Memo to submitter: Paul Volcker, that dude sitting next to Raygun... Yeah, he approves of the plan.

You can STFU now.

I don't think that even Obama is willing to raise taxes every year he's in office.

Reagan may have resisted calls for tax increases, but he ultimately supported them. In 1982 alone, he signed into law not one but two major tax increases. The Tax Equity and Fiscal Responsibility Act (TEFRA) raised taxes by $37.5 billion per year and the Highway Revenue Act raised the gasoline tax by another $3.3 billion.

According to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history. An increase of similar magnitude today would raise more than $100 billion per year.

In 1983, Reagan signed legislation raising the Social Security tax rate. This is a tax increase that lives with us still, since it initiated automatic increases in the taxable wage base. As a consequence, those with moderately high earnings see their payroll taxes rise every single year.

In 1984, Reagan signed another big tax increase in the Deficit Reduction Act. This raised taxes by $18 billion per year or 0.4 percent of GDP. A similar-sized tax increase today would be about $44 billion.

The Consolidated Omnibus Budget Reconciliation Act of 1985 raised taxes yet again. Even the Tax Reform Act of 1986, which was designed to be revenue-neutral, contained a net tax increase in its first 2 years. And the Omnibus Budget Reconciliation Act of 1987 raised taxes still more.

The year 1988 appears to be the only year of the Reagan presidency, other than the first, in which taxes were not raised legislatively. (new window)


well, 6 out of 8 anyway.

Raygun was a moron. He probably never had an idea that didn't consist of "I believe I'll stand here looking like an idiot."

Was this the idea that he expressed as "I'll balance the budget?" Because we all know that worked out so well.

So the WSJ wants Obama to run up massive deficits like St. Ronald of Reagan?

Yeah, but under Obama's watch, not a single astronaut has died. Ask Christa McAuliffe about her dandruff . . .

Srsly . . . St Ronnie wasn't that great. In my line, I realize that for every $10 you save in taxes, there is another homeless guy begging you for change on the corner. Thanks St. Ronnie.

Oh, and by the way, our economy is 2/3 consumer spending. Therefore, trickle down will never work. Never. Never ever.

Memo to Submitter: This isn't 30 years ago.

It's funny, because high school economics teaches the exact opposite.

Um, what of Reagan's ideas worked? I honestly can't think of anything. Trickle down was a massive failure, ABM/Star Wars still fails over half the time and he was most certainly not responsible for the death of the USSR.

Memo to submitter- Reagan raised taxes 7 of the 8 years he was in office.

GAT_00: Um, what of Reagan's ideas worked? I honestly can't think of anything. Trickle down was a massive failure, ABM/Star Wars still fails over half the time and he was most certainly not responsible for the death of the USSR.

don't forget Iran/Contra

SilentStrider: don't forget Iran/Contra

Why not? Reagan did.

I can haz cherries?

GAT_00: Um, what of Reagan's ideas worked? I honestly can't think of anything. Trickle down was a massive failure, ABM/Star Wars still fails over half the time and he was most certainly not responsible for the death of the USSR.

He was stellar in the flight paths of planes?

NewportBarGuy: SilentStrider: don't forget Iran/Contra

Why not? Reagan did.

ZING

NewportBarGuy: Why not? Reagan did.

Oh! SNAP!

I got your trickle down right here, Submitter.

NewportBarGuy: Memo to submitter: Paul Volcker, that dude sitting next to Raygun... Yeah, he approves of the plan.

You can STFU now.

Yup, too bad morons don't realize Paul Volcker is one of Obama's closest advisers.

NewportBarGuy: Why not? Reagan did.

*snort*

AlwaysRightBoy: He was stellar in the flight paths of planes?

Hell, he almost died back in 1982 from a dry downburst. If AF1 had been trying to land a minute earlier, it would have been hit by 80 kt winds while landing.

Damn, look at all the rage. In general, trickle down economics or inherently delayed government spending is going to be a royal pain in the ass and slow on the draw. It's going to be virtually impossible to do anything quickly or efficiently enough to actually fix this situation without some huge fallout. More than anything else we need to make preparations to weather the storm and not get scared and do anything stupid enough to take it from a catastrophe to the apocalypse.

/2 cents

You cant catch a house of cards.

The next stimulus bill will be in July and it will more resemble the WPA.

For seven of Reagan's eight years the top marginal tax rate in this country was 50%. Today, that's apparently off in Kucinich/Sanders crazy-land. I'd say going back to Reagan-era tax codes might be a step in the right direction.

What part of it worked? The spend all that money that we don't have part? Or the ignore fatal diseases and pretend they aren't real part? Or maybe the fund religious extremists in a shortsighted effort to beat the current bad guys part?

If by worked, you mean it changed the percentage of income distributed to the wealthiest 1% of Americans from 9% in 1976 to nearly 21% in 2006, well then, yeah, it worked.

The ideas that led to a recession a year after he left office?

EviLincoln: You cant catch a house of cards.

Truth. Easy credit (typically at usurious rates) has infested every corner of our society to the point that a goodly percentage of people would be insolvent without it. On a long enough timeline, that status quo is untenable.

Memo: Hitler built helluva highway system!

Look at that progress.

Lessee, Reagan came into office with the lowest point of national debt in relation to GDP in better than 40 years, and went on to reverse that trend wildly.

And the complaint with the current proposed spending is what exactly?

hubiestubert: And the complaint with the current proposed spending is what exactly?

that its being done by a democrat to help poor people.

Now, if we were pissing money into a middle eastern country with lots of oil, that'd be A-OK.

hubiestubert: And the complaint with the current proposed spending is what exactly?

That it's not tax cuts, preferably for the wealthy.

GAT_00: NewportBarGuy: Why not? Reagan did.

*snort*

AlwaysRightBoy: He was stellar in the flight paths of planes?

Hell, he almost died back in 1982 from a dry downburst. If AF1 had been trying to land a minute earlier, it would have been hit by 80 kt winds while landing.

I was talking about the slap down on air traffic controllers during a strike
If I remember right it was they that instigated it.
/I am all for strikes, but not for guys that fly planes

NewportBarGuy: Memo to submitter: Paul Volcker, that dude sitting next to Raygun... Yeah, he approves of the plan.

You can STFU now.

OH!! Thread over.

Not to mention that every post in this thread points out the utter delusion, distortion and revisionism associated with Reagan.

Seriously, "conservatives," this shiat is why your "messiah," and "The One" and "unicorns" rhetoric is so utterly ineffectual. Because you worship the failure that was Reagan.

Memo to subby: So did FDRs.

i can see this thread is well taken care of.

/carry on...

Lionel Mandrake: Seriously, "conservatives," this shiat is why your "messiah," and "The One" and "unicorns" rhetoric is so utterly ineffectual. Because you worship the failure that was Reagan.

Enh, I wouldn't go so far as to say "failure". I'd say he's middle of the pack or above. What he definitely wasn't was God Almighty in Cowboy Boots, as the modern GOP tries to portray him.

Occam's Chainsaw: That it's not tax cuts, preferably for the wealthy.

Typical liberal reaction.

Look, it's all about motivating Americans to be more productive.

If you only cut taxes for the poor, then everyone will want to be poor and we'll all be screwed. Think about it. If you had to pay $10 billion dollars in taxes, would you really want to earn $20 billion a year? I think not.

Wow, flamebait thread is flamebait. When I was by here earlier, this thread was redlit. Now, I see thanks to the response, it's a nice shade of light green. C'mon, guys, this is the only way the Fark Independants (tm) can get their shots in- try and ruffle your feathers. Their ideas sure as hell aren't worth a damn.

Occam's Chainsaw: Lionel Mandrake: Seriously, "conservatives," this shiat is why your "messiah," and "The One" and "unicorns" rhetoric is so utterly ineffectual. Because you worship the failure that was Reagan.

Enh, I wouldn't go so far as to say "failure". I'd say he's middle of the pack or above. What he definitely wasn't was God Almighty in Cowboy Boots, as the modern GOP tries to portray him.

My point exactly, more rationally stated :) I'm not sure I would even go "middle of the pack," but I've definitely been led to adopt a hair trigger reaction to Reagan by having half my family think of him in Washington/Lincoln terms, and believing, quite fkn literally, that HE, practically unaided, collapsed the Soviet Union and the Iron Curtain, and how he and Olly were heroes, etc...

Hey, at least I've got an actual record to interpret/criticize, unlike the Obama haters.

zolchor: Damn, look at all the rage. In general, trickle down economics or inherently delayed government spending is going to be a royal pain in the ass and slow on the draw. It's going to be virtually impossible to do anything quickly or efficiently enough to actually fix this situation without some huge fallout. More than anything else we need to make preparations to weather the storm and not get scared and do anything stupid enough to take it from a catastrophe to the apocalypse.

/2 cents

so reality = rage? gotcha

Lionel Mandrake: and how he and Olly were heroes, etc...

Obligatory.

Three Crooked Squirrels: Srsly . . . St Ronnie wasn't that great. In my line, I realize that for every $10 you save in taxes, there is another homeless guy begging you for change on the corner. Thanks St. Ronnie.

Case in point: when Raygun was governor of California, he presided over mass closures of state-run residential mental health facilities that were supposed to be supplanted by more cost-effective state-run community-based outpatient mental health programs...

...of course, those community-based programs never really materialized, which is why a large percentage of California's homeless population is mentally ill (and a good chunk of those dually-diagnosed with a drug addiction as they try to self-medicate with whatever chemical they can get).

Thanks, Ronnie!

Hannitized and a Great American:

until the accumulated debt ruined everything

Welcome to hyper-inflation. We know the sin tax is coming on tobacco and related products, but, the store owner of a shop nearby said HIS cost on Coke products, effective 03/01/09, rises from $2.49 per 12 pack, to $5.00.
He said he knew the $6.00 per carton tax on cigarettes; $3.00 tax on *dip* per can; $14.00 per pound tax increase on loose tobacco was coming, but, he says he had no idea the base cost of sodas was also a sin tax. I try to support him, as he and family are here from Pakistan, so he can go to Med School to be a neurosurgeon, and return home, to reduce the fatility rate. He thanked me for supporting him, but apologizes if the doors are closed next time I come to patronize.
Dollar Tree better become your best friend!

Sybilll: Welcome to hyper-inflation.

What planet do you live on? The money for the banking system is not in circulation. Are you intentionally obtuse or just ignorant?

Read more, talk less.

You know what makes wealthy people wealthy?

It's not tax cuts - wealthy people have professionals on retainer who practice the fine art of tax avoidance (not evasion, avoidance - which is perfectly legal). Wealthy people build and maintain wealth by making money off of non-wealthy people who spend their money as a routine part of life.

Bill Gates got rich off of millions of average Joes buying productivity software - not tax breaks. You could give Bill every tax break imaginable, and his farking income will be $0 if the average Joes don't buy his shiat.

Sam Walton built a billion-dollar mega-chain from a single store by selling goods at an attractive price to people of limited means.

Ray Kroc fueled McDonald's evolution from a few burger shacks to a worldwide chain with cheap-ass Happy Meals and Egg McMuffins.

Henry Ford built an automotive empire with cars that he sold at a price low enough for his line workers to buy the products they made.

Etc. Giving 1,000,000 people a $500 stimulus check that they will then go out and spend (either directly or indirectly; paying down a high-rate credit card by $500 will in turn free up cash in future months that would have otherwise been servicing the interest-accruing debt) is pretty much a guarantee to inject money into local economies. Giving 1,000 people a $500,000 tax cut will have a comparatively tiny impact.

Shrew2u: You know what makes wealthy people wealthy?

Other people's labor.

Whamdangler: Shrew2u: You know what makes wealthy people wealthy?

Other people's labor.

Being born to, or marrying into, existing wealth.