Speaking at the Iowa Democrat Parties Hall of Fame dinner Friday night in Cedar Rapids former Secretary of State Hillary Clinton attacked the pro-growth economic policies of President Ronald Reagan as one of the worst ideas of the 1980s saying, “Trickle down economics has to be one of the worst ideas of the 1980s. It is right up there with New Coke, shoulder pads, and big hair. I’ve lived through that…and we are not going back to that.”
President Reagan’s policies of deregulation and across the board tax cuts helped spur the greatest economic growth period in the history of the country helping to create some 20 million new jobs during his 8 years in office. Reagan’s economic policies also saw the Gross Domestic Product(GDP) increase at annual rates at 5 to 8 percent during his presidency with some quarters of GDP growth at or near 10%. During President Obama’s 7 years of economic malaise he’s been lucky if GDP grows at 1 percent. There were points during the 1980s under Ronaldus Magnus were one months new job creation has topped whole years for President Obama.
Hillary continued, “We can’t let Republicans take us back like they are trying to do. We are not going back to trickle down economics or the wild west on Wall Street. We’re not going back to insurance companies charging women more for the same coverage. We’re not going back to denying climate change.”
During her more than 15 minute speech Clinton attacked Wisconsin Gov. Scott Walker for his collective bargaining reforms which limited the power and influence of unions while enabling the state and local units of government to balance their budgets without having to layoff workers. She also attacked former Florida Gov. Jeb Bush for wanting American workers forced into part-time work due to the policies of President Obama, namely Obamacare, to be able to get full-time jobs saying Republican policies would do just the opposite.
The former Secretary of State for President Obama defended Obama’s Jimmy Carter-esque economic record(the workforce participation rate is as low as it was at the start of Carter’s term in the late ’70s) saying, “Our county has worked so hard to come back from the financial crisis. With President Obama’s leadership and the determination of the American people we’re standing again. But we’re not yet running the way America should and now we have to choose whether we’re going to return to the failed top down policies that wrecked our economy before or move forward to chart a stronger, fairer, and more prosperous future.”
Funny, I thought the financial crisis was caused by the top down housing policies of liberal Democrats like Jimmy Carter, Barney Frank, and Hillary’s husband former President Bill Clinton who forced and/or pressured banks and other lenders to lower their standards so that minorities and poor people who had no business buying a house could do so, thus creating the sub-prime loan mess and housing bubble that bust in the last year of President George W. Bush’s tenure.
The truth is the economic polices of Ronald Reagan helped to create the longest and greatest period of economic growth and job creation the nation and the world has ever seen; an entire generation grew up knowing nothing but economic prosperity because Reagan cut taxes across the board and was friendly towards business and innovation. The dot com boom and the explosion in personal electronics, the rebirth of AM radio, a major expansion in domestic energy production, and those 20+ million new jobs we all made possible because of Reaganonmics.
Stagnation, a decline in household income, the shifting of the work force from full-time to part-time, and the explosion in the number of Americans not working(some 93 million to date) are all a result of the economic policies of Barack Obama.
Hillary repeatedly said she doesn’t want the country to go back to the GREAT economic times of the ’80s, well I don’t want to see the Obama malaise continue for one more day. For that to happen the next President has to embrace the model given to us by Reagan not the Jimmy Carter on steroids model of Obama and Clinton.
cross posted from USofArn.com