THE TRIUMPH OF REAGANOMICS-- Celebrating The Economic Achievements Of Ronald Reagan (1911-2004)

ICONOCLAST ^ | R. Bastiat, Iconoclast Economics Editor

[Apolitical]

Some 15 years have gone by since President Ronald Reagan concluded his triumphant second term on a wave of unprecedented job creation and economic abundance, with inflation conquered and growth restored after the horrendous stagflation of the 1970s. But there still seems to be a curious lack of appreciation and total absence of understanding -- especially in the elite media -- of one of the Gipper's most enduring legacies: the restoration of confidence, prosperity, and direction to a sick and floundering U.S. economy that had lost its way before Reagan rode to the rescue.

Amid the resounding tributes now being heard in the aftermath of the death of President Reagan -- emanating from many parts of the world and most corners of American society -- one sour note keeps cropping up: The disparagement of the comprehensive economic revival program that came to be known in the press as "Reaganomics." Typical of this criticism is the mean-spirited obituary editorial in the June 6 edition of the Washington Post, damning Reagan with faint praise while excoriating his character, abilities, and economic policies.

Sounding one of its favorite themes, the Post -- which never met a tax it didn't think should be raised -- once again condemned (1) the Reagan tax cuts that played a critical role in reviving the economy in the 1980s and beyond, and (2) his temporary surge in defense spending that led directly to the collapse of the Soviet Union, the end of the Cold War, and the subsequent lasting reduction in defense outlays -- consequences that the influential newspaper could never bring itself to acknowledge.

The 1981 tax cuts, the editorial grouses, "combined with the defense buildup that was also a major item on the Reagan agenda, led to growing deficits, which inevitably struck hard at services for the poor, especially during the deep recession of the early 1980s. A lot of people were hurt by these policies, a fact that in our view did not weigh heavily enough on this president."

Give me a break. As usual when looking at the Reagan record, the Washington Post doesn't get it. Or more precisely, it gets it all wrong. Apart from the gratuitous personal insult that is demonstrably untrue, the economically illiterate editorial writers apparently agree with Herbert Hoover (and many leading Democrats today) that the way to cure a recession is to raise taxes and run a federal budget surplus. Even their intellectual idol and apostle of short-run fixes, John Maynard Keynes, must be turning in his grave......

[Apolitical]

Finally, a fitting commermorative memorial to the economic vision and contributions of one of America's greatest presidents -- Ronald Reagan.

A timely rejoinder to the patronizing and misleading tributes to Ronald Reagan by our biased liberal press -- and from one of the most penetrating economic journalists of our era, Iconoclast's R. Bastiat.

[conservatism_IS_compassion]

Ronald Reagan, like all other presidents save one only, is subject to historical judgement on the basis of no more than two terms. In his two terms Reagan

• Got the country going again

  witness, a DJIA which is now about ten times higher than it was when he took office- and which when he took office was lower than it had been a decade earlier.

• Whipped inflation, which was in double digits when he was elected
• Ended the Energy Crisis and its gas lines.
• Transcended Communism, humbling the Soviet Union which had reached the peak of its influence on his predecessor's watch.

By contrast, FDR in his first two terms failed to get the country going again, failed to prevent WWII, and hired a carload of Communists and fellow-travelers into the government.

[Rebelbase]

The lowering of interest rates and inflation allowed a positive climate for investors to begin pouring money into Tech Research, which reslted in the Tech boom of the 90's.

And look at the skyline of most medium and large sized American cities. A majority of the best looking and tallest, modern buildings were constructed or planned during the 80's.

[smiley]

Taking the optimism of President Reagan and his words of encouragement...substitute Reagan's name for President Bush and they sound one and the same...courage, deep religious faith and steadfast in their belief of the people in this country.

[doggieboy]

Agreed. He was by far the greatest President in my lifetime. (I'm 50) I would say he was the greatest of the 20th century, with the possible exception of Roosevelt (Teddy...not the other one).

[Pagey]

bttt