I love the history. Why was there a tax increase in 1990????? Because for the first time in US history America was so far in Reagan debt it was sold to other nations. Reagan increased the national debt 186% while in office.<quoted text>
When President Reagan entered office in 1981, he faced actually much worse economic problems than President Obama faced in 2009. Three worsening recessions starting in 1969 were about to culminate in the worst of all in 1981-1982, with unemployment soaring into double digits at a peak of 10.8%. At the same time America suffered roaring double-digit inflation, with the CPI registering at 11.3% in 1979 and 13.5% in 1980 (25% in two years).
The Reagan recovery started in official records in November 1982, and lasted 92 months without a recession until July 1990, when the tax increases of the 1990 budget deal killed it. This set a new record for the longest peacetime expansion ever, the previous high in peacetime being 58 months.
Reagan NEVER went into office with America losing 750,000 jobs per month for the past 4 months and he NEVER had to bailout banks. And he NEVER had the Stock Market lose 60% of it's value in three days. BS on Reagan going into office worst than Obama had it.