Economic plan familiar
Remember 1980 when Ronald Reagan gave us real hope of change for an economy that was reeling from a tax-and-spend Democrat, Jimmy Carter?
Republicans hoped Reagan would change the course in Washington and return to conservative values of less government spending and a balanced budget. Instead, he gave us Reaganomics, a variation of FDR’s New Deal economics based on the socialistic ideas of John Maynard Keynes, that a country can spend itself rich.
Reagan never proposed a balanced budget or one that lowered spending. Reaganomics increased government spending and cut tax rates at the same time, leading to record deficits and tripling the national debt from $900 billion to $2.7 trillion.
Yet the American people didn’t seem to care. The great communicator Reagan had done such a good job of convincing us that deficits and debt don’t really matter that George Bush, with the support of conservative Republicans, was able to run up deficits totaling $4.3 trillion, pushing the national debt to $10.7 trillion.
Once again, many people are filled with the hope of real change for an ailing economy. What has President Obama proposed? Reaganomics. Massive new government spending and more tax cuts.