Academic Defense of Reaganomics

, Malcolm A. Kline, 1 Comment

We found another rarity: an academic who defends Reaganomics. In a study published this month by the Jesse Helms Center, Wingate University economist Peter M. Frank notes that:

“The hallmark of Reaganomics is a major reduction in marginal tax rates by more than half, cutting the highest rate from 70% in 1981 to 28% in 1986. Additionally, Reagan cut the corporate tax rate from 48% to 34%. These radical changes in tax rates, especially the personal income rates at all earning levels, are the core of supply-side policy.”

“In addition to the economic growth data, the 1980s are characterized by two very different time periods. At the beginning of the decade, infl ation and unemployment were too high to achieve the growth that occurred later in the decade. After the Federal Reserve restricted monetary growth, interest rates fell from 13.5% in 1980 to 4.1% by 1988. The unemployment rate peaked at 10.8% in 1983 coming out of the recession and a decline in output during the previous year, but the jobless rate fell to 5.5% by 1988.”

“The Congressional Joint Economic Committee wrote in its April 2000 report that in addition to real GDP growth, from 1983 to 1990 real consumption per person grew by 26.8% and industrial production grew by 28.9%. This period of economic expansion lasted 92 months without a recession, from November 1982 to July 1990, which was the longest period of sustained growth during peacetime and the second-longest period of sustained growth in U.S. history. This growth period lasted more than twice as long as the average period of economic expansion since World War II.”

 

Malcolm A. Kline is the Executive Director of Accuracy in Academia.

If you would like to comment on this article, e-mail mal.kline@academia.org

  • Juan Reynoso

    By: Juan Reynoso, WTP-activist – texusa2016@gmail.com
    http://anticorruptionact.org/.
    STAND FOR AMERICA http://www.teaparty.org/

    “Americas must realize that self-scrutiny is not treason. Self-examination is not
    disloyalty.”

    We the people are united in solidarity to make our country great again.

    https://consortiumnews.com/2013/10/17/the-abject-failure-of-reaganomics/

    Fellow Americans, our country was formed under the ideology base on the will of the people to have a government by the people for the benefit of all the people. Our Constitution clearly state that all men are created equal. Today we have a neo-liberalism political and economic system that favor the corporations and granted them personal rights and privileges that help them in the accumulation of huge wealth, by reducing their tax responsibilities and in
    collusion with the corrupt Washington establishment, force the working class; “the low- and middle-income families” to pay a bigger per cent of their income in
    state and local taxes than the wealthy families and corporations of our country
    that made millions at the expenses of the working people. Neo-liberalism (Reaganomics) is the ill policy that demised the working-class rights to secure better labor conditions, protection of their health benefits and the security of their economic and welfare. Neo-liberalism help the rich that control the U.S corporations to create this concentration of wealth, corrupt our government and exploit the working class and make them economic slaves.

    Our revolution is to repudiate this corrupt Washington establishment and reclaim our unalienable rights. The fact is; that for many years our country is being run by the Transnational corporation, the Bankers, the IMF, the U.S Federal Reserve Banks and the special interest. They are part of this network that in collusion with the Washington politicians formed the Washington establishment. The Washington establishment objective is to pass legislation that will promote and establish the economic and political ideology of the new world order. All the free trade agreements, the promotion of neo-liberalism and the neo-colonization and the military interventions in foreign countries are part of the agenda to demise the sovereignty of the United States and other countries, and form economic blocks that will be under the control of the world’s oligarchs that control the multinational corporations, the IMF, the world Bank. The WTO and many other organizations that are connected to this network of corrupt elements that are driven by the love of money and power.

    The true is, that No corrupt system of government can stop an idea whose time has come. “MAKE AMERICA GREAT AGAIN”. We the people believe that united, we can take our country back and make America great again.
    We voted for Donald Trump and we win our first battle. Now the real work has begun; our job is to support our elected President, Donald Trump and help to make and support the policies that will stop free trade agreements and demise this ill ideology of neo-liberalism that make the 1% the ruling class in our country, mega rich. Our country’s Freedom and prosperity is not only for the 1%
    of Americans.

    This is a fact; For the last 30 years, we are being excluded by this corrupt Washington establishment of our special inheritance, our rights to negotiate for better pay and labor conditions and secure our economic prosperity, were destroyed by this corrupt government; we are not free, this corrupt government violated our constitutional rights and our human rights. The Washington establishment worked in collusion with the corporations and the bankers to make us economic slaves, equal opportunities in our country is a farce. Americans before us fought for and paid a great price for our freedom and Liberties, we are the stewards of this gift not only for ourselves but for all the citizens of our country and the immigrants from other nations who yearn to be Americans and be free. Our country’s Constitution have discharged this duty to the people of this country and we the people must take this responsibility and duty to defend and protect our Constitution, our freedom and liberty for future generations of Americans.

    Our first objective is to demise the network of Washington corrupt elements that form the Washington corrupt establishment that in collusion with corporate American promoted neo-liberalism and the corporate monopoly of self-economic growth and concentration of wealth.
    2- Expose the Washington political power that support Free trade, globalization and Neo-liberalism, this ill system that made them rich and powerful able to control our government.

    We cannot continue being in complete denial that “Reaganomics-Neo-liberalism” is the political economic system that destroyed our economic and killed millions of American jobs and give the power to corporations to control our economic and our government.

    The time has come to take responsibility for our future and promote an inclusive economic growth, good/transparent/accountable governance, the promotion of human, cultural and economic rights of our citizens, the exercise of citizenship in participatory governance beyond voting in elections is a must, to stop poverty in America, that is rooted in corruption and marginalization of our people, Latinos, Blacks and other minorities; this internal conflicts and division within the working class, promoted by the organizations that claim to be on the side of the working class must be expose. Regardless of which poverty line, all these in poverty are vulnerable groups they are constrained by the same factors resulting in social injustice. The working Peoples in our country, in every state of this union, are all affected by their environment, political, economic, social, cultural, moral values, tradition, religion, technology, life experiences etc. but the fact remains that beyond these elements. We all are responsible for the future of our country and the economic and welfare of every American and we must work unite in solidarity with our mind and heart to make our country great again for the benefit of all the American people.

    May God give us the wisdom, to be unite and work in solidarity to make our country great again for the benefit of all the people of our country.

    please share this, be part of the solution click – Share