Reagan’s Horrific Legacy

• The Reagan ‘Revolution’ has come home to roost and we live with its consequences in our current economic nightmare.

• Supply-side republicans weren’t a majority in the early 80s, but they got a boost when Reagan realized he could balloon the deficit and sell the debt to China. The idea that you could cut taxes any time for any reason became ingrained in the republican party consciousness as dogma.

• Reagan deregulated the S&L industry and ended New Deal-era restrictions on mortgage lending. This gave us the S&L crisis where the bankers’ gambling was insured by taxpayers’ money, as well as set us up 25 years later for the worst economic crisis since the Great Depression.

• Increases in productivity only benefited the rich. The increase in public debt was dwarfed by the increase in private debt as working people’s income decreased.

• Under Reagan, ‘free trade’ was a policy to only benefit corporations and banks, shipping jobs to other countries instead of goods.

Revisiting the Reagan Nightmare