The Reagan economy was a one-hit wonder. Yes, there was a boom in the mid-1980s, as the economy recovered from a severe recession. But while the rich got much richer, there was little sustained economic improvement for most Americans. By the late 1980s, middle-class incomes were barely higher than they had been a decade before -- and the poverty rate had actually risen. Full Story »
Posted by Kaizar Campwala - via avivao (f)
This story effectively discredits the "Reagan-walked-on-water" fable. Reaganomics was nothing more than the old canard about trickle-down economics being good for the economy. Most Americans were shocked at tax time to find Reagan's "reductions" to be nothing more than decreases in deductions. Media spin, anyone? And making him the hero of the fall of Communism is in the realm of "once upon a time." Try as they may, ultra conservatives cannot change history's inevitable verdict of Reagan as one of the poorest presidents in America's history.
