You’re right, I don’t have evidence. What I do have are facts.
From the early ‘80s to the late ‘90s, the Dow Jones Industrial Average (DJIA) rose fourteen times, and forty million jobs were added to the economy.
Reaganomics did ignite one of the longest and strongest periods of economic growth in the US. The result of tax cuts depended on how fast the economy was growing at the time and how high taxes were before they were cut. Cutting taxes only increases government revenue up to a certain point. Once taxes get low enough, cutting taxes will decrease revenue instead.
Tax cuts were effective during President Reagan’s time because the highest tax rate was 70%. The effect would’ve been much weaker if the tax rate was less than 50% like it is in the present time.
The increase in interest rates initially pushed the economy into a recession as high interest rates caused demand for the US dollar to increase, thus increasing the value of the US currency. As the price of USD increased, exported goods became more expensive and imports increased. However, the economy did eventually become less volatile, and the economy entered into a period of strong growth.
You have no facts to support what you said.
Caption this Meme
