Here is Ronald Reagan in 1981, explaining the tax cuts whose 30-year anniversary we celebrate this week: “Now, so there will be no misunderstanding, it’s not my intention to do away with government. It is, rather, to make it work…….to stand by our side, not ride on our back. This represents $750 billion in tax cuts over the next five years, and this is only the beginning…….and mark an end to the excessive growth in government bureaucracy and government spending, and government taxing.” Professor Arthur Laffer and Congressman Jack Kemp convinced Reagan the idea would work, and the ensuing economic boom of 1983-1989 proved them right. The “Laffer Curve” soared, and native Californian Jack Kemp (a former SD Charger quarterback) threw the biggest TD pass of his career to the Gipper. America was the Big Winner in this genuine Super Bowl. Thank you, Ronald Reagan, Jack Kemp, and Professor Laffer! It worked then, and it will work again in 2013.
Comments 5
The tax cuts did create economic prosperity over the short-term, but they didn’t stop “excessive growth in government bureaucracy and government spending.” They also started us on the way to the record deficits that we are now experiencing.
Author
Seven Years of Prosperity is more than ‘Short Term’.
The country also regained it self-confidence, won the
Cold War, and won back the trust of the world and
our allies.
And Reagan’s extensive Deregulation reforms paved
the way for the explosion of Information technologies
by (among other things) allowing the launch & operation
of Private communications satellites.
Then-Rep. Harry Reid fought a losing battle in the
1980s to keep all satellites under the control of a UN-
style Space agency. Honest to God ! Reagan laughed
off his concerns. Ronald Reagan always welcomed
Progress and the Future.
Alas, it’s true that the U.S. ran then-record deficits under Reagan. He did have two extenuating circumstances — Republicans never controlled the House, and his top priority was winning the Cold War.
Reagan himself acknowledged that his administration only reduced the rate of increase in spending. A real reduction would have to come from a future president.
I give Clinton (and Republicans in Congress), credit for turning a deficit into surplus. Bush, alas, ran up huge spending increases, not only in response to 9-11, but for domestic pork-barrel spending for the Republicans in Congress. Spendthrifts are common in both parties.
Jim,
As you rightfully point out, Ronald Reagan had many noteworthy accomplishments as President. In fact, I would agree that he will go down in history as one of our best Presidents. My comment simply addressed the issue of the tax cuts and their effect since that was the focus of your post.
I do trust all the concepts . Thank you.
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SD Rostra recommends you do NOT download
the Big Bang Theory at this time. Thank you.