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

To: Steve Lokness who wrote (239832)	12/13/2013 12:32:30 PM
From: Sam	Read Replies (2) \| Respond to of 541993

We do not appear to be communicating very well. To "unring the bell" is a phrase that means to reverse something. Walker reversed policies that had been in effect for a very long time (most notably, that public unions in WI can no longer negotiate about benefits). It wasn't high interest rates and high inflation - it was RUNAWAY high interest rates and inflation. Maybe not as worrisome as what Bush left - but in some ways maybe more so.... But then Reagan went senile and the second term resulted in unnecessary additional debt. Yes, inflation was getting bad and of course interest rates were following it up, but it wasn't "runaway" yet. Low double digits is bad, but look at many S. American countries in the 1980s/90s for "runaway" inflation. And interest rates rose by more than inflation because Volcker wanted them to, in order to slow the economy down, something that he knew would cause a recession but also break inflationary psychology. Which is one reason why the economy was not in nearly as shape in 1981 when Reagan took office as they were in 2009 when Obama came in. And it was in Reagan's first term that the biggest damage w/r/t to the debt and deficit was done, and eventually led to Cheney's lovely comment, "Reagan proved that deficits don't matter." But I am not in the mood or have the time to argue this now.