If one wants to argue that Reagan grew the fedl budget deficit, it is also notable that Reagan did break the cycle of economic stagflation of the 70's, and that was absolutely essential for returned economic prosperity. We don't prosper with the cost of capital in double digits -- in some cases as high as 16 or 18 percent. Reagan also cut income taxes from more than 70% to about half of that. Increased spending, huge tax cuts, and a pro-business environment combined to break the stagflation cycle.
I was extremely critical of Bush for growning the deficit with no such compelling reason. Barack Obama is also facing a severe economic environment. But how do we criticize Reagan and Bush for growning the deficit while defending Obama's policies that will inevidably do the same -- and probably grow the deficit far larger than either Reagan of Bush did??
Fwiw, I do not think the economic stimulus package will pass the Senate without a major overhaul. Public support for the spending package is lower than 50 percent now, and in a downtrend. I hope the Republicans dissent, and major debate takes place. Without serious debate, our system does not work...
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