On Track to Restart the Cold War. Only This Time We Lose It

By Peter Ferrara

On economic policy, President Obama has consistently and thoroughly followed just the opposite of everything Reagan did. And that is why he has consistently and thoroughly gotten the opposite of Reagan’s results.

Reagan slashed tax rates, with the top income tax rate reduced from 70% when he entered office to 28% when he left. (Federal tax revenues doubled during the 1980s.) Early in his first year, Reagan led Congress to cut federal spending by nearly 5%. 

Early in his first year, Obama led Congress to enact nearly $1 trillion in utterly wasted “stimulus” spending. 

Reagan deregulated. Obama overregulated. 

Reagan backed the Fed to follow strong dollar monetary policies that ended the double-digit inflation of the 1970s. 

Obama has backed the Fed to pursue loose dollar monetary policies that threaten, ultimately, to bring back the double-digit inflation of the 1970s.

Now Obama is bringing his reverse Reagan magic to foreign policy and national defense as well.

Read more>>