But the biggest fairy tale about Reagan is the most central one: about taxes and spending. It is one thing to sit in a North Vietnamese prison in the early 1970s, dreaming of a California governor who one day will balance the federal budget. It is another to imagine that it actually happened.
When Reagan took office in 1981, federal receipts (taxes) were $517 billion and outlays (spending) were $591 billion, for a deficit of $74 billion. When he left office in 1989, taxes were $999 billion and spending was $1.14 trillion, for a deficit of $141 billion. As a share of the economy, Reagan did cut taxes, from 19.6% to 18.4%, and he cut spending from 22.2% to 21.2%, increasing the deficit from 2.6% to 2.8%. The deficit went as high as an incredible 5% of GDP during his term. As a result, the national debt soared by almost two-thirds. You can fiddle with these numbers -- assuming it takes a year or two for a president's policies to take effect, or taking defense costs out -- and the basic result is the same or worse. Whatever, these numbers hardly constitute a "revolution."
McCain's stagy self-flagellation, on behalf of all Republicans, for betraying the Reagan revolution when they controlled Congress and the White House is entirely misplaced. George W. Bush and the GOP Congress did precisely what Reagan did: They cut taxes, mainly on the well-to-do, but they barely touched spending.
If the GOP is looking around for an icon to worship, it might consider Bill Clinton. He cut spending from 21.4% of GDP to 18.5% -- three times as much as Reagan. True, he raised taxes from 17.6% to 19.8%, but that's still a smaller chunk than when Reagan left office. And he left us with an annual surplus that threatened to eliminate the national debt. What's more, I think he's available.
Showing posts with label Repuublicans. Show all posts
Showing posts with label Repuublicans. Show all posts
Saturday, February 9, 2008
The Real Reagan
Michael Kinsley:
Labels:
Repuublicans,
Ronald Reagan
Tuesday, October 23, 2007
Sunday, May 6, 2007
Descendants Of Iconic Republicans Consider Leaving The Party
Children of President Dwight Eisenhower and Senator Barry Goldwater, and the great-grandson and namesake of President Theodore Roosevelt, are all thinking about voting Democratic in 2008. Newsweek has the story.
Labels:
Democratic Majority,
Repuublicans
Sunday, April 29, 2007
And This Really IS Good News!
Los Angeles Time
President Bush's unpopularity and a string of political setbacks have created a toxic climate for the Republican Party, making it harder to raise money and recruit candidates for its drive to retake control of Congress.
Some of the GOP's top choices to run for the House next year have declined, citing what Rep. Thomas M. Davis III (R-Va.) called a "poisonous" environment. And Republicans' fundraising edge, an important advantage over the last five years, has dwindled.
With GOP clout diminished after November's election losses, the Republicans' national committee and their House and Senate campaign committees together raised the same amount as the Democrats in the first quarter of the year — and Democrats ended the period with more cash in the bank. At this point four years ago, Republicans had more than twice the money Democrats did.
"The reality is the Republican brand right now is just not a good brand," said Tim Hibbitts, an independent Oregon pollster. "For Republicans, the only way things really get better … is if somehow, some way, Iraq turns around."
Labels:
Repuublicans
Wednesday, February 14, 2007
Stupid Republican tricks
ThinkProgress has Rep. Lynn Westmoreland (R-GA) demonstrating typical Republican insight into the culture of a country we're busily destroying.
Labels:
Iraq War,
Repuublicans
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