-Caveat Lector-
REWRITING ECONOMIC HISTORY
Persons whose recollections of economic history go further back
than those of the President, are taking Clinton to task for his
claims that his two Republican predecessors followed "reckless"
policies.
Specifically, Clinton has said: "In the 12 years before I took
office, reckless fiscal policies quadrupled our debt, bringing us
higher interest rates, higher unemployment, higher inflation."
Here are facts which argue otherwise:
o Under the Reagan presidency, unemployment went from above
7 percent to under 6 percent.
o In 1980, the yield on the 30-year U.S. bond was 13.91
percent -- which had dropped to 6.69 percent by the time
Reagan left office.
o Inflation dropped from 10.3 percent in 1981 to 4.1 percent
by 1989.
o As for the debt, objective observers would remind the
President that Democrats controlled one or both houses of
Congress throughout the Reagan presidency -- and
consistently spent more than he requested.
Moreover, through tax cuts for individuals and businesses,
reduced government regulation, decreased discretionary spending,
the appointment of Alan Greenspan to chair the Federal Reserve,
and rebuilding the military, Reagan achieved more economic
growth, more personal freedom, the fall of Communism and the
collapse of the Soviet Union.
Source: Editorial, "The First Revisionist," Investor's Business
Daily, June 29, 1999.
For more on Supply-Side Policies
http://www.ncpa.org/pd/economy/econ4.html
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