Yet, the debt, as a percentage of GDP ballooned from 26.1 percent of GDP when Reagan took office, to a whopping 40.6 percent of GDP when he left office.
Having been elected on the promise of "no new taxes", George H.W. Bush (January 20, 1989 – January 20, 1993) agreed to tax increases because of the continuing deficits resulting from the Reagan tax-cuts and increased spending for the military buildup for Desert Storm/Desert Shield (1990-1991). By the time George H. Bush left office in January of 1993, the national debt as a percentage of GDP had jumped to 64.1%.
Steve Moore is first and foremost a right-winger. Add to that the fact that he is on the editorial board of the Wall Street Journal and it's easy to understand why he writes what he does. What you see is what you get.
Reagan was the best shot supply-siders had. It was "Morning in America" then, if you believed the Reagan PR machine which was a good one.
The Reagan myth will be around for a long, long time.
Data Sources: OMB and IRS
© 2007 Patricia L Johnson and Richard E Walrath
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