Freethought & Rationalism Archive

ex-idaho · 05-13-2003, 12:22 PM

Quote:

Originally posted by dcwolf
Just to play devil's advocate, and to back up what I said...
http://www.cato.org/pubs/pas/pa-261.html
"Employment. From 1981 through 1989 the U.S. economy produced 17 million new jobs, or roughly 2 million new jobs each year."

From 1983 to 1989 - "During the economic expansion alone, the economy grew by a robust annual rate of 3.8 percent."

It took a year for the economy to come around.
"Unemployment Rate. When Reagan took office in 1981, the unemployment rate was 7.6 percent. In the recession of 1981-82, that rate peaked at 9.7 percent, but it fell continuously for the next seven years."

The GOP has argued for years now that the Clinton boom was the result of Reagan/Bush era economic policy. Does it not then mean that the Reagan boom was fueled by Ford/Carter era economic policy?

By the way, keep in mind that the Reagan era may have produced large pockets of wealth amoung the elites on Wall Street but it also produced the largest governmental bailout in history due to the deregulation of the Savings and Loan industry. So all those tax cuts that created wealth for the elites came back to bite the poor by forcing them to pay for the bailout.

Loren Pechtel · 05-14-2003, 04:36 PM

Quote:

Originally posted by ex-idaho

By the way, keep in mind that the Reagan era may have produced large pockets of wealth amoung the elites on Wall Street but it also produced the largest governmental bailout in history due to the deregulation of the Savings and Loan industry. So all those tax cuts that created wealth for the elites came back to bite the poor by forcing them to pay for the bailout.

An interesting take I read on this: The S&L bailout would have had to happen anyway whether or not there was deregulation.

The fundamental problem is that they had a lot of low-fixed-rate mortgages out there--at well below current market rates.f

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