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Reaganomics Was a Good Thing

PlutarchPlutarch A Tribe Called FreshPhilly, PA, by way of Ca$hville, TNPosts: 3,226 ✭✭✭✭✭
The thread title statement is more of a question.

I'm far from being an economist and I've always thought that Reaganomics was bad, but I recently learned that under Reagan, the American economy prospered and grew, including the decline of unemployment and inflation rates and the incline of entrepreneurship. Apparently, this success even continued throughout the Bush Sr. and Clinton days.

Some things of course worsened under Reagan economic-wise, but it seemed like nothing catastrophic happened (the crack epidemic was mostly a socio-political issue imo). It does seem, however, that the economy under the Reagan days could've been even better if a couple of social and educational programs were implemented. But that might be neither here nor there.

So does this all of this generally justify Reaganomics (and perhaps laissez-faire by association?) as a legitimate and productive economic system? This might've been touched on a little bit in that Thomas Sowell appreciation thread, so I'm curious at the least to know what @jono and @High Revolutionary think of all of this.

Replies

  • PlutarchPlutarch A Tribe Called Fresh Philly, PA, by way of Ca$hville, TNPosts: 3,226 ✭✭✭✭✭
    Yes, all of that definitely seems true. I do know that Reagan was one of the few presidents who never raised the minimum wage. And I do know that Reagan's tenure as president was plagued with poverty. It would come as no surprise to me that the richer only got richer and the poorer only got poorer. And I think that Reagan basically blamed poor people for being poor (which is something many rich and privleged people do all of the time) at one point during his second term.

    I guess when you read between the lines, Reaganomics did do a lot of bad. And I agree with what you said about the crack epidemic too. Society and economy are inseperably linked.
    [Deleted User]
  • Elzo69RenaissanceElzo69Renaissance Never selling dreams, always serving cream SeattlePosts: 49,551 ✭✭✭✭✭
    Well in theOry reaganomics should have worked.....
    As I look back over a misspent life, I find myself more and more convinced that I had more fun posting on the IC than in any other enterprise. It is really the life of kings.

  • Meta_ConsciousMeta_Conscious Hypocrite The BashmentPosts: 26,227 ✭✭✭✭✭
    So we gonna act like crack didn't have long term negative economic effects?
  • SneakDZASneakDZA damn, am I a sinner? Posts: 11,120 ✭✭✭✭✭
    No reliable economist in 2012 will ever agree that "trickle-down economics" works for anyone except the very rich. It doesn't even work in theory considering that that's been the economic model for monarchies and feudal systems for millennia.

    If the goal is to create and consolidate power within a small, rich ruling class and establish or reinforce a poor working class then yeah - "Reaganomics" works very well.
    Plutarch
  • poindexter2poindexter2 Posts: 4,352 ✭✭✭✭✭
    Reagan's own people said it had a massive affect on the middle class. Go on youtube and look up the BBC documentary about Reagan.
    1779243_843468661949_2223212334890696667_n.jpg?oh=2596af3c79f9265458b3e1d004c623bf&oe=54E86424

    tumblr_llqh75j50t1qbbb7uo1_500.gif
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    Plutarch
  • blakfyahkingblakfyahking The IC's Resident Father Figure Posts: 15,663 ✭✭✭✭✭
    so we are just going to ignore how the lack of global competition

    the increase in the size of government

    the change in the value of the dollar

    all played a role in the "success" of Reagonomics?


    how ironic Reagan promoted laissez-faire ideals while the govt grew exponentially because of the War on Drugs
    tumblr_maj8y0LU9Y1qimbeto1_500.jpg
    Plutarch
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