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Politics : PRESIDENT GEORGE W. BUSH
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To: Neocon who wrote (416783)6/19/2003 4:36:59 PM
From: American Spirit  Read Replies (1) of 769670
 
The Reagan economy sank quickly in RR's second term, compounded by huge debt from military spending and the S+L abuses from RR deregulation.

Bush Sr. inherited a huge debt and was forced to raise taxes and close military bases to try and pay it off. The dollar was weak and the economy stagnant, just like now. That cointinued throughout the Bush Sr years. Clinton came in, raised taxes against GOP wishes and started paying down the debt. He suddenly had the basis for the biggest boom in our lifetimes which we may never seen again. Nothing is black and white but RR's Voodoo Economics made the rich richer, added loads of debt and the trickle down effect was minimal. CLinton however gave us full employment for once in our lifetimes. Everyone benefited, from the people on top down to the bottom. A perfect economy. Only excess on Wall Street dampened things things in the end.

Now Bush is trying the old RR tactic again. Problem is, it won't work. At best expect stagnation and possible stagflation when interest rates start rising again, plus a very weak dollar and paralyzed global economy. Also, GW is going to give us the biggest debt by far in history which some economists say will hit 44 TRILLION by 2013. Just as Babay Boomers retire and want to collect SS and Medicare. A recipe for total disaster.
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