How Trump could make Americans permanently poorer

Comments

• Dagwood222@lemm.ee ⁨1⁩ ⁨week⁩ ago

  This is a long standing GOP policy.

  When Nixon was elected in 1968 it was a peace candidate. Instead of ending the Vietnam War Nixon tripled down on all of Johnson’s failed policies, especially printing money to pay for the War without raising taxes. This started inflation and the Oil Crisis made it a giant problem.

  When Jimmy Carter came in he hired Paul Volker to reverse the trend. It worked, but only after Carter was out of office. Reagan kept Volker on and benefitted from Carter’s plan. Then Reagan turned around and cut taxes for the rich without cutting spending. That ballooned the deficit and caused the mess that cost Bush Sr. his second term.

  Clinton benefitted from the 1990’s tech boom and was on the verge of paying off the debt. Bush Jr. came in and decided he could have two wars and tax cuts because why not.

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  • whyrat@lemmy.world ⁨1⁩ ⁨week⁩ ago

    was on the verge of paying off the debt

    That’s inaccurate; the annual budget deficit became a surplus. But it was never near the scale to make much of a dent in the total debt. I think you used the wrong term? Your sentiment is correct if so.

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    • Dagwood222@lemm.ee ⁨1⁩ ⁨week⁩ ago

      You are correct.

      I’ll edit.

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• Treczoks@lemmy.world ⁨1⁩ ⁨week⁩ ago

  FTFY: could is going to

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• Sgt_choke_n_stroke@lemmy.world ⁨1⁩ ⁨week⁩ ago

  Boomers get what they voted for… outstanding move

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• meliodas_101@lemmy.world ⁨1⁩ ⁨week⁩ ago

  By putting all of them in prison.

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