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I remember in the late 80's when things actually seemed pretty good - but all through Reagan's presidency, the press had been lambasting "supply-side economics"
by smoyer 7y ago
I remember in the late 80's when things actually seemed pretty good - but all through Reagan's presidency, the press had been lambasting "supply-side economics" (and even his VP called it "voo-doo" economics). I can't say with certainty that there wouldn't have been a recession during Bush's first term without all the negative publicity but it certainly became a factor in his unsuccessful bid for a second term.
The curious thing is that if you perform a pump-and-dump on one or more stocks you get in legal trouble. If you perform a pump (or more likely dump) on the economy as a whole, then you must be a journalist.
- AnimalMuppet 7y agoNo, the recession during Reagan's first term was because Volcker cranked up the interest rate to shut down inflation. It worked, but it hurt the economy in the short term.
- throwawaybbb 7y agoLong term too. The bottom 50% of Americans lost all their wealth and went into debt to live since then.
- onlyrealcuzzo 7y agoThe bottom 50% has almost no wealth to begin with.
- AnimalMuppet 7y ago14% inflation wasn't doing to bottom 50% any favors.
- ceejayoz 7y agoWe've got pretty good evidence they were correct to criticize supply-side economics. https://en.wikipedia.org/wiki/Kansas_experiment https://en.wikipedia.org/wiki/Kansas_experiment