Real facts about President Reagan’s tax cuts
I have to take issue with much of what Mike Brown wrote regarding President Reagan’s 8 years in office. It looks as if much of what he is writing is taken from the Wash
ington Post, which is the last place we can expect to get any political truth. They are biased Democrats and make it quite obvious in their daily false news.
There are more articles that can be found on the internet besides Cato Institute that will dispute much of what Mr. Brown is writing to explain why the country performed so well during the Reagan years. Things went so well that once his term was over the nation elected another Republican. His eight years was similar to the roaring 20s when our country did so well under the Republicans Warren Harding and Calvin Coolidge between 1921 and 1929.
This is some of what Forbes has written about President Reagan:
“His first budget proposal contained significant program cuts and a $25 billion increase in the defense budget. In July 1981, just six months after he took office, Congress passed his plan to cut taxes by 25% over three years.
“His commitment to economic principles founded on freedom and individual responsibility was not always politically advantageous. The recession early in his presidency pulled his approval rating below 40%. Republicans lost 26 seats in the House of Representa- tives in 1982, and expressed concern about his “stay the course” message in 1984. But President Reagan had faith in his agenda, and it paid off.
“Over the eight years of his administration, 16 million new jobs were created; inflation dropped from 13.5% in 1980 to 4.1% in 1988; unemployment fell from 7.6% to 5.5%; and the overall economy grew by 40%. It’s no coincidence that tech companies flourished in the 1980s and 1990s under his proinnovation policies, which set the stage for a smaller role for the government in the economy and gave the markets the freedom to work for themselves.
“Not only did President Reagan’s policies have a long-term effect on the economic growth of America; they also permanently shifted the way America approached economic policy. Today’s debate over taxes no longer considers a 70% income tax rate for higher brackets. Instead, the discussions tend to focus on a few percentage points in either direction of 35%.”
This is just a small part of the many things that I have found by searching the internet. I doubt seriously if all of these writers are wrong and only the Washington
Post has it right. That is the last organization that should do a fact check.
While it is true that under President Reagan the national debt did rise significantly, there was some justification for that. He spent bil- lions on strengthening our military, which the previous president allowed to be in need of upgrading. In addition to that he also had a House of Representatives that was controlled by Democrats and they went on a wild spending spree as they usually do. Mr. Brown wants us to think that the money spent on the military was wasted on antiquated battleships and expensive Star Wars defense. I suspect that is merely his opinion and nothing more. And let’s not forget the president had a Congress that included more Democrats that had to sign off on that spending. He seems to be somewhat silent on that issue.
I have no doubt in my mind that President Trump will do great things for this nation during his upcoming eight years. He has not been in office a year yet and he has already created many jobs, and watched the stock market Dow Jones average increase 26 percent since he was elected. Also the unemployment rate is lower than it has been in a long time. If he gets a decent tax reduction in place as he wants, the economy will flourish just as it did under President Reagan.