thesumofyourfears wrote:A Person wrote:Are you suggesting that because Christopher Frenze was employed by the Joint Economic Committee that he's not a Republican, right wing or partisan?
That is not the point and not relevant. Facts are facts.
I agree, which is why I have been producing data rather than opinion articles.
thesumofyourfears wrote:As far as his spending goes, no one is ignoring it. It just shows where your focus is at. I believe I have stated this before, but you seem to ignore it. The "spending" the RR admin did was because of the large increase in revenue from the tax rate cuts that stimulated the economy that brought in revenue...simple concept.
No you haven't stated it before. It's also false as SFI notes.
The traditional pattern of running large deficits only in times of war or economic downturns was broken during much of the 1980s. In 1982, partly in response to a recession, large tax cuts were enacted. However, these were accompanied by substantial increases in defense spending. Although reductions were made to nondefense spending, they were not sufficient to offset the impact on the deficit. As a result, deficits averaging $206 billion were incurred between 1983 and 1992. These unprecedented peacetime deficits increased debt held by the public from $789 billion in 1981 to $3.0 trillion (48.1% of GDP) in 1992.
Budget of the U.S. Government, Fiscal Year 2006. P5
The chart I showed earlier demonstrates that. Clinton ran a budget surplus, the debt/GDP curve declined. Reagan/Bush/Bush ran deficits, the curve rises.
thesumofyourfears wrote:I am old enough to remember the economic boom of the RR years. Go ahead a drag up every little bit of dirt to discredit if you want. If don't get it now, you never will.
You call it 'dirt', I call it facts. Facts are indeed facts. The Reagan decade was not a boom by comparison with other decades, it just looked that way as a recovery from the recession.
Reaganomics caused the US debt to balloon and the unsustainable bubble from deficit spending has dominated recent decades.
- Debt under Reagan
- brillig-deflate-national-debt.gif (5.22 KiB) Viewed 47 times
The difficult task is maintaining a vibrant economy while reducing debt (remember Clinton). Obama has the unenviable task of stimulating the economy after the piggy bank had been raided. He has very few choices.
This 'dirt' is important because uninformed ideologues are trying to tell us that Reaganomics worked and that the GOP are the party of economic wisdom and responsible budget spending.
