From 1980 to 2007, America's net worth climbed from $25 trillion to $57 trillion. More wealth was created in that 25 year span than in the previous 200 years.Originally Posted by Coriolis
Before Reaganomics (1978 to 1981), middle class income fell from $32,319 to $30,916. Under Obama, we're seeing an even steeper drop in family income:
US median income has plunged, inequality has grown in Obama “recovery”The yearly income of a typical US household dropped by a massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is just one of the findings of the 2013 Federal Reserve Survey of Consumer Finances released Thursday, which documents a sharp decline in working class living standards and a further concentration of wealth in the hands of the rich and the super-rich.
Now, let's look at the record after Reaganomics was instituted:
The National Bureau of Economic Research stated that the period from 1982 to 1999 (Yes, Clinton mostly kept Reaganomics policies in place.) was the "longest sustained period of prosperity in the 20th century." From Arthur B. Laffer's "The End of Prosperity"
1. The prime interest rate dropped from 21.5% in 1981 to 8.2% in 1987.
2. The inflation rate dropped from 14.5% to 4% in just two years.
3. Reagan lifted the price controls on oil and natural gas and this dropped the price of a barrel of oil in half.
4. From 1981 to 1989, the U.S. economy produced 17 million new jobs.
5. Federal tax revenues grew by 24% despite Reagan's tax cuts.
6. African American's incomes grew at 11%, even faster than white Americans (9.8%).
7. By 1989, an additional 5.9 more Americans were earning salaries of $50,000/year and more.
8. People earning less than $10,000/year dropped by 3.4 million.
Might as well get this done with. Ask away.Originally Posted by Xander