Joke of the Decade (1981-1989)
As Factual as Possible
FACTS ABOUT REAGAN AND TAX AND SPENDING:
The phrase “trickle down (economics)” was actually a term
coined by Will Rogers spoken during the Great Depression, and paraphrased
as: “Money appropriated for the top with the hopes that it would trickle
down to the needy.”
More up to date the term was adopted and used during the
Reagan years and simply known as “Trickle-down economics” or sometimes simply called
“Reaganomics” or laissez-faire (basically that there be no government
interference in business dealings).
Mr. Reagan's budget director, David Stockman, originally
championed the cuts but then he became skeptical of them and even later
President George H. W. Bush called them “voodoo economics.”
THE HEART OF THIS POST:
Following the GOP losses in the 1982 election, Reagan
largely backed off his efforts at spending cuts even as he continued to offer
the small-government rhetoric that helped get him elected. In fact, he went in
the opposite direction:
1. His created the VA and that contributed to an increase in the federal workforce of more than 60,000 people during his presidency.
2. While Reagan somewhat slowed the marginal rate of growth in the budget, it continued to increase during his time in office.
3. The national debt skyrocketed from $700 billion to $3 trillion under Reagan.
4. After first pushing to cut Social Security benefits - and being stymied by Congress - Reagan in 1983 agreed to a $165 billion bailout of the program along with Medicare (thus funding health care – ouch).
5. He massively expanded the Pentagon budget to surpass the oldUSSR
in the Cold War race.
6. Reagan's tax increases did not wipe out the effects of his initial tax cuts. But they did eat up about half of it, e.g., the 1983 payroll tax hike went to pay for Social Security and Medicare and as I said: Reagan raised taxes to pay for government-run health care) – go figure.
7. Reagan also raised the gas tax and signed the largest corporate tax increase in history.
1. His created the VA and that contributed to an increase in the federal workforce of more than 60,000 people during his presidency.
2. While Reagan somewhat slowed the marginal rate of growth in the budget, it continued to increase during his time in office.
3. The national debt skyrocketed from $700 billion to $3 trillion under Reagan.
4. After first pushing to cut Social Security benefits - and being stymied by Congress - Reagan in 1983 agreed to a $165 billion bailout of the program along with Medicare (thus funding health care – ouch).
5. He massively expanded the Pentagon budget to surpass the old
6. Reagan's tax increases did not wipe out the effects of his initial tax cuts. But they did eat up about half of it, e.g., the 1983 payroll tax hike went to pay for Social Security and Medicare and as I said: Reagan raised taxes to pay for government-run health care) – go figure.
7. Reagan also raised the gas tax and signed the largest corporate tax increase in history.
What is amazing is that with all the GOP’s anti-Obama
bashing about tax and spending programs and such how much they fail to remember
(mostly on purpose) the above points. That is neither fair to Mr. Reagan or Mr.
Obama and not fair and honest to the public.
Thanks for stopping by.
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