Mullin' It Over Column
Bring Back Reaganomics
We’ve heard President Biden recite the same line over and over again, that he wouldn’t raise taxes on anyone making less than $400,000 per year. This is a flat out lie. President Biden’s disastrous budget proposal includes the highest sustained tax hike since 1968 and nearly 60 percent of taxpayers will see their taxes go up under this plan.
Under President Donald Trump, we had the strongest economy our country has seen in decades. Now, all of that progress is being undone in the name of passing a radical, socialist agenda.
So far, the economic outlook under President Biden is bleak. The May jobs report was abysmal, falling short by over 110,000 jobs. Unemployment is still down 7.6 percent from pre-pandemic levels, and 48 percent of small business owners are having trouble filling job vacancies because they’re competing with increased unemployment funds. Inflation is rising and families are seeing higher prices for gas, food, and other everyday items.
When former President Ronald Reagan took office on January 20, 1981, the United States was experiencing some of the worst economic times since the Great Depression. Taxes were high, unemployment numbers were up, and interest rates had soared. President Reagan effectively unified the country through “Reaganomics,” a plan that created over 20 million jobs and lowered inflation from 13.5 percent to 4.1 percent. Plus, the net worth of families earning between $20,000 and $50,000 grew by 27 percent annually.
President Reagan knew that to reboot the economy, his Administration had to lower taxes and level the playing field. As a result, his economic policies were a key element of bringing the longest peacetime economic expansion in our country’s history.
In his Inaugural Address, President Reagan said, “Putting America back to work means putting all Americans back to work. Ending inflation means freeing all Americans from the terror of runaway living costs. All must share in the productive work of this ’new beginning,’ and all must share in the bounty of a revived economy.”
These words are still true today. We all know that it’s not the wealthy who will pay the price for President Biden’s reckless policies, it’s every American family.
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