Here’s the syrupy, misleading, childish vision of the Reagan legacy that right wingers love so dearly, expressed through the famous “morning in America” ads:
Here’s more evidence, from Paul Krugman this time, of just how far-reaching the negative effects of Reagan’s deregulating, mindlessly flag-waving, race-baiting, tree-hating, union-busting presidency have been. The emphasis here is on the deregulating part:
“This bill is the most important legislation for financial institutions in the last 50 years. It provides a long-term solution for troubled thrift institutions. … All in all, I think we hit the jackpot.” So declared Ronald Reagan in 1982, as he signed the Garn-St. Germain Depository Institutions Act.
He was, as it happened, wrong about solving the problems of the thrifts. On the contrary, the bill turned the modest-sized troubles of savings-and-loan institutions into an utter catastrophe. But he was right about the legislation’s significance. And as for that jackpot — well, it finally came more than 25 years later, in the form of the worst economic crisis since the Great Depression.
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Attacks on Reaganomics usually focus on rising inequality and fiscal irresponsibility. Indeed, Reagan ushered in an era in which a small minority grew vastly rich, while working families saw only meager gains. He also broke with longstanding rules of fiscal prudence.
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The increase in public debt was, however, dwarfed by the rise in private debt, made possible by financial deregulation. The change in America’s financial rules was Reagan’s biggest legacy. And it’s the gift that keeps on taking.
If only someone had tried to warn us about this guy. Oh – right.