMS to me Carter was the "Great President"; he had the balls to take the unpopular steps to fix the inflation that the two Repubs caused before him. Please do your research.
SEEMS to me that Ronald Reagan was REALLY good at taking credit for other people's work. Know anyone like that?
Reagan "TRIPLED" the national debt with STAR WARS and tax cuts to the rich; remember? Or do you just remember parts of some things. Reagan took the National Debt into the TRILLIONS; isn't that when someone had the HUGE DEBT CLOCK built?
Reagan GREW Gov't big time!!!! So did his minion W. Bush. Under O, Gov't is shrinking; isn't that what you want?
You complained about businesses with 50 to 99 employees needed more time; so O gave them one more year. Are you against O working with small business? Really?????
Did you hear, Congress is broken. Everyone keeps saying O isn't doing anything; and when he uses Exec. Power to get pass that LOSER Congress, you complain again. REALLY??????
You people are starting to sound like sour old housewives. Not pretty at all.
BTW, you didn't answer my question.