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Politics

Was Ronald Reagan a good president?

No, I don’t think so. I think he was definitely a charismatic and inspirational leader, which is part of the reason why he won his two elections by a landslide, but as to his actual accomplishments, the recovery of the economy in the 1980s was mostly due to the work of Paul Volcker the Fed Reserve chairman who raised interest rates in order to curb inflation at the time. This ended the stagflation of the 1970s. But Volcker wasn’t in favor of deregulating enough, so Reagan canned him and appointed Alan Greenspan instead, who some would say is the architect of the Great Recession of the late 2000s.

To me the worst thing about Reagan is that he brainwashed people to believe that supply-side economics i.e Reagonomics or Trickle-down economics, worked. It doesn’t. Never have and never will. It doesn’t take a genius to figure out that if you keep cutting taxes for the rich, it will increase the inequality gap between the rich and poor, which is still growing to this day, since taxes for the rich have remained low since the 1980s. It also increases the deficit, which is why you see the US national debt balloon tremendously since the 1980s. But the rich people obviously love this strategy, and so they love selling this hogwash to the general public that cutting taxes for the rich will somehow benefit the economy. Take a look at the 1950s and 1960s. Pretty good economic time. Marginal Tax rates for the rich? Try 90%. That didn’t seem to affect the economy back then though.