Word: reaganism
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Dates: during 1990-1999
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Ferrick says that the administrations of Presidents Richard M. Nixon and Ronald W. Reagan have caused many students to become disenchanted with the political process...
Leslie Goodman, who worked as a press secretary in the Reagan Administration recounted the time she organized a formal dinner for a visit from Princess Diana, and misspelled her title as Princess of Whales...
Hillary Clinton, despite her foibles, is undoubtedly one of the most intelligent First Ladies in history. Nancy Reagan, not exactly known for her intellect, was only able to offer the nation the insipid slogan "Just Say No." And Barbara Bush did nothing of substance until her panicking husband trotted her out to speak at the 1992 Republican national convention. Even George Bush had to blush at this desperate and embarassing attempt to jumpstart his campaign...
Despite Forbes' claims to the contrary, his flat tax proposal would increase the budget deficit. Even he admits that his proposal could cost the government as much as $200 billion a year in revenues. Given such a sum and prior experience with the Reagan era tax cuts, Forbes' claim that economic growth would more than compensate for the lost revenue cannot be taken seriously. The Reagan-era tax cuts generated only enough additional revenue through the supply-side to offset a third of the lost revenues. Forbes' proposal is unlikely to do three times as well...
This problematic outcome would be further compounded by the demand-side consequences of Forbes' flat tax. Historically, supply-side tax cuts that produce budget deficits, like the Reagan tax cuts, tend to have a far greater effect on the demand-side of the economy than on the supply-side. In other words, Forbes' massive tax cut would substantially increase aggregate demand while only marginally increasing aggregate supply. The result, of course, is inflation. This higher inflation would then require the Federal Reserve to contract the money supply by raising interest rates which would also lower investment and hence long-term...