History Uncensored Ep. 10Welcome to History Uncensored presenting Histories Idiots.Reaganomics, what it was, its impact and the results of policy.Due to the extensive list of resources for this episode, you can find them all at this link. https://drive.google.com/open?id=1JHTMzfEjy2hXn61f–3IFwKA_K-7t7OUEnjoy!What the Freak is Reaganomics?“This Administration’s objective will be a healthy, vigorous, growing economy that provides equal opportunities for all Americans, with no barriers born of bigotry or discrimination. Putting America back to work means putting all Americans back to work. Ending inflation means freeing all Americans from the terror of runaway living costs. All must share in the productive work of this ’new beginning,’ and all must share in the bounty of a revived economy.” ~ReaganHe is remembered for a Booming Economy, why? Please tell me why I couldn’t find stuff that supported this argument especially when you begin looking at the hard numbers.When we take a hard look at the numbers nothing holds up, well not nothing the wealthy hold up. They literally are the only group that saw their wages increase in the 1980s. Everyone else, Freak em. They don’t need money all that money up top will just kind of fall down to the bottom.NEWS FLASH! that stuff doesn’t work. It didn’t work then and it sure as hell is not working now. I’m not here to argue politics I just tell you about the facts, about historiographical conjecture that ruins the image you hold in your mind of history. So enjoy this episode of Reaganomics as I tear down that Freaking wall like an East German trying to escape.He is remembered for all of the wrong reasons and I see us on a similar path and we need to stand up and make a change.ReaganomicsSorry, I went on a bit of a bender or rant or whatever there, I want to get back to the topic at hand explaining to you in the best try and make sense of this skullduggery way as possible.Reaganomics is a type of economic policy that is based on myth. This idea that you can increase spending and lower taxes and somehow the economy will get a boost and you will erase the national debt.Too much government was the problem, too many taxes, too much regulation on banks and places of business. The individual has the right o their own path without government and policies standing in the way of achieving their dreams. All of that sounds great in practice, doesn’t it? No wonder he won a second term.It was sweeping reform, it was juvenile and hastily done and has set back this country’s conservative economic policy more than 40 years.Don’t worry I will go over each of the administration’s legacies and decipher the data and present it to you in a hopefully meaningful way. We now know what they were trying to accomplish but let’s discuss the reality of his policies and their legacy impact.Here is what Reagan’s policies did.Reduced the top marginal income tax bracket from 70% to 28%Lowered corporate income tax from 48% to 34%During Reagan’s presidency, the federal debt held by the public nearly tripled in nominal terms, from $738 billion to $2.1 trillion.[79] This led to the U.S. moving from the world’s largest international creditor to the world’s largest debtor nation.[5] Reagan described the new debt as the “greatest disappointment” of his presidency.[35]The federal deficit as a percentage of GDP rose from 2.5% of GDP in the fiscal year 1981 to a peak of 5.7% of GDP in 1983, then fell to 2.7% GDP in 1989.[80]Total federal outlays averaged of 21.8% of GDP from 1981–88, versus the 1974–1980 average of 20.1% of GDP. This was the highest of any President from Carter through Obama.[81]Total federal revenues averaged 17.7% of GDP from 1981–88, versus the 1974–80 average of 17.6% of GDP.[82]Federal individual income tax revenues fell from 8.7% of GDP in 1980 to a trough of 7.5% of GDP in 1984, then rose to 7.8% of GDP in 1988.[83]The Numbers we hear.During Raegan’s administration, these are the number--- Support this podcast: https://anchor.fm/seth-michels66/support
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