Reaganomics: Right Or Wrong?
In "The world knows that Reaganomics was right" (Economic Viewpoint, Sept. 27), Paul Craig Roberts clings to the Reagan myth like lint sticks to wool. Yes, President Reagan slashed personal income tax rates, and it's true that more people joined the millionaires' club in the 1980s than in any period in our history. In singing the praises of Reaganomics, however, Roberts has completely ignored a gruesome legacy: a quadrupling of the national debt, a dismantling of the middle class, massive corporate leveraging, record numbers of Americans living below the federal poverty level, unprecedented levels of bankruptcies, stagnation in our wages, the S&L debacle, and the transformation of the U.S. from the world's largest creditor nation to the largest debtor.
Jeffrey S. Hurwitz
Paul Craig Roberts laments the alleged march back to Big Government while asserting that Reaganomics worked. Wasn't it Mr. Reagan who borrowed and spent over $3 trillion we did not have? Is this not Big Government?
William A. Smith
This is not economics, it is blind love and faith. An honest Roberts would rename his organization "The Institute for Reagan Worship."
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.