Why Reagen was bad
Tax Breaks for the Rich
Reagan cut taxes big time for the wealthy and corporations, dropping the top rate from 70% to 28%. This meant the rich got richer while the middle class and poor got stuck with more of the tax load.
- sidebar - taxes were set to 91 under Roosevelt and 70 under LBJ. Meaning money earned after 200k was taxed at 70 percent. Which seems wild. How he paid for it was the issue
Gutting Social Programs
To pay for those tax cuts, he slashed funding for stuff like food stamps, welfare, and public housing. The folks who really needed these programs got left behind
Budget Cuts
Reagan significantly cut federal education funding. The Department of Education saw its budget slashed by about 25% during his presidency, which affected programs aimed at helping low-income and disadvantaged students.
Deregulation
Reagan went all in on deregulation, which helped big businesses but hurt consumers and workers. This led to financial instability, environmental issues, and weaker labor protections. This led to jobs being shipped overseas
Union Busting
Reagan was no friend to labor unions. He fired the air traffic controllers in '81. That weakened unions and hurt workers rights, leading to wage stagnation for the middle class. Led to jobs being shipped overseas
Wage Freeze
Productivity went up, but wages for the middle and lower classes stayed flat. The economic gains went straight to the top, leaving everyone else behind.
Rising Poverty and Homelessness
With less social spending, stagnant wages, and unemployment, poverty and homelessness went up. Cutting mental health services made the homeless situation even worse.
National Debt
Despite cutting social programs, Reagan's tax cuts and military spending blew up the national debt. This debt led to cuts in public services down the line, hurting the middle class and poor even more.
Economic Recessions
The early 80s recession hit hard, thanks to tight monetary policies aimed at fighting inflation. High unemployment during this time hurt the middle and lower classes the most.