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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (206312)	10/30/2012 10:43:04 AM
From: Sam	Read Replies (1) \| Respond to of 541872

Reagan had to deal with outrageous inflation. I built houses for people that were borrowing mortgage money in the teens!!! Imagine that today. If you give Obama a pass on the debt (which I pretty much do) then why wouldn't you give Reagan a pass? It wasn't Reagan who actually dealt with the inflation of the late 70s--Paul Volcker was pushing rates up in order to kill inflation and an inflationary mentality that had been built into our collective psyche. I don't give Reagan a pass because he did nothing about inflation, in fact he used inflationary expectations to push through his tax cuts. Read David Stockman's The Triumph of Politics to see how that (and Starve the Beast) worked in the first Reagan admin. But even they got cold feet when they saw how bad the deficit became due to their round of tax cuts, and raised taxes in the second term. Unlike the Bush admin. Apologies, no time to get into this in more detail right now.