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Politics : View from the Center and Left
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To: Travis_Bickle who wrote (46575)1/23/2008 9:19:26 AM
From: Sam  Read Replies (2) of 542010
 
And what did Reagan's policies do to those people that was so cruel?

Well, to take just one egregious example which is affecting and will affect you and me and everyone else in this country even more in the future: Reagan and many people in his administration lied about the effect of his tax cut on the Federal deficit, and turned this country into the world's largest debtor just 8 years after we had been the world's largest creditor, making us a huge net drain on the capital resources of the world. Cheney famously said that "Reagan proved that deficits don't matter," but Cheney was being stupid here. It didn't matter in the short term, partly because we were so wealthy in comparison to the rest of the world, and were and are remain its consumption engine. But those differences are narrowing, and other countries are beginning to catch us in comsuming. When there are real alternatives to the US dollar and US consumption, then we will see what huge difference having a large deficit/debt will make. It took Britain 50 years or so to drop into being essentially a second class power, it won't take us that long, IMHO, in good part because of that debt (as well as the fact that things move faster today than they used to).
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