A triple history will take place in the new year, President Obama will leave office after completing eight years as President, Donald Trump will take the oath of office as the new President and both houses of congress will be controlled by the republican party. Will the new year be progressive or regressive under a new administration? Understanding the past has always been the key to the future for a lack of understanding the failures of the past produces a failed future. Lets examine the past and see if there is a clue to what the future holds for the country and the people.
The twelve years of the Reagan-Bush 41 Presidency operated under the economic policy of so called "trickle down economics" that never created a lasting economy, job creation, balanced budgets or a sustained lower unemployment rate. In fact the unemployment rate was over 10% for 10 straight months on Reagan's watch. That was the highest sustained unemployment rate in the last 50 years. Poverty levels stayed flat as did median family income. And when Bush left office the nation was in a regressive state.
President Clinton succeeded Bush 41 in office and passed an economic plan that raised taxes on the wealthy, created the greatest economy, job creation, lowest sustained unemployment in 40 years, balanced the budget, paid down on the national debt, median family income increased $5400.00 and Clinton left office after eight years and the country was in a progressive state.
George W. Bush succeeded Clinton and passed a tax cut much like Reagan's "trickle down economics" and left office eight years later with the country in the worst recession since the great depression, the worst job creation record since the great depression, record deficits for 8 years, a higher unemployment rate than when he took office, median family income fell $2400.00, the poverty rate increased and Bush left office with the state in regression.
President Obama succeeded President Bush, passed an economic policy that included a stimulus for the economy, let the Bush tax cuts expire for those making over $500,000.00 a year, the poverty rate has fell, created over 15,000,000 jobs, the economy is growing, median income is increasing, the deficit has been reduced, the unemployment rate has been reduced to 4.6% and every part of the economy is much better now than when Obama took office. The Federal Reserve announced last week that the country is at or near full employment. And the country is in a progressive state.
So now the new year will start the administration of President Donald Trump. Will the economic future of the country and its people fall back in regression or will it continue on the progressive road it is now on. The future will reveal the answer and also if the Trump administration learned any thing from the failed past. Trump's tax proposal also represents 'trickle down economics" and cast a large shadow on the economic future of the country.
This commentary written by Joe Lorio
