Reagan's Boom

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Topspin

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Reagan’s Boom
The United States has been blessed with virtually uninterrupted prosperity for 25 years.

Over the past 100 quarters beginning in 1982, only five of them have been negative. Five. That means American workers and their families have been in prosperity 95 percent of the time.

It wasn’t always so good. As my friend Brian Wesbury noted on last night’s show, between 1969 and 1982, the US economy slogged through recession 33 percent of the time.

The credit for this remarkable economic transformation belongs to Ronald Reagan.

It was his sound economic vision and leadership that struck the match underneath this roaring American economy. It was his pro-growth policies of slashing taxes, deregulating, disinflation, and all the rest of it, that produced our nearly three decade long track record of success.

Since then, our strong, resilient, capitalist economy has been charging full steam ahead, one president after another. And for the most part, Reagan’s successors have been good stewards of their bounty.

But the real credit belongs to Reagan.
 
Sure nuff! I run into a lot of liberal assbites who run on and on about the deficits Reagan done run up. And one of em even said to me that trickle down economics was a lot like trickle down golden showers. In other words, saying they was getting pissed on! And some Republicans have been moaning that Bush Sr. got stuck with a Reagan recession and had to raise taxes to try and cover the deficits and basically got pissed on again by Reagan. But I say, well, that's what he gets for calling trickle down economics "voo-doo economics". He was just asking for it.

And you got to give him props for his wife. I bet she was a size 2 you know? Not that i would do her, I like liberal chics myself, but I don't talk that up much. Republican chics are kind of squeaky, and if you go at them too hard they start squeaking in your ear. Sometimes they want jewerly. I ain't got that kind of money that I can be buying jewels everytime I get laid. Why do I owe em anything anyway? Three minutes of pure pleasure, what else they want?
 
Top, while I do think Reagan was the best since Ike, I would say the boom had more to do with the technological innovations of the 80's and 90's rather than anything politicians did. Granted, Reagan and the Dem Congress made it a better environment for business than it was under the moron Carter or under Ford (who had the fortune to get to clean up after Nixon).

Bush hit a bump in the road because the moron raised taxes, which stunted growth temporarily. Clinton and the Rep Congress lowered cap gains taxes and that did help generate revenues, but again the bulk of the credit goes to the American workforce... not the politicians.

Superpatriot....

1) 2 of the five negative quarters came at the end of Clintonian reign and 1 under Bush jr. which formed the only technical recession. (3 consecutive quarters of negative growth prior to a recession being "official")

2) There is only ONE SUPER on this site. You shall have to change your name or I shall have God smite you. ;)
 
Topspin said:
Reagan’s Boom
The United States has been blessed with virtually uninterrupted prosperity for 25 years..

snip
the real credit belongs to Reagan.
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Topper, my man! Where ya been? Gettin' rich on Day trading taking too much time for you to visit the bath houses with me? Don't be a stranger, man!

We still on for the massage tonight?


Regards,

Ted
 
Superfreak said:
Top, while I do think Reagan was the best since Ike, I would say the boom had more to do with the technological innovations of the 80's and 90's rather than anything politicians did. Granted, Reagan and the Dem Congress made it a better environment for business than it was under the moron Carter or under Ford (who had the fortune to get to clean up after Nixon).

Bush hit a bump in the road because the moron raised taxes, which stunted growth temporarily. Clinton and the Rep Congress lowered cap gains taxes and that did help generate revenues, but again the bulk of the credit goes to the American workforce... not the politicians.

Superpatriot....

1) 2 of the five negative quarters came at the end of Clintonian reign and 1 under Bush jr. which formed the only technical recession. (3 consecutive quarters of negative growth prior to a recession being "official")

2) There is only ONE SUPER on this site. You shall have to change your name or I shall have God smite you. ;)
Click to expand...

I think if you read his post carefully you will see he is referring to the 1991 recession, which I'm certain is also Clinton's fault.

As for your 2). I have it from the horse's mouth that he ain't afraid of you!
 
Topspin said:
Reagan’s Boom
The United States has been blessed with virtually uninterrupted prosperity for 25 years.

Over the past 100 quarters beginning in 1982, only five of them have been negative. Five. That means American workers and their families have been in prosperity 95 percent of the time.

It wasn’t always so good. As my friend Brian Wesbury noted on last night’s show, between 1969 and 1982, the US economy slogged through recession 33 percent of the time.

The credit for this remarkable economic transformation belongs to Ronald Reagan.

It was his sound economic vision and leadership that struck the match underneath this roaring American economy. It was his pro-growth policies of slashing taxes, deregulating, disinflation, and all the rest of it, that produced our nearly three decade long track record of success.

Since then, our strong, resilient, capitalist economy has been charging full steam ahead, one president after another. And for the most part, Reagan’s successors have been good stewards of their bounty.

But the real credit belongs to Reagan.
Click to expand...


It was his pro-growth policies of slashing taxes, deregulating, disinflation, and all the rest of it, that produced our nearly three decade long track record of success.

I love when kids who weren't there, read about Reagan in some revisionist history book.

Topper: Reagan was one of the biggest tax hikers in history. His 1981 tax cut caused such a budgetary meltdown, that he had to raise taxes, in some form, every year thereafter. With the possible exception of 1987, when I don't believe he raised taxes.

Deregulation? Sure, where its prudent, I've got no problem with it. However, "deregulation" in the 1980s - for those of us who were there - meant the Savings and Loan meltdown, which cost the taxpayers something like a trillion dollars. That came of the heels of the S&L industry being deregulated.
 
I was telling Ronnie's Astrologers what do. It was all under control.
And with divine blessing.
God Bless.
 
"I think if you read his post carefully you will see he is referring to the 1991 recession, which I'm certain is also Clinton's fault."

I think if you read MY post carefully, you will see that I made the distinction between a short term economic downturn and a "technical" recession. If top is right and there were only 5 quarters of negative growth since 1982 and 3 of those quarters were the last two of 2000 and the first of 2001, then there could not have been any other technical recessions as that requires 3 consecutive quarters of negative growth. nana nana na na.

"As for your 2). I have it from the horse's mouth that he ain't afraid of you!"

He doesn't have to fear me... its God he has to look out for. Cause the God on this site is a vengeful smart ass that likes to smite butt munches that do not do as I say. :burn:
 
Cypress... how about listing out all those Reagan tax increases you are referring to... just one per year (except for 1987 of course)
 
"I guess the Bush I tax increases had nothing to do with the boom either ?"

No, they did not. They detracted from the growth of the economy.
 
Superfreak said:
"I think if you read his post carefully you will see he is referring to the 1991 recession, which I'm certain is also Clinton's fault."

I think if you read MY post carefully, you will see that I made the distinction between a short term economic downturn and a "technical" recession. If top is right and there were only 5 quarters of negative growth since 1982 and 3 of those quarters were the last two of 2000 and the first of 2001, then there could not have been any other technical recessions as that requires 3 consecutive quarters of negative growth. nana nana na na.

"As for your 2). I have it from the horse's mouth that he ain't afraid of you!"

He doesn't have to fear me... its God he has to look out for. Cause the God on this site is a vengeful smart ass that likes to smite butt munches that do not do as I say. :burn:
Click to expand...


There was a recession in 1991, and it lasted for about 8 or 9 months. I lived through it.

I also could not find one article claiming that there wasn't a recession in 1991, no matter how I googled it.

Can you? Cause I'd like to see it.
 
Superfreak said:
Cypress... how about listing out all those Reagan tax increases you are referring to... just one per year (except for 1987 of course)
Click to expand...

You really should trust me more, instead of asking for proof. I don't make this stuff up on a whim, I lived through it. This is what I mean by young republicans under the age of 30, being fed a steady diet of reagan revisionist history. You appear to be completely unaware that Reagan was a massive tax hiker.

Here ya go: The source is the Conservative National Review Magazine, and the Author is Bruce Barlett, Reagan's own cheif economic counselor.

National Review:

Reagan may have resisted calls for tax increases, but he ultimately supported them. In 1982 alone, he signed into law not one but two major tax increases. The Tax Equity and Fiscal Responsibility Act (TEFRA) raised taxes by $37.5 billion per year and the Highway Revenue Act raised the gasoline tax by another $3.3 billion.

According to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history. An increase of similar magnitude today would raise more than $100 billion per year.

In 1983, Reagan signed legislation raising the Social Security tax rate. This is a tax increase that lives with us still, since it initiated automatic increases in the taxable wage base. As a consequence, those with moderately high earnings see their payroll taxes rise every single year.

In 1984, Reagan signed another big tax increase in the Deficit Reduction Act. This raised taxes by $18 billion per year or 0.4 percent of GDP. A similar-sized tax increase today would be about $44 billion.

The Consolidated Omnibus Budget Reconciliation Act of 1985 raised taxes yet again. Even the Tax Reform Act of 1986, which was designed to be revenue-neutral, contained a net tax increase in its first 2 years. And the Omnibus Budget Reconciliation Act of 1987 raised taxes still more.

The year 1988 appears to be the only year of the Reagan presidency, other than the first, in which taxes were not raised legislatively. Of course, previous tax increases remained in effect. According to a table in the 1990 budget, the net effect of all these tax increases was to raise taxes by $164 billion in 1992, or 2.6 percent of GDP. This is equivalent to almost $300 billion in today's economy.

http://www.nationalreview.com/nrof_bartlett/bartlett200310290853.asp
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Darla... I will try to find the quarterly data... when I do I will post it. But do note: I said IF top was correct that there were only 5 quarters of negative growth, then it is impossible that there was a technical recession. It doesn't mean the market was great or that all parts of the economy were booming. It is just a technicality.
 
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