oracle
02-18-2002, 04:14 PM
Our Debt to the Gipper (http://www.nationalreview.com/kudlow/kudlow021502.shtml)
He had it covered, from the domestic front to the world stage
Larry Kudlow
Mr. Kudlow is CEO of Kudlow & Co.
February 15, 2002 10:00 a.m.
I'm not entirely objective when it comes to former President Ronald Reagan, who celebrated his 91st birthday last week. I worked for Reagan as associate director and chief economist at his Office of Management and Budget. While in that post, I had the honor of seeing one of the finest leaders in this nation's history in action.
Certainly, this country owes Mr. Reagan a large debt of gratitude for his many achievements. Through supply-side tax cuts, a strong dollar, and deregulation, he restored economic growth after the stag-flationary 1970s. During the seven-and-half-year prosperity cycle fostered by Reagan's policies, the economy expanded nearly 4.5% yearly with low inflation and 20 million new jobs. The Dow Jones increased 240% in that time, and interest rates fell by half.
Reagan also rebuilt our military, and he negotiated through strength with the Soviet Union. Combined, these achievements -- both on the domestic front and on the world stage -- ultimately led to the end of Soviet Communism.
One of President Reagan's key policy legacies was the crucial linkage between a strong domestic economy and a secure national defense. As the U. S economy soared during the '80s, Reagan was able to convince Mikhail Gorbachev that the Soviets could never win an arms race with America.The former Soviet Union was literally incapable of producing the goods, while America's output was rising by leaps and bounds every year.
Reagan critics always point the finger at the increase in national debt, blaming it on excessive tax cuts. But the principal cause of the debt rise was the sharp decline of inflation which stopped government from feasting on inflated taxpayer revenues. Meanwhile, Reagan knew that debt increases to finance growth and a military build-up to restore national security were worthwhile investments in America's future. Indeed, Reagan's economic and foreign policies laid the groundwork for two decades of prosperity. As long as President George W. Bush stays on the Reagan path, which he appears to be doing with his own tax-cut efforts and his superb leadership in prosecuting the war against terrorism, we can look forward to a third decade of prosperity.
...
Click here to read more (http://www.nationalreview.com/kudlow/kudlow021502.shtml)
He had it covered, from the domestic front to the world stage
Larry Kudlow
Mr. Kudlow is CEO of Kudlow & Co.
February 15, 2002 10:00 a.m.
I'm not entirely objective when it comes to former President Ronald Reagan, who celebrated his 91st birthday last week. I worked for Reagan as associate director and chief economist at his Office of Management and Budget. While in that post, I had the honor of seeing one of the finest leaders in this nation's history in action.
Certainly, this country owes Mr. Reagan a large debt of gratitude for his many achievements. Through supply-side tax cuts, a strong dollar, and deregulation, he restored economic growth after the stag-flationary 1970s. During the seven-and-half-year prosperity cycle fostered by Reagan's policies, the economy expanded nearly 4.5% yearly with low inflation and 20 million new jobs. The Dow Jones increased 240% in that time, and interest rates fell by half.
Reagan also rebuilt our military, and he negotiated through strength with the Soviet Union. Combined, these achievements -- both on the domestic front and on the world stage -- ultimately led to the end of Soviet Communism.
One of President Reagan's key policy legacies was the crucial linkage between a strong domestic economy and a secure national defense. As the U. S economy soared during the '80s, Reagan was able to convince Mikhail Gorbachev that the Soviets could never win an arms race with America.The former Soviet Union was literally incapable of producing the goods, while America's output was rising by leaps and bounds every year.
Reagan critics always point the finger at the increase in national debt, blaming it on excessive tax cuts. But the principal cause of the debt rise was the sharp decline of inflation which stopped government from feasting on inflated taxpayer revenues. Meanwhile, Reagan knew that debt increases to finance growth and a military build-up to restore national security were worthwhile investments in America's future. Indeed, Reagan's economic and foreign policies laid the groundwork for two decades of prosperity. As long as President George W. Bush stays on the Reagan path, which he appears to be doing with his own tax-cut efforts and his superb leadership in prosecuting the war against terrorism, we can look forward to a third decade of prosperity.
...
Click here to read more (http://www.nationalreview.com/kudlow/kudlow021502.shtml)