When Ronald Reagan entered the White House in January of 1981, the nation’s economy was in a tailspin from the disastrous administration of Jimmy Carter. He had to do something and do it quickly.
The result has come to be known as Reaganomics and consisted of four basic things.
- Reducing taxes for everyone, not any one class of people over another.
- Regulation reduction in which he did away with many federal regulations that proved to be unnecessary, burdensome and often hindering to a struggling economy.
- Stabilize the US monetary system by working with the Federal Reserve.
- Curb federal spending by setting limits on expenditures and restructuring some government agencies.
By Reagan’s second term of office, the economy had turned around and led America into one of the greatest periods of economic growth and prosperity in the nation’s history. Reaganomics was like bringing the people into the land of milk and honey.
Today, the milk and honey have been replaced with muddied water and bitter herbs. Obamanomics has steadily taken away many American’s ability to buy milk or honey. There are families doing their best to try to live on macaroni and Ramen noodles with an occasional hot dog thrown in for luxury.
While all of the presidential candidates talk about how they would help the economy, perhaps it would behoove them to turn to a program that was implemented in the real world and proven to be quite successful. After all, if it worked once, it just may work again.