Did Reagan not turn a deficit into a great economy
2006-11-29 13:21:05 · 10 answers · asked by Anonymous in Politics & Government ➔ Politics
Your information is false.
Reagan did NOT have a good economy and it passed on to Bush Sr also. In 1989 we were in a full-blown recession. Are you not familiar with Ross Perot's term 'trickle down doesn't trickle'?
The point is that Reagan, Bush Sr and Bush Jr have all used that system and sure it creates a great booming economy FOR THE RICH but in the process it destroys the middle class.
I, personally, and not very thrilled about us currently owing China 26 BILLION dollars.
2006-11-29 14:03:32 · answer #1 · answered by BeachBum 7 · 4⤊ 1⤋
Yes, we should worry. We cannot endure forever on either a trade deficit or a budget deficit. The real worry, however, is not just the annual deficit, it is the total of the national debt. Unless something is done to bring down the total debt, and this starts with budget surplusses, not deficits, the country will be in for serious trouble.
You do not hear much about the national debt. Politicians tend to avoid bringing this up because to address it means cutting spending, and cutting spending, especially pork-barrel special-interest spending in their own districts, will cost them votes and perhaps their jobs. So in their own self-interests politicians will not talk about the national debt.
If left to run out of control, budget deficits will increase the national debt to a point where all sorts of social service spending, public works spending, Medicare and Medicaid, and even Social Security will have to be slashed or eliminated altogether while taxes will have to be raised, maybe doubled or tripled at the same time taxpayer benefits are reduced to nothing, all to pay just the INTEREST on the national debt.
Running deficits simply pushes the cost ahead to some yet unborn generation. People who were not yet alive during Reagan's presidency will be the ones paying for it.
2006-11-29 21:31:43 · answer #2 · answered by Kokopelli 7 · 1⤊ 0⤋
Reagonomics was a disaster for this country. Our economy was prosperous and produced a surplus as opposed to a record deficit under the Clinton Administration.
2006-11-29 21:28:28 · answer #3 · answered by Samuel Crow 3 · 1⤊ 1⤋
Good point! I'm personally worried more about my own record-breaking deficit than I am about the country's.
2006-11-29 21:24:27 · answer #4 · answered by Anonymous · 2⤊ 1⤋
1) Ask that question when we HAVE a record breaking deficit.
2) Good observation. I remember all the "experts" telling us over & over again that we were on the brink of a recession.
2006-11-29 21:48:22 · answer #5 · answered by yupchagee 7 · 0⤊ 1⤋
They just print more dough, causing inflation, which evaporates your $s. Yes, we should be worried. Check out an inflation calculator and see what the printing press is doing to your future.
2006-11-29 21:25:26 · answer #6 · answered by Anonymous · 1⤊ 0⤋
This ain't rocket science. You owe big money to creditors who don't like you, when the interest rate goes up your paycheck will no longer be paying any principal, therefore you will never get out of debt, your children will never get out of debt, your grandchildren will never.......does it matter?
2006-11-29 22:14:37 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No
How much does your grocery store buy from you? Nothing? You have a huge trade deficit with your grocery!
Does it matter? No
2006-11-29 21:30:13 · answer #8 · answered by rjf 3 · 0⤊ 1⤋
Reagan only cared about the rich and Jesus blowhards.
2006-11-29 21:23:26 · answer #9 · answered by Anonymous · 1⤊ 2⤋
well... eventually everyone has to pay the piper...
are we in too deep yet, to the point where it hurts us... probably not...
but it's still not great...
2006-11-29 21:26:52 · answer #10 · answered by Anonymous · 0⤊ 1⤋