How do you account for the failure of Reaganomics?

Update:

The average 8 year increase since 1963 was 75%.

Reagan's was 65%.

And although he cut taxes on the wealthy, the middle class did not see much of a tax cut, since Reagan increased the payroll tax. Still, it was a tax cut, and behold, tax cuts grew less than average.

Update 2:

that should be *taxes* grew less than average.

And, Obama and Reagan share a similar free trade philosophy, at least up till now.

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  • 9 years ago
    Favorite Answer

    Reaganomics added to the National Debt and got the middle class thinking they were more prosperous than they were by overusing credit. He got the first house boom going by loosening controls on FHA loans. The Very wealthy were not taxed as much and the Savings and Loans that sprung up on every corner used consumer money instead of their own and got caught. The trickle down effect never made it down. The middle class just overextended their credit and are still doing it

    wake up

    Source(s): economics
  • bob
    Lv 7
    9 years ago

    Supply side economics -- Flood the market with cheap crap and the market will thrive. The market does not thrive when people can not afford to buy that cheap crap because their jobs have been exported to bust the unions.

    Trickle down -- Give all the money to the rich and they will let us have what they don't want. They wanted it all!

    Deregulation -- Leave corporations alone and they will do what is best for the country. We find that greed surpasses the welfare of the country and even the welfare of the corporations they run!

    For those of you who say it didn't fail. David Stockman, the Reagan economic advisor who devised it says it failed. Alan Greenspan, economic advisor and chief Reaganomic implementer for Reagan and both bushes says it didn't work. When even two of the chief Reaganomics cheer leaders say it failed...It failed!!!

  • Anonymous
    9 years ago

    Reaganomics was a Godsend after the disaster of Carter

    Archie

  • 9 years ago

    They Don't, They the stare the fact that this economic plan has ruined our economy square in the face and then they commence to ignoring it. Republicans keep saying the same thing over and over no matter how false until they get their way, like small children.

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  • 9 years ago

    I think we would all agree that Reaganomics comes out like roses comparing to Obamanomics.

  • 9 years ago

    It's not a failure especially when compared to Obamanomics

    http://winteryknight.wordpress.com/2010/07/28/comp...

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  • 9 years ago

    It didn't fail.

    Despite lowering taxes, tax revenue doubled during his eight years.

  • 9 years ago

    The only failure, is you thinking reaganomics failed

  • Anonymous
    9 years ago

    Very carefully.

  • Anonymous
    9 years ago

    because it was bullshiiit then and it's bulllshiiit now.

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