“When Ronald Reagan came to office,” he said, noting that few in the audience were old enough to remember, “we had 10 percent unemployment, 20 percent interest rates, and 10 percent inflation, if I’ve got those numbers right. That was when Ronald Reagan came to office in 1980. And so what did we do? We didn’t raise taxes, and we didn’t cut entitlements. What we did was we cut taxes and we put in governmental reductions in regulations, stimulus to the economy….”
A few points of clarification are in order: The truth is the federal budget deficit tripled under Ronald Reagan, who in fact did raise taxes, for the express purpose of keeping the deficit from spiraliing out of control to the point that the national debt would be unrecoverable. It only gets worse from there.
No comments:
Post a Comment