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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPaul Krugman:Reaganite Delusions
http://krugman.blogs.nytimes.com/2012/01/16/reaganite-delusions-2/?smid=tw-NytimesKrugman&seid=autoAh. Noah Smith goes reading in the fresh waters, and finds that people there are still claiming that there was a dramatic improvement in growth once Reagan/Friedman came along.
Ive written about this many times, e.g. here. The great era of US economic growth was the postwar generation; even during the good years of the 90s we didnt achieve comparable growth, and overall, the post-Reagan era was marked by slower growth than the equivalent period of time pre-Reagan. And I havent even gotten into the income distribution thing.
All of which makes me wonder: what goes on in these peoples minds? Do they never even think of actually looking at the numbers, because they know that Reagan ushered in a great boom? Inquiring minds (which they obviously dont have) want to know.
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Paul Krugman:Reaganite Delusions (Original Post)
cal04
Jan 2012
OP
cthulu2016
(10,960 posts)1. Growth=Stock Market
That what growth really means to these assholes.
The DOW was at 1000 in 1980 and median family income was $17K. Median family income has tripled, right in line with inflation. The DOW was incresed ten, twelve times over.
So yes, if you had a lot of money in stocks the reagna era (1980-forever) is awesome. For everyone else it sucks.
da_decider
(104 posts)2. "Trickle Down economics was a Trojan Horse". - David Stockman, Ronald Reagan's budget director!
As for what goes on in people's minds? Well if we're talking about that all too common Reagan-worshipping type of person: Not much. Not much at all.