Trace deficit to Reaganomics

Regarding the Aug. 3 letter, “Democrats, not Reagan, to blame”:

Who is to blame? President Reagan said it himself, as the writer stated in her opinion. Sign it or reject it. Reagan chose to sign it.

Reagan increased the national deficit more than any other president during times of peace. Under his policy, spending to rebuild and strengthen the U.S. military increased the deficit by 40 percent. His economic policy, based on the Trickle Down Theory, reduced taxes on the wealthy from 70 percent down to 28 percent in hope the money the wealthy retained would be invested and trickle down to the middle class. The policy was hoped to stimulate the economy and federal revenues.

In fact, in only the first year of the policy did federal revenues increase. This policy was a failure and only created more wealth for the wealthy. Income increased for the wealthy and declined for the lower middle class and the poorest of poor.

Even if you totaled the Republican and Democrat pork-barrel spending, it is insignificant in comparison to the combination of military spending and the reduction of taxes paid by the wealthy on the national deficit. Reagan was by far the biggest spender in history during peace time. It is fact that the policies that led to the fiscal deficit were Reagan’s, not the Democrats’.

If you add the total deficits created under Reagan and both Bush presidencies, it comprises 70 percent of today’s national deficit. Just amazing.

Steven M. Lay


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