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Brian Patrick Cork is living the Authentic Life

so… its reagans Fault?

June30

ronald reaganAre our current economic challenges Ronald Reagan’s (President of the United States from 1980 to 1988) fault?

That’s the provocative claim being advanced by Nobel Prize winning economist Paul Krugman in. You can read the entire piece from the New York Times here.

According to Krugman, Reganomics sowed the seeds that grew into today’s financial disaster.  He writes:

“Reagan-era legislative changes essentially ended New Deal restrictions on mortgage lending — restrictions that, in particular, limited the ability of families to buy homes without putting a significant amount of money down.”

Krugman traces Reagan’s bailout of the savings and loan industry to the growth of debt by both the government and the general population.

“Traditionally, the U.S. government ran significant budget deficits only in times of war or economic emergency. Federal debt as a percentage of G.D.P. fell steadily from the end of World War II until 1980. But indebtedness began rising under Reagan; it fell again in the Clinton years, but resumed its rise under the Bush administration, leaving us ill prepared for the emergency now upon us.”

Is Krugman right?  Did the champion of modern capitalism inadvertently sabotage it decades later? Did Reagan enable this country’s materialistic bender?

Or is Mr. Krugman engaging in revisionist history?

Me? Well… Just because you can lead a horse to water does not mean he needs or has to drink it. While in college from 1980 to 1984 I was working my way through school, busting my butt, saving every penny I could, and building a small company.

What do you think?

Peace be to my Brothers and Sisters.

brian patrick cork

3 Comments to

“so… its reagans Fault?”

  1. Avatar June 30th, 2009 at 11:42 pm John C Says:

    NY Times tells it all doesn’t it? Next they’re gonna try and give Obama credit for bringin’ down the Berlin wall.


  2. Avatar July 1st, 2009 at 1:17 am Brian Patrick Cork Says:

    Hey John.

    The New York Times often has much to say. The writers are generally interesting fellows. For me, Reagan was the man in office we needed for those times.

    I was always inspired.

    Just because you can lead a horse to water does not mean he needs or has to drink it. While in college from 1980 to 1984 I was working my way through school, busting my butt, saving every penny I could, and building a small company.

    Cork


  3. Avatar July 2nd, 2009 at 2:22 am Craig Pfister Says:

    Hi Brian,

    Reagan got the job done by being the only President to end the cold war. The U.S. had to pay the ultimate price of out spending the Soviets. Clinton got the better years of the new world order that was being established. Our country was in a peace time mode for most of the 90’s so the Defense budget was slashed down to levels not seen since President Carter. I personally feel there was too much easy money being pushed onto the public. Remember, most high school graduates have never taken a personal finance class. I have feeling we are going to have another massive cut in the Defense budget over the next 2-3 years. It was Reagan’s fault that we still spend the most on our national defense and have the smartest and most well trained military in the world.

    Craig


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