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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhy the GOP should stop invoking Reaganomics
Very interesting article although I find a couple things wrong with it.
by Bruce Bartlett-Reagan Economic advisor- Washington Post Feb. 3,2012
In their debates, ads and speeches, the candidates for the Republican presidential nomination are vying for the label of most Reagan-esque.
On taxes, I take the Reagan approach, former senator Rick Santorum said at a recent Florida debate.
Judging from the candidates tax proposals, they seem to believe that the most Reagan-like candidate is the one with the biggest tax cut. But as the person who drafted the 1981 Reagan tax cut, I think Republicans misunderstand the premises upon which Reagans economic policies were based and why those policies cant and shouldnt be replicated today.
I was the staff economist for Rep. Jack Kemp (R-N.Y.) in 1977, and it was my job to draft what came to be the Kemp-Roth tax bill, which Reagan endorsed in 1980 and enacted the following year. Kemp and Sen. Bill Roth (R-Del.) proposed cutting tax rates across the board by about a third, lowering the top rate from 70 percent to 50 percent and reducing the bottom rate from 20 percent to 8 percent. (Though when the Reagan tax cut was enacted in 1981, the bottom rate was reduced to 11 percent.)
While our aim was to increase growth and employment, we were intent on doing so in a way that did not exacerbate inflation, which was the nations top problem.
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Economic conditions are entirely different today than they were in Reagans era, and different conditions demand different policies. Those who say otherwise are simply engaging in cookie-cutter economics proposing whatever was popular and seemed to work once, without regard to changing circumstances.
http://www.washingtonpost.com/opinions/why-the-gop-should-stop-invoking-reaganomics/2012/01/31/gIQAQRb6mQ_story.html
Kurmudgeon
(1,751 posts)I just shows how out of touch the GOP really is.
hfojvt
(37,573 posts)that should be a start. Second, is for Reaganomics to actually be defeated at the polls.
JHB
(37,157 posts)...The current Republicans give a rat's banana about facts, economics, and his opinion. Reagan's name is a talisman, and they'll wave it around whenever they goddamn please, thank you very much. And the Republican base cheers, whereas they'll treat you as a traitor if you get in their faces about this. Stick to your books and op-eds, and they might give you a pass because St. Ron's name gets mentioned every time you are introduced.
You also forget your policy was a justification, not a cure, right? You admit that the Fed did the heavy lifting of getting inflation down, so you amount to cheer leading "it would have been worse" without Reagan's policies. And that, sir, is a pile of horseshit. Reaganomics ushered in an era of looting the middle class. Those lower high-end taxes made it easier to make big money fast, which rewarded speculation and financial wheeling and dealing to fatten accounts and call it "making money" than investment in the real economy. It certainly made it easier to pull off the sort of merger mania and corporate raiding that took place immediately afterward, since the old owners could cash out without sending a massive chunk to Uncle Sam. So the "benefits" didn't exactly trickle down as your theory predicted.
He current clowns are your kids. If you don't like how they turned out, stop grumbling that they didn't learn your lessons well enough. They actually did.