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Wednesday, February 16, 2005
More audio books
Just finished the book "How Ronald Reagan Changed My Life" by Peter Robinson. Robinson was a speechwriter for President Reagan's administration.
Reagan's boldness and character are fascinating to me.
February 5, 1981 address to nation on economy
"There were always those who told us that taxes couldn't be cut until spending was reduced. Well you know, we can lecture our children about exravagance until we run out of voice and breath, or we can cure their extravagance by simply reducing their allowance."
Right on! Obviously he's talking about reducing taxes and taking money out of the hands of congress who always seems to need more money.
At a 1982 economic policy board meeting regarding the looming deficit, they wanted to persuade President Reagan to take the tax cuts back. James Baker, Bob Dole and Tip O'Neal had basically indicated that IF the president would raise taxes, then congress would agree to cut $3 in spending for every additional $1 that the tax increase raised. Arthur Burns, a member of the advisory board, counsels President Reagan on the deal offered and urges the president to accept the deal:
"My best advice to you Mr. President, is that you should accept a revenue enhancer in order to get congress to agree to these major cuts in spending."
President Reagan's response: "You know Arthur, I can't tell you how much I enjoy these advisory board meetings. But you know, I made a promise when I ran for office that I wouldn't raise taxes, and I intend to do all I can to keep it. So every minute you spend in these meetings talking about a tax increase is a minute I don't get the pleasure of discussing something I might actually do."
Then, according to those present, President Reagan leans over to Burns and states, "Never mention a tax increase in my presence again. Is that clear?"
Reagan's full tax rate cuts finally took effect in 1983, beginning the well documented economic boom.
In his 8 years, the Reagan administration added 1.4 trillion dollars to the national debt. Results?
1. Prompted military buildup that ended in the collapse of the Soviet Union.
2. Created an expansion of 18 million U.S. jobs.
3. Interest rates actually FELL, spurring incredible economic growth.
4. Total stocks, assets of the United States when Reagan left office increased 17 trillion dollars - 12 times larger than the amount borrowed.
President Reagan was effective in implementing effective policy. I'm sad that I was an ignorant, apathetic teenager during his administration.
2/16/2005 11:19:00 AM by Todd Bacon
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