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Reagan's Defict Dreamscape
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Reeves says Reagan ever the imaginative politician seized on the idea of "supply side " economics of a not so well known economist Arthur Laffer. Ideas that were simple and appealing- you reduce marginal tax rates and generate higher revenues. This worked for some time with higher economic growth for a number of years, but the arithmetic of higher spending and borrowing and lower taxes would eventually lead to large deficits at the end of Reagan's term, just as price controls worked for awhile and then led to a surge in prices at the end of Nixon's term. When Reagan became President the deficit was 2.5%, when he left office eight years later the deficit was 5% of the economy. Interest payments on debt jumped to $169 billion in 1988, from $69 billion in 1981. Reeves says American politicians know so little about economics, to which it could be added, winning presidential and congressional elections is always a big part of the picture when it comes to economic policy. Which is why Nixon even with Milton Friedman as an advisor shifted to Keynesian policies of higher fiscal spending in 1971, and why Reagan turns to intuitively appealing and effective in the short term policies of having it all- higher spending, growth, and lower taxes. During the years of the two Bush presidencies and the Clinton administration the success of Reagan policies leads to a general sense as Vice President Cheney put it referring to Reagan and Treasury Secretary Baker's belief, that "deficits don't matter." Which leads us to the current situation where 2012 presidential election politics again frame the terms of the debate on deficits and budgets, only now the deficit is much higher and on a unsustainable path.
U.S. president Ronald Reagan, supply side economcs and deficits
07/21/2011
Grouped Articles
New York Times 07/21/2011
Presidents and their Debt , FDR to Bush: FDR, Deficit Hawk
New York Times 07/21/2011
Corporate Tax Cut as Growth Elixir? Foreign Experience Suggests Caution
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Ronald Reagan's economic policies
07/21/2011
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New York Times 07/21/2011
Presidents and their Debt , FDR to Bush: FDR, Deficit Hawk
New York Times 07/21/2011
New York Times 07/21/2011
Wall Street Journal 05/26/2012
Gramm and Hubbard: What a Romney Recovery Might Look Like
Wall Street Journal 06/06/2012
The Reagan Memo of 1980 by Shultz, Friedman and other advisors on prudent economic policies for growth
01/04/2010
George Shultz, Milton Friedman, Paul McCracken and other economic advisors jointly sent this memo to U.S. president Ronald Reagan before his first inauguration. The memo provides advice on economic policies and methods at a critical time of soaring inflation and a stagnant economy, with economic difficulties matching what the U.S. economy faces today from the housing bubble and slow growth. Advice on the Romney Plan.
Grouped Articles
New York Times 07/21/2011
Wall Street Journal 05/26/2012
Wall Street Journal 05/26/2012
Gramm and Hubbard: What a Romney Recovery Might Look Like
Wall Street Journal 06/06/2012
George Shultz: Memo to Romney — Expand the Pie
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Uncertainty and the Slow Recovery
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John Maynard Keynes and the debate on Keynesian policy in the U.S economy- 2010-2013
07/21/2011
Grouped Articles
New York Times 07/21/2011
New York Times 07/21/2011
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Tom Keene Talks to Robert Skidelsky
BusinessWeek 07/28/2011
John Maynard Keynes: His sunny optimism shaped economistsâ approach to depression.
New York Times 09/17/2011
New York Times 10/30/2011
FDR as fiscal conservative
07/21/2011
Historian David Kennedy on FDR saying "no dole" for Social Security and keeping deficits under control.
Grouped Articles
Presidents and their Debt , FDR to Bush: FDR, Deficit Hawk
New York Times 07/21/2011
New York Times 07/21/2011
New York Times 07/21/2011
Franklin Delano Roosevelt (FDR)
01/27/2009
Grouped Articles
New York Times 07/21/2011
From 1889 to 2014, Political Parallels Abound
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F.D.R’s Example Offers Obama Cautionary Lessons
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David Stockman, Reagan's Budget Director prodigy, on bank behaviour and solutions to the banking and economic crisis.
01/20/2010
Stockman takes on the banks as instruments of the impoverishment of the U.S. economy and of the American middle class. He derides the loose monetary policy of the Fed, that has encouraged insane and socially unproductive behaviours of the American banks.
Grouped Articles
Wall Street Journal 04/18/2013
New York Times 07/21/2011
Taxing Wall Street Down to Size
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Four Deformations of the Apocalypse
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Tom Keene Talks with David Stockman
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Opinions Are Split on Fed Policy Move
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U.S. tax reforms in 2013-2014 and how the approach of Reagan and the Treasury Department in 1984 can provide a basis for action
07/21/2011
Floyd Norris outlines the approach taken by Reagan and the Treasury Department in its report in 1984, which basically started out without any exemptions and loopholes, and then asked the question how much marginal rates have to go up to justify a particular exemption or loophole supported by a lobbying group. Two similar families with the same income were to be treated in the same way regardless of the source or use of their income, so that one did not end up having to pay more in tax than the other.
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New York Times 07/21/2011
Presidents and their Debt , FDR to Bush: FDR, Deficit Hawk
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A Starting Point for Tax Reform: What Reagan Did
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New York Times 11/29/2012
Most Americans Face Lower Tax Burden Than in the 80s
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The Reagan Presidency
01/26/2011
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New York Times 07/21/2011
The Wrong Way to Double Exports
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Reagan's Level Field for World Trade
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Ronald Reagan's Life on TV, 100 Years After His Birth
New York Times 02/04/2011
The Roots of Ronald Reagan's Ambition
Wall Street Journal 02/08/2011
Wall Street Journal 05/26/2012
U.S. president Richard Nixon's experiment with Keynesianism
07/21/2011
Grouped Articles
New York Times 07/21/2011
New York Times 07/21/2011
New York Times 08/11/2013
Economic policy changes under FDR and lessons for the U.S. in 2011-2012
01/27/2009
Grouped Articles
New York Times 07/21/2011
Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
F.D.R’s Example Offers Obama Cautionary Lessons
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Past U.S. Presidents, Debt, Budget Deficits and Deficit Reduction
07/21/2011
Presidents from FDR to Bush and how they handled U.S. deficit reduction. Views of historians. FDR was not the spender he is presented to be. He believed in responsible budgeting. Social Security was to be financed through contributions from employees and employers. For Social Security financing Roosevelt said: "no dole."
Grouped Articles
New York Times 07/21/2011
Presidents and their Debt , FDR to Bush: FDR, Deficit Hawk
New York Times 07/21/2011
New York Times 07/21/2011
New York Times 07/21/2011
Washington Post 08/07/2011
Wall Street Journal 02/14/2012
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