Still Morning in America : Reaganomics, 25 years later

Opinion Journal ^ | January.20,2006

[Reagan Man]

Twenty-five years ago today, Ronald Reagan was inaugurated as the 40th President of the United States promising less intrusive government, lower tax rates and victory over communism. On that same day, the American hostages in Iran were freed after 444 days of captivity. If the story of history is one long and arduous march toward freedom, this was a momentous day well worth commemorating.

All the more so because over this 25-year period prosperity has been the rule, not the exception, for America--in stark contrast to the stagflationary 1970s. Perhaps the greatest tribute to the success of Reaganomics is that, over the course of the past 276 months, the U.S. economy has been in recession for only 15. That is to say, 94% of the time the U.S. economy has been creating jobs (43 million in all) and wealth ($30 trillion). More wealth has been created in the U.S. in the last quarter-century than in the previous 200 years. The policy lessons of this supply-side prosperity need to be constantly relearned, lest we return to the errors that produced the 1970s.

The heart and soul of Reagan's economic agenda were sound money (making the dollar "as good as gold," as Reagan used to put it) and lower tax rates. On monetary policy, Reagan has won a resounding victory. Today, nearly all economists agree with Reagan's then-controversial belief that the sole purpose of monetary policy should be to keep prices stable. Double-digit inflation is a distant memory unlikely to recur anytime soon.

[Christian4Bush]

Ronaldus BUMP

[de Buillion]

"On that same day, the American hostages in Iran were freed after 444 days of captivity. If the story of history is one long and arduous march toward freedom, this was a momentous day well worth commemorating. "

The main memory that Americans need to take from this day in our history, is that the goober from Georgia was retired to Georgia, and the very day that Ronald Reagan assumed office, the Iranian hostages were repatriated BECAUSE A REPUBLICAN WITH BALLS ASSUMED THE OFFICE OF PRESIDENT OF THE USA!

[Reagan Man]

Thanks to FReeper Registered

[raisincane]

What a fabulous picture. Thank you for posting; its a keeper.

[liliesgrandpa]

Reagan got us out of Carters mess. Bush is putting us back into Caters mess. Oh for the days of having a true conservative president again.

[listenhillary]

bump