Robert Samuelson explains Reagan’s true concrete accomplishment: Snuffing inflation. Yes, Fed Chairman Paul Volker did the heavy lifting, but President Reagan kept a steady hand at the wheel and resisted politically-smart but economically-stupid advice to lower interest rates sent through the roof by Jimmy Carter's disastrous policies.
The lesson liberals draw (and urge Obama to imitate) is that Reagan's political success reflected his optimistic presidential stagecraft. It wasn't policy, it was presentation. Wrong.
Reagan earned his success the hard way - by backing policies that, though initially unpopular, served the nation's long-term interests. That's called leadership, a quality Obama has yet to demonstrate. (Samuelson)Who’s Afraid of E-Verify?
The US Chamber of Commerce. Wouldn't want to hurt the bottom line by hiring Americans and paying them a decent wage, would we?
Only in America could we be talking about "jobs Americans just won't do" while we have 10% unemployment.
6 comments:
"A decent wage" is whatever the market will allow. Boy oh boy I would love to post my rant on the minimum wage but I have entered the realm of pleasant little design blogger.
I think the majority of death threats on Facebook came from the minumum wage topic anyhow!
Speaking of rant, the city we live in can barely afford police officers (laying off 8 more when we are already down 50) but it is filling the public housing vacancies thanks to funds granted by the federal government. Add 40 inner city Chicago welfare families to the 60 that exist and we NEED more police! Not rocket science. Our crime stats are already 80% higher than the national average ( a map will show you how the crime stats neatly coincide with the section 8 housing) but the city places more importance on funds to beautify the ghetto with flowers. Yes, I know. They are planting petunias for the crack addicts to pee on while the rest of us can pretty much rely on the fact that if we dial 911 an officer will arrive in 45 minutes if at all.
Gah!
Did you see how fast the idiot lefties kicked me off the "teacher" topic when I mentioned the realities of irresponsible people and their breeding habits?
I cannot grasp why they cannot see reality. What gives?
@ Divine,,,"I cannot grasp why they cannot see reality. What gives?"
It can be boiled down to they fear responsibility. Most if not all conservatives and libertarians I know have made it on their own facing hardships along the way but never expecting anything they did not earn. This concept is completely foreign to liberals.
The war on inflation started long before Reagan. Nixon first faced it, then Ford and Carter (inflation damaged Carter's term more than Iran!). Carter began the process Reagan continued.
Remember, Volker was Carter's guy. Reagan kept him. It's been the same relationship between the Fed and presidents of both parties ever since. This, in and of itself, almost completely belies partisan accusations of "socialism" and "communism" directed at the Democratic party. As I always say, it's just a matter of degree.
You seem to understand that, though, but you fall for the silly caricatures of Carter as this bumbling fool and Reagan as political genius that just seems sooooo beneath you.
Yes, though, by reining in inflation, that is how Reagan won the people, his second term, and his popular reputation. There are arguments to be made about how to control inflation, when to and whether to, and so forth. Actually, Reagan's approach to controlling inflation is anathema to true libertarians, constitutionalists and such. Whenever I read a righty applauding Reagan's successful war on inflation, I just chuckle and recall how they HATED it when he did it.
JMJ
Carter was very reluctant to appoint Paul Volcker to be Fed chairman but did so under Wall Street duress.
There was a great deal of pressure on Reagan to get rid of Volcker, yet, he not only supported Volcker , he appointed similarly-minded individuals to the Fed when the opportunity arose.
The result of the Fed's tight money policy under Reagan was a far faster reduction in inflation than most economists thought possible. Keynsians protested this policy adamantly.
Reagan was firm in his belief that the money supply fundamentally determined the inflation rate. He cut tax rates and reduced business regulation to increase the production of goods and services; deregulated the price of oil, which broke the OPEC oil cartel; and fired striking air traffic controllers, which helped get the wage-price spiral under control. That sounds pretty darn Libertarian to me.
Divine, back when Carter put Volker in there, you conservatives and libertarians were miserable about it. Only the Wall Streeters were happy. When Reagan kept him, you averted your eyes, and even moreso today. You just love the silly mythology.
Keynesians do not argue against smart public investment. They did not notably "protest" Reagan's policies regarding entitlements and most discretionary spending. Reagan dealt for everything he got. He raised taxes many times, he signed off on a doubling of American debt, and he finally and properly gave up on colonial war.
It's for that last thing we should most be grateful to Reagan. He did hate war... He just had a funny way of showing it.
JMJ
Libertarians decry the very existence of the federal reserve.
Reagan did good with what he had to work with.
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