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>Myths of Reaganomics
By embracing supply side economics, Reagan:
>grew GDP over one-third during Reagan's presidency, an over $2 trillion increase. The compound annual growth rate of GDP was 3.6% during Reagan's eight years, compared to 2.7% during the preceding eight years.
https://fred.stlouisfed.org/graph/?g=k9Ev
>the unemployment rate was reduced by 1.6% from 7.1% in 1980 to 5.5% in 1988; and the inflation rate fell from 13.5% in 1980 to 4.1% in 1988. The misery index, the sum of inflation and unemployment rate, shrank from 19.99 to 9.72 during Reagan’s term, the greatest improvement record for a President since Harry S. Truman. (pic related)
>During the presidency of Ronald Reagan, the American economy went from a GDP growth of -0.3% in 1980 to 4.1% in 1988, averaging 7.91% annual growth in current dollars. From November 1982, when Reagan’s economic policies began to take effect, to November 1989, shortly after he left office, 18.7 million new jobs were created; a record for a comparable period at that time. The amount of wealth produced during this seven year period was around $30 trillion worth of goods and services; again a world record. The economic reforms of Ronald Reagan resulted in one of the largest peacetime economic booms in American history. Reagan also simplified the tax code by reducing the number of tax brackets to four and slashing a number of tax breaks. This was done through his famous Tax Reform Act of 1986.(also pic related)
>According to a 1996 study[93] by the Cato Institute, a libertarian think tank, on 8 of the 10 key economic variables examined, the American economy performed better during the Reagan years than during the pre- and post-Reagan years. The study asserted that real median family income grew by $4,000 and during the eight Reagan years and experienced a loss of almost $1,500 in the post-Reagan years. Interest rates, inflation, and unemployment fell faster under Reagan than they did immediately before or after his presidency. The only economic variable that was lower during period than in both the pre- and post-Reagan years was the savings rate, which fell rapidly in the 1980s. The productivity rate was higher in the pre-Reagan years but lower in the post-Reagan years.
https://object.cato.org/sites/cato.org/files/pubs/pdf/pa261.pdf
>Economic analyst Stephen Moore stated in the Cato analysis, "No act in the last quarter century had a more profound impact on the U.S. economy of the eighties and nineties than the Reagan tax cut of 1981." He argued that Reagan's tax cuts, combined with an emphasis on federal monetary policy, deregulation, and expansion of free trade created a sustained economic expansion, the greatest American sustained wave of prosperity ever. He also claims that the American economy grew by more than a third in size, producing a $15 trillion increase in American wealth. Consumer and investor confidence soared. Cutting federal income taxes, cutting the U.S. government spending budget, cutting useless programs, scaling down the government work force, maintaining low interest rates, and keeping a watchful inflation hedge on the monetary supply was Ronald Reagan's formula for a successful economic turnaround.
Reagan oversaw the greatest time in US history. It was to the point that Bill Clinton outright ditched the FDR model that had ruled over the Democratic party since 1945 and was forced to embrace a Reagan like stance of embracing markets (which worked for him) in order to stand a chance.