It was hard when Reagan did it.
It’s harder now. Our debt is through the roof — if interest rates went to 21%? It would kill us.
Mind you, I think the correct act of courage today is to default on our debt. Screw the Central Banks. Just declare a Jubilee and start over. No one would do it, but I think it is the right choice.
The right choice is to DownSize DC!
When Reagan’s policy went into effect the national debt had just hit 1 trillion. The Volker medicine is pretty much off the table due to the unfortunate reality of the $35 trillion hole we’re in.