Many people claim that Reagan's tax cuts created the economic growth of the 1980s and 1990s.
Yet these people FAIL to highlight FOUR other key factors which drove economic growth over this time period.
1. Interest rates also fell dramatically in the 1980s and 1990s
2. Energy prices declined dramatically in the 1980s and 1990s
3. Government spending increased which created millions of jobs in the 1980s and 1990s
4. Innovation in the technology and healthcare sectors created new industries. Anyone heard of cell phones, personal computers, the internet, new medicines (for diseases such as cancer, arthritis, heart disease, diabetes, and many others), medical devices such as stents for the heart? All of these new technologies and innovations created new industries which created millions of jobs.
The seeds of this innovation were sown decades earlier and had nothing to do with short-term government tax policy. Would Steve Jobs have not developed the personal computer in the 1970s without Reagan's tax cuts in the 1980s?
So I ask you did Reagan's tax cuts really create the economic growth in the 1980s and 1990s or were other factors involved?
@redenigma Reagan, to me, is the worst modern president! (Not counting tRump)