Hardline progressive columnist Michael Tomasky used his latest column to declare that last Tuesday’s election meant the death of Reaganomics. Like other progressive fools before him, he sounds silly. Reaganomics didn’t die last Tuesday night because it wasn’t on the ballot.
Along came Ronald Reagan to assure everyone that the rising tide would lift all boats. It’s never happened quite the way conservatives said it would. Even during the general prosperity of the second Reagan term, income inequality began to expand dramatically, wage stagnation became a permanent feature of American life, and the immiseration of the poor worsened.
That’s odd. I lived through the Reagan Revolution. My 401(k) grew exponentially during the 80s. Q3 of 1983 was particularly good, earning an astonishing 44.59% return that quarter. Yes, you read that right: 44.59% in Q3 of 1983. It isn’t coincidence that September, 1983 was when the economy created 1,100,000 jobs. It isn’t coincidence that GDP growth that quarter was 7.1%.
If Mr. Tomasky wants to argue against Reganomics’ GDP coming out of a recession, let’s have that fight. The GDP rate of Q3, 1982 was over 9%, followed by GDP rates of 8.1%, 8.5%, 7.9% in that order. If Mr. Tomasky wants to argue that this type of explosive economic growth, coupled with a strong dollar, explosive job growth and an abundant, inexpensive and stable domestic energy supply is a bad thing, let’s have that fight.
It isn’t that Reaganomics is a failure. It’s that we need the right person to cut through the progressives’ lies about the alleged failures of Reaganomics. It’s important we remember that progressives insist voter fraud doesn’t exist and that President Obama’s policies worked while cutting the deficit.
The plain, simple truth is that people like Mr. Tomasky and John van Hecke are liars. They peddle lies because arguing policies on the merits is how they’re defeated. They don’t think Reaganomics dies. They’re praying that people believe them so they don’t have to fight Reagan’s policies.
When hsi second term finally ends, President Obama will have created fewer jobs in 8 years in office than what President Reagan created in a single quarter of 1983. That’s before comparing economic growth, inflation and deficits.