The real Reagan

History Hurts

So the Republicans have undertaken to re-write it and/or ignore it. Whatever works!

Example: When Reagan took office in 1981, federal receipts (taxes) were $517 billion and outlays (spending) were $591 billion, for a deficit of $74 billion. When he left office in 1989, taxes were $999 billion and spending was $1.14 trillion, for a deficit of $141 billion. As a share of the economy, Reagan did cut taxes, from 19.6% to 18.4%, and he cut spending from 22.2% to 21.2%, increasing the deficit from 2.6% to 2.8%. The deficit went as high as an incredible 5% of GDP during his term. As a result, the national debt soared by almost two-thirds.