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The Canonization of Ronaldus Magnus 0

A triumph of marketing over reality, like all of Republicanism, a combination of ideology and wishful thinking, devoid of facts:

Reagan devoted billions in spending to new military hardware and to researching weapons systems, including his Star Wars missile shield, a program that he endorsed in March of 1983. In his 2008 book, The Age of Reagan: A History, 1974–2008, Princeton historian Sean Wilentz explained how Reagan’s first budget marked a sharp turn in the nation’s economic direction: “wealth would be redistributed toward the wealthy, while the government would be starved of funds to meet non-military needs.” The exploding budget deficits that resulted were among Reagan’s most significant legacies. In 1980, the national debt stood at $994 billion; by 1989, it had nearly tripled to $2.8 trillion. Wilentz puts the blame squarely on Reagan’s program to reduce taxes while increasing the defense budget and failing to curb government’s growth beyond the social programs, which in any case weren’t a large part of the budget. While “the administration and its supporters were quick to blame a spendthrift Congress” for the deficits, Wilentz writes, “the administration itself (which never submitted a balanced budget) was chiefly responsible,” because incoming federal tax revenues in the 1980s “came nowhere near the levels required to cover the immense new outlays on the military.”</blockquote>

Ground yourself in reality. Read the whole thing.

November 25, 2009 | Posted by: Frank | Posted in: Republican Lies | Bookmark this post

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The Canonization of Ronaldus Magnus 0