Comment Re:How dare you talk down about Reagan like that! (Score 1) 160
Much of that inflation dates back to massive spending and debt from the Vietnam War and the creation of OPEC spiking oil prices, neither of which Jimmy Carter have much to do with. LBJ and Nixon are the ones to blame, if you were alive then you would remember the failed attemps at wage and price controls under a Republican administration, Nixon. Carterâ(TM)s presidency was doomed before it started because of the mess he inherited, and there was very little he could do about it.
Interest rates were 20% because Paul Volcker and the Fed set them to 20% in 1979 to break the back of an inflationary spiral, which he did, and that is not something Reagan can take any credit for. Carter can only take credit for having appointed Volcker to the Fed. Volcker was one of the very few great Fed Chairmen.
The legacy most working people can thank Reagan for is jacking payroll taxes up to to an inescapable 12.5% on all working people, while he was cutting taxes on the rich.
A key reason we have income inequality today is working people pay an inescapable 12.5% in taxes on their wages not counting sales, propery, state and federal income taxes. Rich people pay 15% on capital gains, and those taxes are incredibly easy to dodge.