We haven't seen incompetence on this scale since Warren Harding, Calvin Coolidge, Herbert Hoover, Ronald Reagan or Bush Sr.
According to supply-side theory, these actions should have nudged the economy in the right direction, not plunged it into the worst recession in 40 years. Other problems involve timing: Reagan's first tax cuts went into effect in 1982, but this was also the summer that the Federal Reserve Board slashed interest rates and expanded the money supply. Most economists believe the Fed, not Reagan, was responsible for the following recovery. Finally, the recession of 1990 began four months before Bush broke his "no new taxes" pledge. The recession began in July 1990; Bush signed his tax increases into law in November 1990.Moreover, the Fed's "peace time expansion" following Ronald Reagan's "depression" of almost two years was uneven. The worst income disparities in American history had already been triggered. As if by design, the Reagan's rich base got even richer and everyone else began to lose ground. They are still losing ground despite a all to brief respite in Bill Clinton's second term. The GOP has ruined the American economy, perhaps forever.
And supply-siders are careful to note that Reagan's was the longest peacetime expansion since World War II. In truth, the Kennedy-Johnson expansion was longer: 106 months compared to Reagan's 92.1
Historic Budget Deficits
The budget shown below --your money squandered by Bush.
The Existentialist Cowboy
Conservative Lies
Terrorism
GOP Incompetence
Iraq
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