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Amount added to national debt during the first four years of the Reagan administration -- $569.76 Billion.

Amount added to national debt during the first four years of the Obama administration-- $4.176 Trillion.

Normalized dollars (inflation corrected) from Office of Management and Budget at whilehouse.gov.

 

At the end of the Obama administration, the national debt will have doubled.  IOW. equal to what was added since every other administration.

 

So far, Bold Truth is more like Bold Faced Lie

Last edited by direstraits

I might note that it wouldn't matter who was elected President in 1980 after the "Malaise '70s". The post war boom was over with the US's old factories and higher paid employees were competing against the rest of the worlds rebuilt new and efficient capacity staffed by cheaper labor. Also at the same time the results and bills for the Gulf of Tonkin Resolution and War on Poverty were impacting the US. To Reagan's and the first shrub's credit, they accelerated the collapse of the Soviet Union and  The Defense Base Realignment and Closure Act of 1990 process and some artful new math accounting gave the Clinton administration a "surplus".

Last edited by Stanky

Clinton received a bonus from Reagan/Bush in the way of a decrease in defense spending as the Soviet Union and Warsaw pact collapsed.  Pretty good investment in my opinion. 

 

What Reagan did not get was the promised budget cuts the Democrats promised. In the end, the Soviet Politburo proved more honest than the Democrat congress.

Originally Posted by Stanky:

I think Reagan was promised a 3:1 spending cuts to tax increase deal while the elder Bush was promised a 2:1 deal. After the first broken promise, I wonder what Bush was thinking or drinking to trust the Dems. I think even the devil supposedly honors his promises.

__________________________________________________________

The Democrats try to obscure that such cuts were ever promised.  However, Reagan mentioned it ih his memoirs and, I believe, in a speech.  I'd trust his word over any Democrat.

Not being real sure what that E word meant, I attempted to look up what the simple actual deficit was under various presidents during various years. I didn't find a simple answer. They all seemed to have some smoke screens to hide the actual yearly numbers. I'm gonna guess that you can prove it both ways by going to different web sites.

Reagan doubled the economy.  How much growth have we seen under Obama?

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What chemicals have you been taking. I was a certified welder and like to have starved to death. Reagan killed construction. Check the unemployment rate when he went in and when he left. Check the national debt when he started and left. How much did he take out of the social security program that has never been paid back? Reagan was a train wreck for America. How many weapons did he give to various terror groups? He worked with Ben Lauden in Afghanistan.

The people at Redstone Arsenal working on the SDI program made out real good. 

Originally Posted by jtdavis:

Not being real sure what that E word meant, I attempted to look up what the simple actual deficit was under various presidents during various years. I didn't find a simple answer. They all seemed to have some smoke screens to hide the actual yearly numbers. I'm gonna guess that you can prove it both ways by going to different web sites.

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Simply go to the whitehoiuse.gov website and use the OMB historic tables.  No smoke screen.  While you are at it find a Democrat president, except Clinton, who did the same.  He inherited the defense budget holiday. 

Originally Posted by jtdavis:

Reagan doubled the economy.  How much growth have we seen under Obama?

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What chemicals have you been taking. I was a certified welder and like to have starved to death. Reagan killed construction. Check the unemployment rate when he went in and when he left. Check the national debt when he started and left. How much did he take out of the social security program that has never been paid back? Reagan was a train wreck for America. How many weapons did he give to various terror groups? He worked with Ben Lauden in Afghanistan.

The people at Redstone Arsenal working on the SDI program made out real good. 

__________________________________________________________________

As I've shown before when you made these claims, the nation did quite well overall. If you had desired employment, you could have moved. No, he did not work with bin Laden. Bin Laden hated Americans even then. He was mainly a money man for the Saudis.

 

Last edited by direstraits

Reagan cut top marginal tax rates on the rich from 74 percent to 38 percent. Predictably, there was an immediate surge in the markets—followed by the worst crash since the Great Depression and the failure of virtually the entire nation’s savings-and-loan banking system.

Then came Bush Sr., running on his “no new taxes” pledge, who cut taxes once in office; the nation fell into a severe recession while debt soared and wages for working people fell.

 

During the Bill Clinton era, things stabilized somewhat when he slightly raised taxes on the very rich, but he was followed by Bush Jr., who cut them again, including cutting taxes on unearned income—interest and dividends that people like W, who are born with a trust fund, “earn” as they sit around the pool waiting for the dividend check to arrive in the mail—down to a top rate of 15 percent. That’s right, trust fund babies like Bush (and hedge fund billionaires) pay a maximum 15 percent federal income tax on their dividend and capital gains income, thanks to the second Bush tax cut.

 

The result of this surge in easy money for the wealthy, combined with deregulation in the financial markets, was the “froth” Greenspan worried about that led us straight into the Second Republican Great Depression in 2008.


The math is pretty simple. When the über-rich are heavily taxed, economies prosper and wages for working people steadily rise. When taxes for the rich are cut, working people suffer and economies turn into casinos.

Last edited by BoldTruth

If the rich Wall Street tycoon who went to college to learn how to manage money is too stupid to be allowed to keep his own money, then you need to get very worried. It won't take long before unca Obama comes for your money as well.

 

You probably don't or won't understand that boom and bust cycles have never been legislated out of existence. You also forget that in the last major bust cycle, poor and middle class folks also helped cause the crash. There were poor credit risk folks who would never have been given a loan if it weren't for Carter and Clinton era legislation and there were middle class people who made use of zero-down financing meant for the poor to hang themselves to get rich flipping houses.

Bold Face is living in an alternate universe or fueled by awfully good meds.  I've never read such a collection of just plain wrong (well, Pravda and Gramma came close)

 

Reagan cut top marginal tax rates on the rich from 74 percent to 38 percent. Predictably, there was an immediate surge in the markets—followed by the worst crash since the Great Depression and the failure of virtually the entire nation’s savings-and-loan banking system.

 

The tax cut resulted in increased tax revenue of $2.944 trillion over the previous 8 years.  Well, was the 2008 recession the worst since the depression or what?  Lefties need to get their stories straight. 

 

 GDP increases during the Reagan administration Some recession!

1981

12.1

1982

4.0

1983

8.7

1984

11.2

1985

7.3

1986

5.8

1987

6.2

1988

7.7

AVERAGE

7.9

http://www.bea.gov/national/xls/gdpchg.xls

 

Then came Bush Sr., running on his “no new taxes” pledge, who cut taxes once in office; the nation fell into a severe recession while debt soared and wages for working people fell.

 

Bush did NOT CUT TAXES.  He increased them -- a major reason he was not re-elected. Per Wiki:” This new proposal replaced some of the fuel taxes with a 10% surtax on the top income tax bracket (thus raising the top marginal tax rate to 31%) and also included new excise taxes on alcohol and tobacco products, automobiles and luxury yachts. 

 

During the Bill Clinton era, things stabilized somewhat when he slightly raised taxes on the very rich, but he was followed by Bush Jr., who cut them again, including cutting taxes on unearned income—interest and dividends that people like W, who are born with a trust fund, “earn” as they sit around the pool waiting for the dividend check to arrive in the mail—down to a top rate of 15 percent. That’s right, trust fund babies like Bush (and hedge fund billionaires) pay a maximum 15 percent federal income tax on their dividend and capital gains income, thanks to the second Bush tax cut.

 

 Bush tax cuts resulted in increased tax revenue of $4.788 trillion over the past 8 years of the Clinton administration.

 

The result of this surge in easy money for the wealthy, combined with deregulation in the financial markets, was the “froth” Greenspan worried about that led us straight into the Second Republican Great Depression in 2008.

 

Once more BF strays into an alternate universe.  Not a depression, but a recession.  A recession caused by the real estate bubble which started when Clinton signed amendments to the Community Reinvestment Act fueled by $1 trillion injected by Fannie/Freddie


The math is pretty simple. When the über-rich are heavily taxed, economies prosper and wages for working people steadily rise. When taxes for the rich are cut, working people suffer and economies turn into casinos.

Last edited by direstraits

As to another of BF's fantasies

 

"Then came Bush Sr., running on his “no new taxes” pledge, who cut taxes once in office; the nation fell into a severe recession while debt soared and wages for working people fell."

 

GDP increase during the Bush Sr administration

<colgroup><col span="2" width="64" /></colgroup>
19897.7
19905.7
19913.3
19925.9
AVERAGE5.65

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