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And credit to Reagan for following through with it, and not just dismissing it as his predecessor's failed policy. Even through the 1982 recession that Volcker
by ls612 7y ago
And credit to Reagan for following through with it, and not just dismissing it as his predecessor's failed policy. Even through the 1982 recession that Volcker caused, which finally brought inflation down below 10% and almost cost him re-election.
- mattrp 7y agoI wouldn’t necessarily say Reagan went along with volker. For starters, volker advised that if Americans wanted to fix the economy they needed to accept a lower standard of living: https://www.nytimes.com/1979/10/18/archives/volcker-asserts-us-must-trim-living-standard-warns-of-inflation.html?searchResultPosition=1 https://www.nytimes.com/1979/10/18/archives/volcker-asserts-... That’s actually the opposite of what Reagan was saying at the time.