Larai Loc: Fallon, NV

Soo you think that TAX payers should shell out our money for a Bail out when any other business person would get laughed out of the bank for asking, yet we spent a Ton of tax payer dollars to bail out imcompetence of management thus in the Hole! I think NOT!

Lonewolf

What I'm asking is what choice did he have

Blade_Runner Loc: DARK SIDE OF THE MOON

NYT: The Reagan Boom - Greatest Ever

Almost everyone knows that the greatest depression the U.S. ever had was in the 1930's. It was known as the Great Depression, and its infamy merits a separate section in economics textbooks. But what was its counterpart? When did our greatest economic expansion occur?

We just had it. And it is still expanding, setting new records with each passing month.

We don't know whether historians will call it the Great Expansion of the 1980's or Reagan's Great Expansion, but we do know from official economic statistics that the seven year period from 1982 to 1989 was the greatest, consistent burst of economic activity ever seen in the U.S. In fact, it was the greatest economic expansion the world has ever seen - in any country, at any time.

The two key measures that mark a depression or expansion are jobs and production. Let's look at the records that were set. Creation of jobs. From November 1982, when President Ronald Reagan's new economic program was beginning to take effect, to November 1989, 18.7 million new jobs were created. It was a world record: Never before had so many jobs been created during a comparable time period. The new jobs covered the entire spectrum of work, and more than half of them paid more than $20,000 a year. As total employment grew to 119.5 million, the rate of unemployment fell to slightly over 5 percent, the lowest level in 15 years. Creation of wealth.

The amount of wealth produced during this seven year period was stupendous - some $30 trillion worth of goods and services. Again, it was a world record. Never before had so much wealth been produced during a comparable period. According to a recent study, net asset values - including stocks, bonds and real estate - went up by more than $5 trillion between 1982 and 1989, an increase of roughly 50 percent.

There are other important measures. Steady economic growth. As we begin the decade of the 1990's, we are in our 86th straight month of economic growth - a new record for peacetime, five months longer than the wartime growth of World War II and only 23 months short of the wartime record set during the Vietnam War in the 1960's. Most experts now predict that it will last right through 1990, and perhaps beyond.

Income tax rates, interest rates and inflation.

Under President Reagan, top personal income tax rates were lowered dramatically, from 70 percent to 28 percent. This policy change was the prime force behind the record breaking economic expansion. Interest rates and inflation also fell sharply and, so far, have stayed comfortably low - a further indication of the power and pervasiveness of Mr. Reagan's economic policies. The stock market. Perhaps the key indicator of an economy's booms and busts is the stock market, the bottom line economic report card. And here the record has been striking. During the period from 1970 to 1982, the stock market barely moved. The Standard & Poor's index of 500 stocks inched up about 35 percent during that entire period. But starting in late 1982, just as Reaganomics began to work, the stock market took off like a giant skyrocket. Since then, the Standard & Poor's index has soared, reaching a record high of 360, almost triple what it was in 1982.

There were other consequences of the expansion. Annual Federal spending on public housing and welfare, and on Social Security, Medicare and health all increased by billions of dollars. The poverty rate has fallen steadily since 1983.

When you add up the record of the Reagan years, and the first year of President Bush - during which he has faithfully continued Mr. Reagan's economic policies - the conclusion is clear, inescapable and stunning. We have just witnessed America's Great Expansion.

The Reagan economic expansion was not perfect and we will never have one that is. The Federal budget deficits were too high and still are, too many Federal regulations lay unreformed and the trade deficit is worrisome.

In fact, the Reagan expansion may not have been the best economic expansion in history, for every economic expansion must be judged by many criteria. But if we look at the sheer size and immensity of it, at its scope and power, then it cannot be denied that it was the greatest.

The full impact of the powerful economic recovery that President Reagan launched during the 1980s is still unfolding.

Mr. Reagan's expansion provided the financial resources to allow the U.S. to build up the combat capability of its defense forces and to begin blazing the new trail for a protective missile system. This, in turn, convinced the Soviet rulers they could never defeat the U.S., and today the Soviet Union and the U.S. are busily engaged in nuclear disarmament as peace breaks out in country after country throughout the world.

Equally important, it proved beyond doubt to all (except perhaps for a handful of left-wing faculty members in our best universities) that capitalism is superior to Socialism and C*******m. Our economy is the guiding beacon for all those countries that are ripping apart the ruthless collectivist regimes that ruined the lives of their people for so long.

One thing the Marxists got right: Economics is a powerful determining factor of history. But Marxists never dreamed it would be the economics of Ronald Reagan and all those capitalists that would prevail in the end.

archie bunker Loc: Texas

Let them fail, file bankruptcy, reorganize, then sink or swim just like any other business. It happens every day.

Lonewolf

The trump wouldent of inherited the booming econmeny he did

archie bunker Loc: Texas

It would have worked itself out had it been left alone. Obammy needed to shore up his union buddies to get re-elected, though.

Tug484

I sure do.

America 1 Loc: South Miami

Maybe we should ship Iran and a few others more cash, that should help things along.

Lonewolf

It was their money whats wrong with you

Lonewolf

Must be slow rehashing things done 12 years ago but I guess if a deflection from the orange thing some people call president it might work for a little bit. Trump is going to cause a recession even worse than Obama inherited will you still have the same point of view and I happens. Will you regret Trump taking all of the safeguards Obama placed on Wall Street and the banks so this couldn't happen again.

Larai Loc: Fallon, NV

Blah blah blah and a Waaaa or two, your record is sticking again, you may want to find a new tune... bc WE are all tired of your bulls**t whining about same old tune... I think I could safely say, we're bored with you so run along like the basement critter you are...

Lonewolf

Feeling is mutual

Lt. Rob Polans ret.

Actually, he was talking about the Fed about a year maybe more ago. barry left him a pile of s**t to sort through.

America 1 Loc: South Miami

How Obama Secretly Gave Iran Access To Billions Of Dollars — And Enabled Terrorism
Iran: One of the linchpins of former President Obama's nuclear deal with Iran was that it would be accompanied by a near-ban on Iran having any access to the U.S. banking system. A new congressional report says that, too, was a lie.
https://www.investors.com/politics/editorials/obama-iran-terrorism/

herbie

Vernon, you are like all the other republican on this site, you can`t tell the t***h to save yourself thanks to trump we are heading towards a recession. so stop telling lies about Obama an ex-president, he left office with the economy picking up pace and Trump walked into that economy and claimed it was because of him, now that it is starting to decline he is trying to push the blame on someone else like the fed. he is truly a joke for a president.