A quarterly magazine of urban affairs, published by the Manhattan Institute, edited by Brian C. Anderson.
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Twenty-First-Century Reaganomics « Back to Story
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So tax rates have been declining and regulation has been avoided since Ronald Reagan and the Republican Party became a disciples of Arthur Laffer -- and the results are enormous ever-growing deficits, accelerated growth of income inequality, the rise of poverty, ridiculously unfair trade, job growth overseas and high unemployment in the US, wealthy individuals and corporations who pay little or no taxes, an aging 20th century infrastructure unsuitable for the 21st century, an out of control insurance industry destroying "first-do-no-harm" healthcare, a banking system that plays speculative money games but produces nothing of value, and a fully purchased Congress.
One remembers that humen's life is expensive, however some people need money for various stuff and not every man gets enough money. So to get some personal loans or just car loan should be a right solution.
President Reagan knew that talking heads have always had it wrong. Their constant tweaking of the money supply, tax rates, entitlement spending, etc has disrupted "Free Enterprise"(a great system). Let these geniuses run their own businesses and they will have no time to tell the governed how to live. Talking heads and government employees produce nothing. Cut the federal payroll by 50% and the corporate tax rate to 0% and watch the economy grow. But since Obama and Boehner have been out behind the Capitol sharing cigarettes for so long the opposite is about to happen-high interest rates and hyper-inflation. President Reagan knew how to pick fights and enlist the aid of the American people to win these battles. He certainly made a difference.
Hello. And Bye.
what negative effect did the reganomics and the explosion of cocaine have on the black community
"It was public spending for the sake of public spending, a fact underscored by Obama’s lack of focus on any one thing in the stimulus; instead, he let Congress jam a little bit of everything into the bill, making voters suspect—correctly—that they had gotten nothing."
A "chartered financial analyst" would never advise a client to invest all their money in one asset class, so why would the stimulus avoid the benefits of diversification.
The largest components were the Making Work Pay Tax Credit, Medicaid assistance, extension of the AMT fix, and boosted unemployment benefits. None of these is direct federal spending. Just because the stimulus didn't provide salient projects like shiny bridges to nowhere and nuclear subs doesn't mean it didn't do anything. Just maybe it's a good thing Obama didn't let public perception interfere with precluding risk and waste by putting our eggs in different baskets.
Reagan did irreparable harm to America. Reagan started his “southern strategy” at Philadelphia, Miss. where three civil rights workers were brutally murdered. When Reagan fired the Air Traffic Controllers, he started America on the path to a third-world country status. The S&L debacle – white-collar crime, voodoo economics and he turned the crumbling socialist state of Israel into a welfare state. For the first time in our history, our children are not expected to do as well as their parents. The people who were middle class during the Reagan administration are now the working poor! Deregulation during the Reagan administration is a cause for the current financial crisis in America.
When Reagan became president in 1980, we had not heard of crack cocaine, AIDS, nor the Taliban. Of course when he left office, crack cocaine and AIDS were epidemics and we are now fighting the Taliban! It is reported when Reagan’s approval ratings became as low as Bush’s are at the present time, during the Iran/Contra, he brought in Senator Howard Baker who got rid of the neocons and Reagan left office with a 64% approval rating, one point lower than Bill Clinton’s. Americans would like to know who played a roll in bringing crack cocaine into this country during the Reagan administration that subjected the African Americans to a Holocaust!
During the Reagan administration, a flood of crack cocaine coursed through black neighborhoods in the 1980s in South Central Los Angeles. The horror of how an ill-planned and oftentimes irrational foreign policy adventure -- the CIA’s “secret” war in Nicaragua from 1980 to 1986 -- boomeranged back to the streets of America, in the long run doing far more damage to us than to our supposed “enemies” in Central America. Dumping cocaine on LA’s street gangs was the “back-end” of a covert effort to arm and equip the CIA’s ragtag army of anti-Communist “Contra” Guerrillas. The myriad of calamities which flowed from the crack explosion include AIDS, homelessness, etc. (into the BUZZSAW - The Myth of a Free Press - Edited by Kristina Borjesson) and (THE DARK ALLIANCE - GARY WEBB). Gary Webb is a real American hero, a Pulitzer Prize winner and a credit to our cherished, First Amendment - freedom of the press. Unfortunately there are few reporters today who deserve to exercise that cherished right!
Nick Schou is the author of a book, “KILL THE MESSENGER: How the CIA’s Crack-Cocaine Controversy Destroyed Journalist Gary Webb.” (Gary Webb committed suicide in December 2004.)
Jails became the new industry during the Reagan administration. The increase in the African America incarceration rate is due to the disparity of sentencing. The sentence for crack cocaine is much harsher than powder cocaine. A generation of young black men were imprisoned or killed! AIDs, crack cocaine and the Taliban -- Reagan’s legacy! Ronald Reagan did irreparable harm to this country and to the African American population!
The Pew Center has just released a report on prisons and how this country cannot sustain the growth in costs. John Whitmere, Texas State Senator – Criminal Justice committee, stated that jail expansion in Texas went from 60 thousand beds in 1993 to 150 thousand now, much of it due to crack-cocaine. Reagan's legacy!
Sean Wilentz stated on C-SPAN that when Howard Baker was brought in to help Ronald Reagan recover from his low approval ratings after Iran/Contra, the first thing Senator Baker did was to get rid of all the neocons in Reagan's administration and Reagan's rating was 64 when he left office. So I thought perhaps America's credibility could be restored if we got rid of all the neocons. I have suggested that the present residents of Guantanamo be returned to their country and be replaced with the neocons who are a detriment to America and the world. Bon Voyage!
Well, Reagan could slash taxes because taxes were high.
Obama can´t, instead he has to raise them to create more revenue. The low tax policy of the last decades, especially for high earners and corporations, are the main reason for the deficit. There is no way this can continue...
The author is brilliant; she has a good memory & her research is beyond argument which leads to correct conclusions.
Check out her podcast on BookTV.org for her book "After the Fall" (type the title in the search box) and watch her wow a very sophisticated audience.
Some notes on "growth:"
Over the last 50 years,
Average job growth under Democratic Presidents, 1,600,000/year.
Average job grwoth under Republican Presidents, 1,300,000/year.
Average change in the S&P 500 under Democratic Presidents, Up 65 points/year.
Average change in the S&P 500 under Republican Presidents, Down 7 points/year.
And if spending, not taxes, caused record deficits under Reagan, well, how could tax hikes under Bush41 and Clinton created a surplus without hariming growth and employment?
But the best bit of data on how bad the GOP approach is is this:
GW Bush inherited the mildest recession in the last 80 years. Tried to cure things the GOP way, lower taxes, less regulation. It took FOUR YEARS for employment to recover using this approach.
And we all know whare the "less regulation" part took us.
Yep, Reagan inherited a lower unemployment rate than Obama, and took it to a full 10.4% by December 1982, where Obama's was 9.4%. Reagan's supporters give him a total pass for 30 months, then say "wow, what a great job!"
Obama's detractors (the same people), pronounce him a failure after 20 months.
So Ronnie gets a 30 month pass, and Obama gets a 20 month fry.
Nice work, cons.
The out of control, crack addled spending MUST be reigned in or the United States will suffer the same fate as the PIIGS.
Currency crisis and possible economic collapse ala "Wiemer" Yes we can.
Why does the US have to borrow at all? Why pay interest when fiat money is both free and avoids whatever bad hair days the bond market has? Because of the Quantity Theory of Money? A 7th grader can punch holes in that.
Mr. Sayles: Pres. Obama had a previous name??
Don't know about Obama's academic history, but it's pretty much a given that Reagan never sat in an Econ class either.
What's your point?
Is there any proof that President Obama, under his present name or his previous one, ever took a course in Economics? If he did, would he have been given a passing grade on his merits, and not Affirmative Action Advancement? I doubt he ever heard of Adam Smith. We are in the clutches of a President who seems to be more ignorant of Economics than Franklin D. Roosevelt ever was.