And Another Thing

[ProfessorGAC]

With all the Reagan hagiographies abounding, the old canard that the economic success of the 90's was due to Reagan. The reasoning is that the actions a president takes in office require 10 years to affect the economy. Hence, what Reagan did in 1986 resulted in the boom in 1996.

Well, well, well. The worm has now turned, hasn't it boys?

Bad enough that this means that when they took credit for the economic "boom" of the 80's, they are admitting they were wrong, since that would have been Ford's doing. And, Ford implemented wage and price controls, which are anathema to conservative economics. So, giving Ford credit would require admitting they were wrong about their most basic economic beliefs. Ha Ha!

But, on top of that, it would mean that when the economy was "in recession" at the end of 1990 (or so they claim), that it would be Li'l Georgie's dad's fault. After all he was president 10 years before that. Another Ha Ha!

And, since the economy is in such "good shape" now, well, who was president 10 years ago? Oh that's right! Clinton! So, this good economy is Clinton's doing, not Li'l Georgie's. Third Ha Ha!

So, which is it boys? Do a president's action affect the economy now or in 10 years. Did Reagan affect the 80's or the 90's? Who was responsible for the economy of the 80's then? Wage & Price Controls? Who do we blame for the recession if not Li'l Georgie? His daddy?

Whichever answers they give, they won't like. No matter which truth they try to tell this week, the logic trap has been sprung!!
The Professor

[UrbScotty]

1. There was a boom in the 80's?

I didn't feel it.

[shraby]

2. Only in the

stock market..I can remember watching the news and couldn't believe the stock market was going up cause my husband and I were unemployed, my sons couldn't get jobs, people were lined up at the food bank and others living in their cars. There certainly was a disconnect there.

[ProfessorGAC]

3. Not Correct

There was a valid macroeconomic boom in the 80's. Now, i published a paper back in 1992 that established that 84% of the real growth above natural was leveraged on borrowed money. And, that 76% of that was on defense spending. And that 64% of that was on pie in the sky stuff that we never got any return on.

But, the economic upturn was real. It was just artificially created and unsustainable in the long run.
The Professor

[ewagner]

4. Hence the Bush 41 recession?

Am I right about that?

[ProfessorGAC]

5. Yes. The Deficits Triggered Monetary Inflation

Which reduced the strength of the dollar, and drew money away from venture capital. Innovation slowed, productivity fell, and the economy tanked. You are absolutely correct.
The Professor

[kofijoe]

9. Love your signature...

... the "Breaking News" one. Indifferent to the Pistons one.

[Cleita]

6. I am so sick of partisan theories affecting our's and the world's

economies. I really wish we had a bureacracy that operated our economy according to sound and proven policies and principles that would be in effect no matter who or what Party was in charge of governing the Nation.

[ProfessorGAC]

7. Good Call, Cleita

That would be nice, you're right. Alas, i hold out little hope, since that was what the Clinton administration did, and all we heard for 8 years was distortions and obfuscations about the causes.

We saw what you would like. It worked! Nothing changed in the long run. Too bad the lessons weren't learned, huh?
The Professor

[TexasSissy]

8. Heard this on TV...Reagan responsible for good economics of the '90s.

As well as other good things of the 90s. This is total bull.

The guy said that REAGAN was responsible for the budget being balanced in the '90s, for new jobs being added in the '90s, and other bull. Talk about trying to rewrite history!

This seems to be the M.O. of the Repubs, part of their strategy: Keep saying such and such is so, and people will believe it, since most people don't know! On the flip side, keep denying such and such happened, and people will believe it, since most people don't know any better!

It's like that old Richard Pryor joke: My wife walks in on me in bed with another woman, and I tell her --- who you gonna believe? Me or your lyin' eyes?