There's no denying that in economic terms, the Reagan years were nothing short of spectacular - a modern roaring 20s, thanks in large part to tax reform.
Even most conservatives praising Reagan for his economic record acknowledge a fault during the Reagan years; an explosion in deficits and the national debt.
While Jimmy Carter's deficits averaged $57 billion a year, Reagan's averaged $167 billion, or 4.2 percent of GDP. By the end of his administration, Reagan had added $1.86 to the national debt, and you don't need to take a guess at what liberals blame for the soaring deficits: tax cuts.
When you account for other variables, practically none of the Reagan deficits can be attributed to tax cuts, however.
While $2.2 trillion would've been spent on defense during the Reagan administration had he let the budget increase according to its baseline, Reagan spent $800 billion on top of that, or $3 trillion total.
In total, the 1980-82 recession reduced federal revenue twice as much as the Joint Committee on Taxation estimated the entire Reagan tax cuts would in 1982.
Despite the initial adverse effects that the reduction in inflation had on tax revenues, they increased greatly under Reagan in the face of a massive reductions in rates.
https://www.bongino.com/tax-cuts-did-not-cause-the-reagan-deficits/
Even most conservatives praising Reagan for his economic record acknowledge a fault during the Reagan years; an explosion in deficits and the national debt.
While Jimmy Carter's deficits averaged $57 billion a year, Reagan's averaged $167 billion, or 4.2 percent of GDP. By the end of his administration, Reagan had added $1.86 to the national debt, and you don't need to take a guess at what liberals blame for the soaring deficits: tax cuts.
When you account for other variables, practically none of the Reagan deficits can be attributed to tax cuts, however.
While $2.2 trillion would've been spent on defense during the Reagan administration had he let the budget increase according to its baseline, Reagan spent $800 billion on top of that, or $3 trillion total.
In total, the 1980-82 recession reduced federal revenue twice as much as the Joint Committee on Taxation estimated the entire Reagan tax cuts would in 1982.
Despite the initial adverse effects that the reduction in inflation had on tax revenues, they increased greatly under Reagan in the face of a massive reductions in rates.
https://www.bongino.com/tax-cuts-did-not-cause-the-reagan-deficits/
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