Both Presidents Reagan and Obama inherited disastrous economies that could have resulted in a 1930s type depression. But the differences in the two presidents are stark.
After four years of Socialist Democrat President Carter, Capitalist Republican President Reagan had to contend with double digit unemployment/inflation, skyrocketing mortgage rates and an economy that was in the tank. He immediately cut top income tax rates from 70 percent to 28 percent, increasing federal tax revenues near the end of the 1980s by $1.1 trillion, which contributed to the reduction of the federal deficit from 6.3 percent of GDP in 1983 to 2.9 percent in 1989. Real per capita after tax income rose by 19 percent in the ’80s, nearly doubling the rate in the ’70s. The Reagan tax cuts produced a 76% percent jump in new business investment in real dollars and tripled the rate of growth productivity in the ’80s. The Reagan boom lasted 25 years.
Now, what can we expect from Socialist Obama and his leftist controlled Congress? He/they will push for higher taxes; implement government controls to meet the imaginary threat of man-made global warming; plunge America into the inefficiency known as socialized medicine; perpetuate the great liberal death wish of unrestricted immigration and pursue appeasement of America’s enemies that could very well cause another 9/11. Their porkulus bills will drive America into a debt that our grandchildren and great-grandchildren will not be able to recover from. Sam Patti Miramar Beach, Florida