Reagan Enriched the Poor(Reaganomics: Were the 1980s the Decade of Greed?)

National Center for Public Policy Research via Insight Mag. ^ | 01/09/04 | Amy Ridenour

[m1-lightning]

The Left Says:

"The 1980s were "a time of Reaganomics, burgeoning yuppies, and the Decade of Greed."

Source: Source: Matt Lauer, NBC Today Show, December 30, 2003, as cited by the Media Research Center's CyberAlert of December 31, 2003.

What Conservatives Think:

Conservatives think it is odd that economic growth when a conservative is president is called "greed," while economic growth when a liberal is president is called "prosperity."

Nonetheless, here are facts about the 1980s:

From 1982 through 1989, the years President Reagan's economic policies were in effect, corporate contributions to charities grew an average of 10 percent per year, outstripping inflation by over 6 percent.

Throughout the 1980s, the average income of all economic segments of the American population rose: the poorest fifth by 10.4 percent, the second poorest fifth by 9.5 percent, the middle fifth by 11.7 percent, the second-wealthiest fifth by 12.2 percent and the top fifth by 13.6 percent. Poverty fell by 1.1 percent.

Reagan's tax cuts did not enrich the wealthy at the expense of the poor. Federal income taxes fell by 9 percent for the top fifth, by about 10 percent for the middle three-fifths, and by 275 percent for the bottom fifth (many poor families were removed from federal tax rolls).

Between the fourth quarter of 1982 and the fourth quarter of 1988, 16.7 million new jobs were created. 32 percent of those jobs went to blacks and Hispanics, although blacks and Hispanics at the time together constituted only about 19 percent of the labor force.

Unemployment rates for blacks and Hispanics in 1989 were 11.4 percent and 8 percent respectively, down from 20.4 percent and 15.3 percent at the end of 1982. Between 1982 and 1990, black unemployment dropped by 9 percentage points and Hispanic unemployment by 7.3 percentage points while white unemployment dropped by 4.9 percentage points.

Between 1982 and 1987, the number of black-owned business firms increased by 38 percent, while the number of firms in the U.S. in total rose by 14 percent. Receipts by black-owned firms rose 105 percent during 1982-87, while the average inflation rate was 4 percent per annum.

[bolobaby]

I can't believe liberals are still singing this refrain. Have they looked at the REAL decade of greed - the 1990s? An inflated stock market and dishonest corporate officers taking as much as they could get their hands on... being almost as dishonest as the President we had during those years.

Now THAT was the decade of greed!

[lasereye]

by 275 percent for the bottom fifth (many poor families were removed from federal tax rolls).

How can something fall by over 100%? Maybe this is counting the earned income tax credit that pays money to lower income people?

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[The_Eaglet]

Thanks for posting this. Reducing income taxation benefits all, including the poor.

[expat_panama]

Reagan's tax cuts did not enrich the wealthy at the expense of the poor.

That's not good enough for many people.  If evil rich made more money than 'us', then it's bad.  Class envy has no logic, and the dems as well as the loudest freepers would actually rather loose money than see someone else make more money then them!

[HenryLeeII]

bump for later reading and archiving

[The_Eaglet]

Campaign finance reform changes the rules of engagement-Campaign Finance Reform thread-day 30

[raisincane]

Our family experienced the happiest years of our lives during the 1980's. Thank you President Ronald W. Reagan.

[DoctorMichael]

Were the 1980s the Decade of Greed?

No!

The 90's.......the Decade of Clinton........were.

[m1-lightning]

If evil rich made more money than 'us', then it's bad.

That is the logic that Democrats brainwash Americans with every day. It's sad many liberals are just idiots who repeat their congressman's rhetoric because they can't think for themselves.

[Reagan Man]

The Reagan Era of the 1980`s was a time of great economic expansion, increased wealth, opportunities for everyone and the end of the Cold War. The policies of the Reagan agenda ignited 17 years of good times which the entire world benefited from. Demlibs in the media can't stand the idea that history gives any credit to PresReagan's leadership and the prosperity of the 1980`s. So they are left with trashtalk and little else.

[MegaSilver]

I can't believe liberals are still singing this refrain. Have they looked at the REAL decade of greed - the 1990s? An inflated stock market and dishonest corporate officers taking as much as they could get their hands on... being almost as dishonest as the President we had during those years.

Now THAT was the decade of greed!

A-FRICKIN'-MEN.

You know what this reminds me of? A few days before the 1992 Presidential election, George Bush said to a group of his supporters that he strongly disagreed with Bill Clinton's assertion that it was the character of the presidency that mattered not the character of the president. Bush said that he believed that in the end, character was all that would endure.

I believe he was right, and what's more, I think that the character of the nation, in many ways, reflects the character of the man who holds the presidency. During the Reagan years, we had a nation committed to meeting its goals and rediscoverinig its greatness. During the Bush 42 years, we had a nation which believed in itself enough to do what it had to and to back quickly from hard times. During the Clinton years, we had a nation wallowing in its own greed, caught in the Dark Ages of popular culture, dishonest with itself and with others, and poised for disaster in the near future.

[Ryan Christopher]

It fell by 275% because Reagan greatly increased the Earned Income Tax Credit for the poor, so many families in the lowest quintile not only no longer had to pay any federal income taxes, but the federal government sent them money.