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Politics : PRESIDENT GEORGE W. BUSH
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To: E. T. who wrote (233632)3/4/2002 11:54:19 AM
From: Neocon  Read Replies (2) of 769670
 
First, he is mistaken. The growth rate under Nixon and Ford was 3.0%, and under Carter 2.5%, while Reagan had a robust 3.36% growth rate, even with a recession flushing out stagflation. Also, in constant dollars, which is the proper measure, the debt doubled.

Supply- siders knew what CPAs and CEOs know, which is that there are situations in which carrying debt is preferable to spending from current revenues. Their argument was that adjusting the marginal tax rates was more important than worrying about the deficit. As it happened, with the exception of a short (7 month) recession during the Bush administration, the economy chugged along nicely for almost two decades, and appears to be returning to growth again......
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