Quote:
Originally Posted by joeydb
Didn't say that it could be stopped that soon, but it also didn't even decelerate. If Obama is to get some time to turn it around, then so would any president, and people were all over Reagan when it took some time to reverse Carter's mess.
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It wasn't Carter's mess. The economic problems predated his Administration. Remember Ford's WIN buttons? Or him declaring inflation public enemy number one in 1974? (Okay, I don't either because I was too young- my first political memory is a Ford-Carter debate, but he did.)
From, of all things, a poster on Yahoo ("Mr Smartypants" is his nom de plume, I believe), but he's right, so here:
"The Republicans succeeded in blaming it on Carter in the public's consciousness simply by repeating over and over that it was all Carter's fault, until the media picked it up and began repeating it for them.
Reagan 'fixed' the economy by tripling the entire pre-existing national debt. Anyone can live high off the hog for a while if they don't mind going into serious debt. Well into his second term, Reagan was still cheerfully predicting that revenue boosts from his tax cuts would pay for the debt. There was a modest increase in revenue but it didn't even pay the interest on the new debt."
That's what makes me nuts about GOP in the White House- they scream "fiscal conservatism!" right up until the moment they're in the WH, then it's all "Reagan proved that deficits don't matter" to quote the former VP and they spend without end on giveaways to their connections (Iraq, Medicare Part D, etc.) Rinse, repeat. The only one who actually was a big boy and raised taxes because it needed to be done was George HW Bush and see how that worked out for his reelection.