…history shows that Ronald Reagan reversed a long trend of reducing the national debt as a percentage of GDP, which had been lowered by every previous president (except Gerald Ford) since the end of World War II.
Ronald Reagan exploded the federal debt, eventually to over a trillion dollars, by cutting taxes while demanding that the nation fund a huge expansion of the military. Even the Wall Street Journal at the time was aware of the unsound nature of this Republican deficit-spending scheme. They and other newspapers warned of the “baleful effects of big [government] deficits.”
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