In other words: A discussion of The Bush Administration
Krugman: An Economic Legend
Here's a sample version of the legend: according to a recent article in The Washington Times, Ronald Reagan "crushed inflation along with left-wing Keynesian economics and launched the longest economic expansion in U.S. history." Actually, the 1982-90 economic expansion ranks third, after 1991-2001 and 1961-69 — but even that comparison overstates the degree of real economic success.
The secret of the long climb after 1982 was the economic plunge that preceded it. By the end of 1982 the U.S. economy was deeply depressed, with the worst unemployment rate since the Great Depression. So there was plenty of room to grow before the economy returned to anything like full employment.
The depressed economy in 1982 also explains "Morning in America," the economic boom of 1983 and 1984. You see, rapid growth is normal when an economy is bouncing back from a deep slump. (Last year, Argentina's economy grew more than 8 percent.)
for more on this read Atrios's frustration on all this mendacity posing as reverence.- rob 2:37 PM - [PermaLink] -
- The House and Senate did not both come under Republican rule during Reagan's time.
- The Berlin Wall did not come down when Reagan was in office.
- Reagan is not the president who left office with the highest approval rating in modern times.
- Reagan was not "the most popular president ever."
- Reagan did not preside over the longest economic expansion in history.
- Reagan did not shrink the size of government.
- Reagan did preside over what was at the time the "biggest tax cut in history" but it was almost instantly followed up by the "biggest tax increase in history."
- Reagan was not "beloved by all." He was loved by some, liked by some, and hated by some with good reason.
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