From the C&L inbox, Rick writes:
I loved your recap of the McCain interview with Brokaw. Just wanted to point out that not only did Reagan raise taxes during a recession, but Bill Clinton raised taxes in 1993 a year after his election. We were mired in the worst recession since the depression at the time. Not one GOP Congressman or Senator voted for Clinton’s tax raise at the time and they all claimed it would ruin the economy, the same as now. Well, as you know, Bill raised taxes and we saw the greatest growth in our history along with record surpluses that will probably never be equaled. Under Reagan we saw the beginning of the deregulation era that brought us the savings and loan crisis, the Enron debacle and this current banking crisis that we find ourselves in today. When Reagan took office in 1980 our total debt was under 1 trillion dollars. Today it is 11 trillion and we had surpluses under Clinton. So under Reagan, Bush 1 and Bush 2 we increased our national debt from 1 trillion to 11 trillion.
It’s time that everybody realized that Milton Friedman and Reaganomics is a totally failed policy and until we do realize it, we are doomed to keep repeating it. It’s remarkable that more so called experts have not addressed the failed “deregulation” policies of the GOP as the main contributor to this collapse of our banking system.