If President Reagan has been able to convince the American people of his ability to increase economic growth during his term in office, then he has done a remarkable job. Many of us will remember the immediate post-World War II economic growth which occurred as a result of the US reemerging as a world power. The economic growth of the United States fed off of the success of other nations economically. Today, many of those same nations are experiencing economic growth. Could it be that we too can succeed at economic recovery? Let's explore some of the possibilities.
During the time of the Reagan administration, the average annual economic growth of GDP for the United States was 3.3%. That's pretty good by historical standards, but can we achieve greater economic growth during this Administration? There are many economic theories out there that believe we have reached the limits of capitalism and the ability for economic freedom to continue to thrive. So, is this the end of freedom and prosperity for our great nation? Do we have to move towards a system of collectivism and government control over our economic interests?
Some people believe that Ronald Reagan's economic recovery package will usher in a new era of socialism. Some socialist economic thinkers say that the Reagan economic recovery package will prove to be a big blow to America's middle class. It is being predicted that the average family income will go down, not up. This would seem to go against everything that the Reagan economic recovery team has been saying. They've been saying that if the economy expands, so will the middle class. How can they expect this to happen when there are so many people who have been recently losing their jobs?
Some economic thinkers also believe that the Reagan economic recovery package will further marginalize the poor and middle class in America. Even worse, the poor are being told to embrace economic policies which will further lead to economic disaster. Is this really the America that we want to live in? Do we want to see our middle class suffer or work until they are literally bankrupt? It seems that this is the path that we are taking with the Reagan administration's economic policies.
How can we stop this from happening? Some economic thinkers argue that we cannot move forward until the poor are economically empowered. How can this be done when they are told that the economic policies that were created by the Reagan economic recovery team will further hurt them and make it harder for them to succeed? It seems that this is the wrong approach to economic recovery. Surely if economic policies are going to help the poor, then they should benefit all Americans.
Other economic thinkers argue . . . . . . that the Reagan economic policies are good for capitalism and free enterprise. If the Reagan administration continues down this road, what kind of civilization will we have left, if not one based on socialism? The Reagan economic policies have led to a stagnant economy, rising unemployment, and rampant inflation. Some of these indicators have even reached the statistical level of Greece.
Is the Reagan economic policies good for America? Not really, not at all. With spiraling costs of fuel, rising prices on consumer goods, and a lack of job opportunities, is the economic growth of the United States a fairytale ending? Of course not, as more middle class citizens are being squeezed out of the home-keep, and wages are becoming lower.
Many economic analysts are predicting economic doom under the Reagan administration. Is America moving towards socialism? No, there is no evidence of this and if so, why? Does the Reagan economic policies reflect the ideals, the Democratic Party wants to convey to the general public, “We are better off, we are more secure, we have more opportunities than ever before”?