Tuesday, March 02, 2010

Cutting the Deficit like Reagan?

More pesky facts.


McCain: I'll Cut Deficits Like Reagan!


Reagan Tripled the National Debt...

For Tea Baggers supposedly concerned that "deficit spending is out of hand," history apparently began only on January 20, 2009. Because while President Obama rightly resorted to massive deficit spending to rescue the American economy from calamity, it was Ronald Reagan who ushered in the now-standard Republican practice of "spending our children's inheritance."

As Steve Benen rightly noted, it was not Reagan but President Obama whose stimulus plan delivered the largest two-year tax cut in history. And as it turns out, what Saint Ronnie giveth, he also taketh away.

As predicted, Reagan's massive $749 billion supply-side tax cuts in 1981 quickly produced even more massive annual budget deficits. Combined with his rapid increase in defense spending, Reagan delivered not the balanced budgets he promised, but record-settings deficits. Ultimately, Reagan was forced to raise taxes twice to avert financial catastrophe (a fact John McCain learned the hard way from Tom Brokaw last October). By the time he left office in 1989, Ronald Reagan nonetheless more than equaled the entire debt burden produced by the previous 200 years of American history.

11 comments:

Kevin Scheunemann said...

MARK,

What about the Democratic congress of the 1980s?

Tip O'Neil was the personal personification of "pork"!

Had Reagan not been reigning in an out of control spending Congress, we would have had the Federal Government spending disaster we have this year in the 1980s!

What is it about Democrats that mortgaging our children's future is alright?

Thank God for Ronald Reagan!

Mpeterson said...

You're too young, apparently, to remember David Stockman, the Budget Director for Reagan, trying to rein in the administration which, you're apparently also too young to remember, submitted those budgets.

It's easier just making stuff up though, eh?

DanBack said...

"What is it about Democrats that mortgaging our children's future is alright?"

Since when do you care about the future Kevin, much less anyone else's? Sounds pretty socialist to me.

Kevin Scheunemann said...

Mark,

So what are you saying?

The pork spending Democratic Congress of the 1980s were the fiscal conservatives, fighting off a liberal tax and spend Reagan administration?

If you are going to criticize Reagan for spending, (which I agree, has some merit) you certainly need to criticize Obama times 10 for what he is doing!

My problem is: Democrats are 10 times more wasteful, but there is barely a peep about that.

Anonymous said...

scheunemann - you don't know dick about history. go back to dipping your dilly bars

Mpeterson said...

I know it's a lot to take in.

Here you go Kevin.

Kevin Scheunemann said...

Mark,

I agree a lot with the CATO analysis. McCain is a big government spender too and I hope AZ throws him out.

My problem is: to quantify and label Reagan as a wild spending president relative to the likes of Obama and George W. Bush is not entirely accurate.

Reagan looks conservative in terms of spending relative to Obama and George W.

Lack of "perspective" against the current crazy spending president is my only beef.

PaulyW said...

Who really cares about Reagan and spending and a 18 year old article? Why pick on him? Let's get relevant Mark. Our congress for the last 30 years has been spending like drunken sailors. And what does Reagan have to do with that? How about Carter, Clinton, Bush x(2), Obama?

Every politician needs to cut spending, and until they all see that we are doomed to have our children paying the price until they die.

Free Lunch said...

Kevin,

You need to stop reading the propaganda lies about Ronald Reagan. Learn some history before you make a fool of yourself again.

You also seem to forget that GWBush had Republican majorities and they also spent like drunken sailors. Stop making excuses for the GOP. They lie to you and you are fool enough to beleive their lies.

Anonymous said...

It is always amazing to see the lengths that Democrats will go to ignore what Obama does. Blaming Reagan now? Perhaps it was Lincoln who did all this. He was the first Republican President after all... yes, it must be him. Obama hasn't done anything to increase the deficit at all... has he folks?

I guess it's always easier to blame others than to take responsibility for the enormous mistakes your president has made.

Mpeterson said...

Who do you think left the deficit they're working with?