Reagan's Legacy: Our 25-Year Boom

Townhall.com ^ | April 9, 2009

[Kaslin]

Golden Age: After 25 years of record-setting economic performance around the world, set off by President Reagan's free-market policies, the world has fallen into a recession. Is this the inevitable end of an era?

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Let's go back to 1982, in many ways the bleakest year since the Depression. The economy had emerged severely damaged by the stagflation of the 1970s. Americans' confidence, both in government and in the economy, had reached a low ebb in 1980. Many felt our best years lay behind us.

On the nations' campuses and even in some of its boardrooms, people were talking about capitalism as a failed system.

Some advocated a "third way" between socialism and capitalism, as in Europe, which would include heavy doses of government intervention in markets to bring them back to life. Still others took up the call in E.F. Schumacher's best-seller, "Small Is Beautiful," to downsize expectations. Live frugally, they said. Inhabit small houses. Drive small cars. Don't use oil. Rein in your ambitions.

One man didn't agree with this: President Ronald Reagan, elected in 1980 amid a wave of voter disgust at his predecessor's failures.

It was Reagan who brought America's capitalist economy roaring back to life, ending energy price controls, slashing income tax rates by 25% and dramatically reducing tax rates on capital gains.

Americans had been told for years — as they're now being told again — to expect diminished standards of living. Then they watched as the Reagan years set in place one of the most durable and remarkable booms in incomes and wealth in history.

[RonnG]

The likes of Reagan will never be seen again. He would have a hard time being elected to Mayor of a small town in California these days,let alone Governor.

[relictele]

I was at a client site the other day and heard one of these women with nondescript clerical jobs (it appeared to involve ordering lunch from a take-out menu every day) talk about how bad it was in the 80s “when Reagan came in and took all the jobs.”

I about fell over.

[lakertaker]

No. Sad to say a Reagan type will never be elected. As more and more people come to depend on government, the only thing now that can turn this around is a crash of the system. Which, BTW, is being sped up by our fearless leaders

[Comparative Advantage]

The two Bush presidencies single handedly destroyed what Reagan had built with their very own big spending domestic economic agenda. Reagan was the anti-Ivy League elite politician. He understood real America. Sadly, there might only be one more chance to elect a real conservative in the next presidential election or two. If that proves unsuccessful, America will be but a shell of the founders’ dream.

[ex91B10]

And took our national debt from 930 billion (1980) to 2.5 trillion dollars (1988).

[Moonman62]

And what happened to the value of our assets?

[Moonman62]

The Reagan boom lasted 17 years. It ended when W took office.

[kellynla]

and 25 years later, we have O-Buffoon & his Propeller Heads and a bunch of Lefties in Congress running the country...”Jimmy Carter redux!”

[fortunecookie]

The likes of Reagan will never be seen again.

I hope not 'never' but it will be an uphill battle.

I think the successes and victories of Reagan caught the left truly off guard, following the leftists successes of the 70's (abortion, prayer out of schools, womens lib, etc) and the Carter years. The left had lost the pulse of America. But they've launched a near constant onslaught against anything vaguely conservative or Republican or not socialist using all the media means available for at least the last 15 years. Job well done (and a daunting task to undo), this last election was more like texting your vote for most popular American idol presidential candidate...