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October 18, 2007 at 09:47:41

Sleep-Walking Through History with Reaganomics

by Patricia L Johnson     Page 2 of 2 page(s)

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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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Richard E Walrath and Patricia L Johnson are co-owners of the Articles and Answers News and Information sites.  Articles and Answers 2007 and Articles and Answers

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Undergraduate degree in political science and philosophy: summa cum laude, Phi Beta Kappa; with postgraduate work in political economics. Postgraduate degree is a juris doctorate. I am a voracious reader and, although I make no claim to expertise, have self studied in logic, linguistics, theology, theoretical physics, macroeconomics, technical and fundamental market analysis, world history, and many other subjects, which I believed at the time helped explain the world around me.

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W.M.L.Undergraduate degree in political science and philosophy: summa cum laude, Phi Beta Kappa; with postgraduate work in political economics. Postgraduate degree is a juris doctorate. I am a voracious reader and, although I make no claim to expertise, have self studied in logic, linguistics, theology, theoretical physics, macroeconomics, technical and fundamental market analysis, world history, and many other subjects, which I believed at the time helped explain the world around me.

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DOES ANYONE KNOW

if the nine trillion national debt figure Patricia Johnson uses includes debt the federal government essentially owes itself from borrowing from the social security and medicaid trusts that workers supposedly own?  I don't think it does.  If not, then the real national debt would be closer to about 22 trillion dollars, I think.  Not my area of expertise, but I seem to remember reading something like this a year or so back.  It was a piece by the head of one of the federal agencies  like Auditor General of the GAO who put the federal deficit at about $70,000 for every man, woman and child in America.  If someone knows the facts on this, please share.

by W.M.L. (0 articles, 0 quicklinks, 0 diaries, 394 comments) on Thursday, October 18, 2007 at 3:31:07 PM
 

57Yo m I'm a "been there, done that! Bought the tee shirt,to hide the scars!" type of person Ive worked�many jobs from�a chicken slaughterer to managing a branch of a multinational and many jobs in between.Raised in colonial PNG Left School 16,Grad Hi school 22 Night School, University 36� BBus (majored in Psyche and Marketing), Dip Comp prog and project Mmnt.at 50 I've been in 48 different community org ,23 on board with 18 prez or deputy prez.First social campaign at 17 for the aborigine...

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Andris57Yo m I'm a "been there, done that! Bought the tee shirt,to hide the scars!" type of person Ive worked�many jobs from�a chicken slaughterer to managing a branch of a multinational and many jobs in between.Raised in colonial PNG Left School 16,Grad Hi school 22 Night School, University 36� BBus (majored in Psyche and Marketing), Dip Comp prog and project Mmnt.at 50 I've been in 48 different community org ,23 on board with 18 prez or deputy prez.First social campaign at 17 for the aborigine...

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US govt borrowing from peter to pay paul

I remember  something along those lines on an expose on TV in Australia!

I remember it had to do with the US govt. borrowing on superannuation with IOUs . The story said something about unfunded liabilities that would kick in around 2020-25 when all the baby boomers retired.

Thaet's the best I can remember.Sorry

by Andris (4 articles, 0 quicklinks, 0 diaries, 531 comments) on Thursday, October 18, 2007 at 11:36:29 PM
 

Richard E Walrath and Patricia L Johnson are co-owners of the Articles and Answers News and Information sites.  Articles and Answers 2007 and
Articles and Answers
Patricia L JohnsonRichard E Walrath and Patricia L Johnson are co-owners of the Articles and Answers News and Information sites.  Articles and Answers 2007 and
Articles and Answers

Does Anyone Know

Sorry, I didn’t respond to your question sooner, but for some reason I’m no longer receiving notification when a comment is posted J   

In answer to your question, yes, Social Security Trust Funds are included in the $9 billion indicated in the joint article.  The $9 billion consists of two parts, $5 billion in Debt Held by Public and $4 billion in Intragovernmental Holdings.  Social Security Trust Funds are included in the Intragovernmental Holdings. 

As of right there is a surplus, which is declining, but the surplus in the accounts will not be depleted until the following years:

 

The surplus in OASI is depleted in 2042, DI surplus is depleted in 2026 and OASDI surplus is depleted in 2041.

 

Source: Social Security Administration, The 2007 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and

Disability Insurance Trust Funds (Washington, DC: April 2007).

 

Thank you for your excellent question.

 

Pat Johnson

by Patricia L Johnson (24 articles, 0 quicklinks, 4 diaries, 32 comments) on Friday, October 19, 2007 at 4:23:02 PM
 

 

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