Ronald Wilson Reagan Part 13

https://i0.wp.com/www.reagan.utexas.edu/archives/photographs/large/C508-22A.jpgPresident Reagan and Nancy Reagan greeting Billy Graham at the National Prayer Breakfast held at the Washington Hilton Hotel. 2/5/81.

Recently on my series on Ronald Reagan (part 10), a gentleman by the name of Elwood who a regular on the Ark Times Blog site, rightly noted, “Ray-gun created the highest unemployment rate we have yet experienced since Hoover did the honors in the 1930s.”

I responded to him:

Elwood, you were right about Reagan having the largest unemployment figure since the depression.

You have just inspired me to start a series that shows how cutting the top marginal rate on the federal income tax usually results in an expanded economy and lower unemployment. That is exactly what happened during the Reagan years. Reagan’s unemployment figure in 1982 of 9.7% is the largest since the depression (23.6% in 1932). I respect you for your accuracy and research. However, Reagan’s tax cuts changed all that.

Arthur Laffer has noted, “Prior to the tax cut, the economy was choking on high inflation, high Interest rates, and high unemployment. All three of these economic bellwethers dropped sharply after the tax cuts. The unemployment rate, which peaked at 9.7 percent in 1982, began a steady decline, reaching 7.0 percent by 1986 and 5.3 percent when Reagan left office in January 1989.”

Elwood, I follow you on the Arkansas Times Blog. Thank you for taking time to put a comment in here. I really do appreciate it.

I think that I will take a look at Reagan’s policies (mainly tax policies) in the next few weeks. However, I will also include lots of pictures of President Reagan with other famous people, but most enjoyable may be the little known presidential facts I will include about our past presidents. Some of these facts come from Dr. Paul F. Boller, Jr. and his book  Presidential Diversion: Presidents at Play from George Washington to George W. Bush. Dr. Boller has corresponded with me several times, and our mutual friend, the late Dr. John George, co-authored with Dr. Boller They Never Said It: A Book of Fake Quotes, Misquotes, and Misleading Attributions.

I really got a lot out the article “The Real Reagan Economic Record: Responsible and Successful Fiscal Policy” by Peter Sperry. In the next few days I will be sharing portions of this article.

The Real Reagan Economic Record: Responsible and Successful Fiscal Policy

Published on March 1, 2001 by Peter SperryBACKGROUNDER #1414

by Daniel J. Mitchell, Ph.D.

After President George W. Bush sent Congress an outline of his tax reform plan on February 8, some critics immediately began to attack it as a return to what they portray as the fiscally irresponsible policies of the Reagan Administration. According to these commentators, Congress should scale back–if not outright reject–President Bush’s tax reform proposals because they are based on a period when the wealthy received excessive tax cuts and revenue was wasted on defense even though most Americans struggled in poverty. This is a revisionist view of recent history that ignores reality and denies the fact that President Reagan’s sound policies and determination deserve much of the credit for the current economic picture. Congress should embrace President Bush’s tax reform plan as a responsible return to the most successful economic policy of the 20th century.

President Ronald Reagan’s record includes sweeping economic reforms and deep across-the-board tax cuts, market deregulation, and sound monetary policies to contain inflation. His policies resulted in the largest peacetime economic boom in American history and nearly 35 million more jobs. As the Joint Economic Committee reported in April 2000:2

In 1981, newly elected President Ronald Reagan re-focused fiscal policy on the long run. He proposed, and Congress passed, sharp cuts in marginal tax rates. The cuts increased incentives to work and stimulated growth. These were fund-a-mental policy changes that provided the foundation for the Great Expansion that began in December 1982.

Even with the growing surplus, however, a small but vocal faction in Congress opposes any policies that would allow taxpayers to keep more of their own money through real tax cuts and that generally would shift power from the government to the people. This attempt to rewrite history should not be surprising. Proponents of additional government spending try to make the Reagan boom appear to be a bust because they fear that Reagan’s success will help President Bush build popular support for lower taxes, further deregulation, and reduced government spending. But their rhetoric is easily countered by the evidence.

History confirms the soundness of the Reagan, and now Bush, approach to economic policy. Under President Reagan, federal revenues increased even with tax cuts, federal spending did not decrease, the country experienced the longest period of sustained growth during peacetime in its history, and the rich paid more taxes proportionately than they had before the tax cuts were implemented.

Great skit on tonight show on Ronald Reagan by Johnny Carson.

President Ronald Reagan’s 100th birthday anniversary

First lady Nancy Reagan watches as President Reagan is sworn in during his second inauguration in the Rotunda beneath the Capitol dome in Washington. Reagan, forced indoors by a record inaugural freeze, re-enacted his oath-taking.
https://i2.wp.com/www.reagan.utexas.edu/archives/photographs/large/c559-30.jpg
President Reagan cutting in on Nancy Reagan and Frank Sinatra dancing at the President’s birthday party in the East Room. 2/6/81.
Little known presidential facts:
  1. George Washington, James Monroe, Andrew Jackson, James Polk, James Buchanan, Andrew Johnson, James Garfield, William McKinley, Theodore Roosevelt, William Taft, Warren Harding, Franklin Roosevelt, Harry Truman, Lyndon Johnson, and Gerald Ford were all Masons, many symbols of which are found on American currency.i
  2. The body of John Scott Harrison, father of President of Benjamin Harrison, was stolen by grave robbers and sold to Ohio Medical College in Cincinnati for use as a training cadaver. The body was eventually recovered and reburied.k
  3. Gerald Rudolph Ford’s (1913-2006) name before he was adopted was Leslie Lynch King Jr.g
  4. The youngest president was Teddy Roosevelt who became president at age 42 when McKinley (1843-1901) was assassinated. JFK was the youngest president elected at the age of 43.j
  5. As a young man, Rutherford Birchard Hayes (1822-1893) fought lyssophobia, or the fear of going insane.k
  6. Three presidents died on July 4th: Thomas Jefferson (1826), John Adams (1826), and James Monroe (1831). Calvin Coolidge is the only president to have been born on the Fourth (1872).h
  7. George Herbert Walker Bush is the only President with four names.k
  8. James Garfield could write Latin with one hand and Greek with the other hand simultaneously.i
Post a comment or leave a trackback: Trackback URL.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: