greengirl77
Banned
- Joined
- Aug 27, 2013
- Messages
- 362
- Reaction score
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- Location
- Arlington, tx
- Gender
- Female
- Political Leaning
- Very Liberal
Reagan was the first president to run up the debt when the country wasn't at war. Is that better?
Reagan significantly increased public expenditures, primarily the Department of Defense, which rose (in constant 2000 dollars) from $267.1 billion in 1980 (4.9% of GDP and 22.7% of public expenditure) to $393.1 billion in 1988 (5.8% of GDP and 27.3% of public expenditure); most of those years military spending was about 6% of GDP, exceeding this number in 4 different years. All these numbers had not been seen since the end of U.S. involvement in the Vietnam War in 1973.[14] In 1981, Reagan significantly reduced the maximum tax rate, which affected the highest income earners, and lowered the top marginal tax rate from 70% to 50%; in 1986 he further reduced the rate to 28%.[15] The federal deficit under Reagan peaked at 6% of GDP in 1983, falling to 3.2% of GDP in 1987[16] and to 3.1% of GDP in his final budget.[17] The inflation-adjusted rate of growth in federal spending fell from 4% under Jimmy Carter to 2.5% under Ronald Reagan; however, federal deficit as percent of GDP was up throughout the Reagan presidency from 2.7% at the end of (and throughout) the Carter administration.[2][17] As a short-run strategy to reduce inflation and lower nominal interest rates, the U.S. borrowed both domestically and abroad to cover the Federal budget deficits, raising the national debt from $997 billion to $2.85 trillion.[18] This led to the U.S. moving from the world's largest international creditor to the world's largest debtor nation.[19] Reagan described the new debt as the "greatest disappointment" of his presidency.[20]
Reaganomics - Wikipedia, the free encyclopedia
The fiscal shift in the Reagan years was staggering. In January 1981, when Reagan declared the federal budget to be "out of control," the deficit had reached almost $74 billion, the federal debt $930 billion. Within two years, the deficit was $208 billion. The debt by 1988 totaled $2.6 trillion. In those eight years, the United States moved from being the world's largest international creditor to the largest debtor nation....
Reagan Policies Gave Green Light to Red Ink (washingtonpost.com)
Reagan was the first "peacetime" president to run up the debt and turn this country from a creditor nation into a debtor nation. The country has never fully recovered from voo doo reaganomics.
You just picked a fight with the gold boy. More like a grade b movie actor that wore his wife's clothes.