Re: Deroy Murdock's July 19 commentary, "Reagan returns to radio, none too soon":
Ronald Reagan proclaimed government blocks progress. His solution was tax cuts for the rich and deregulation of American business. Wealth would be created and trickle down. So what happened?
Economic growth was 3.4 percent per year during the Reagan years. He produced the illusion of prosperity as he took this country from the world's greatest creditor to its greatest debtor. He rang up more than twice as much red ink in eight years as his 39 successors combined did in the preceding 190 years. Now, President Bush has surpassed him. Of all the debt run up in this country's history, 70 percent was under Reagan and the two Bushes.
President Clinton raised taxes. Deficits became surpluses; red ink fell. The dollar was strong and oil was cheap. Clinton's growth rate was 3.6 percent and brought prosperity to all. He left office with a record surplus. Sadly, we've returned to record red ink under the hapless Bush.
The deregulation of Wall Street was a disaster. It led straight to the subprime mortgage meltdown. Subprime mortgage-backed bonds were called "instruments of mass financial destruction" by the most successful man in the world, Warren Buffet. He was ignored, of course.
Alan Greenspan was a Reaganite who believed deficits and cheap money didn't matter. But in June, the Saudis told Treasury Secretary Henry Paulson they'd stop taking dollars for oil unless we hauled in the money supply and did something about our deadbeat levels of debt. America survives by printing IOUs. They're called bonds and look impressive. Sadly, the Saudis aren't fooled any more.
Reagan put in place disastrous long-term policies that have truly weakened this great country. I won't be tuning into Reagan's talks. They're fairy tales for kids.
-- Richard Kolber, Camarillo