Quote:
Originally Posted by Adak
Was everything perfect? Oh hell no! But our nation as a whole, was stronger economically
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My recollection was that it was up and down under Reagan. There were a couple of small recessions. They seemed significant at the time, but that was before the 2008 free fall, so they seem small in hindsight. And I remember that Reagan cut taxes and increased spending so we went from having small deficits to having huge ones. In fact, I clearly remember an issue of Time magazine showing a black hole sucking dollars in, discussing the Reagan debt and the statistic at the time that in his first term alone, Reagan increased the debt more than all the presidents before him COMBINED.
Reagan broke the seal on deficit spending and taught the country that it was OK to spend more than you had. I clearly remember Mondale in a debate accusing Reagan of writing "bad checks" to fund the government, and Reagan getting really pissed off.
"Reagan taught us deficits don't matter." Go ahead and Google that quote and who said it (besides tw.)