To follow up on Gene Robke’s “Your heroes,” he writes of deficits, debts and recessions. On recessions, he ignores that Reagan had to deal with Carter’s malaise and inflation. Reagan brought down the inflation using tight monetary policies, which created the recession. Long-term, however, with his conservative policies of reductions in taxes, regulations and inflation, they resulted into 92 months without a recession – the longest period of sustained growth, during peacetime, in US history. Source: Congressional Joint Economic Committee Report of April 2000.
With G.W. Bush, the housing market collapse, the Community Reinvestment Act and Barney Frank and Chris Dodd’s complacency with Fannie Mae and Freddie Mac, caused that recession, not Bush’s conservative tax reductions.
Now, deficits and debt at the federal level. Under the Constitution, the federal government is required to spend for national security, nowhere does it state to provide the general welfare. Add, whatever government does, requires to take money from someone else, government doesn’t sell goods or services in the market place to make a profit, to generate its revenue. Thus, it takes from the very engine that runs the economy – the private sector.
As progressive/liberals have advanced their social engineering, their “War on Poverty” has cost the American taxpayers over $22 trillion and it has been a colossal failure. For FY 2017, Social Security, Medicare and Medicaid will be nearly 2/3rds of government spending. Thus, who’s really responsible for the size and scope of government and its out-of-control spending? Not conservatives!
Sign Up and Save
Get six months of free digital access to Belleville News-Democrat
Russell C. Fette, Collinsville