The U.S. Needs More Historical Statues – Part 4

I would like to suggest a sixty foot tall statue of President Ronald Reagan.  The following statement should be inscribed on a large bronze plaque at the front of the statue:

” Ronald Reagan was elected president in November, 1980, when he defeated President Jimmy Carter. Mr. Reagan campaigned against Mr. Carter by stating that Carter was financially irresponsible and also by pointing out that the National Debt was approaching $ 1 Trillion.  After he took office, Mr. Reagan proved to be one of the greatest hypocrites in history by decreasing the overall amount of tax revenues while at the same time increasing federal spending.  These dual actions sent the National Debt soaring past the $ 1 Trillion mark for the first time in the history of the U.S. Ronald Reagan became the poster boy of deficit financing in the U.S. Government. ”

I suggest that this historical statue be placed on federal land in West Branch, Iowa, near the Herbert Hoover Presidential Library.  The land should be fenced off and the U.S. Government should rent space to one souvenir salesman.  The only souvenir should be a small plastic card with the following quote: ” If federal taxes are reduced and federal spending is increased to a level greater than the level of tax revenues, then the U.S. National Debt will increase. ”

R. Van Conoley ( Editor’s Note: Mr. Reagan raised taxes in five of his eight years as president.  But overall, Mr. Reagan increased spending faster than total tax revenues could balance and the National Debt passed the $ 1 Trillion mark ! For the statistical fanatics who read this website and demand exacting data analysis, here it is. In 1981, when Mr. Reagan took office federal tax revenues were 19.6% of GDP.  At the end of his eight years, federal tax revenues were 18.2% of GDP. )

( Editor’s Note 2 : Presidents George W. Bush (43) and Barack Obama shamelessly increased the U.S. National Debt in a manner as irresponsibly as Mr. Reagan. The only reason the U.S. does not suffer more economic pain from the huge National Debt is mainly because other industrialized democracies around the world are also acting  more irresponsibly with their National Debts !  The international currency markets which operate 24 hours a day and 365 days a year, buy and sell currency ( Yin, Yuan, US Dollar, Euro, etc. ) based on currency supply and the complex relationship between the National Debt of a country as a function of the GDP of that country. )

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