Word: reaganized
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...voters to wrestle with, though, is not what the economy can do to the presidential race but what the next President can do to the economy. Usually it's not so much. But every once in a while, like when Franklin Delano Roosevelt was elected in 1932 and Reagan in 1980, the effect can be dramatic. Reagan's policies, together with some luck and the inflation-killing zeal of Federal Reserve Chairman Paul Volcker, helped the U.S. economy break out of its 1970s malaise into a new era of flexibility, innovation and growth. And this era didn't end when...
...Many economists now believe at least two other factors have contributed to the growth in inequality: globalization and Reagan's big cuts in taxes on the rich. Even as it rewards those at the top of their fields worldwide with spectacular paydays, globalization holds down earnings for millions of Americans who compete with workers overseas - not only lower-skilled factory and phone-center workers but also engineers, lawyers and doctors. Public opinion has reacted to this with increasing distrust of free trade, a wariness that both Obama and Clinton have echoed in their campaigns. But this is touchy territory: trade...
...make no mistake, somebody is going to have to pay those bills someday. The message many Republicans took from Reagan's successes of the early 1980s, and still preach today, is that tax cuts pay for themselves. That's nonsense - Reagan's rate cuts for the rich may have paid for themselves, but the 1981 tax package as a whole (which included cuts for the poor, the middle class and corporations) clearly did not. The real lesson of the 1980s was that the U.S. can get away with running far bigger deficits than anyone thought possible while still enjoying strong...
...seen a bit more evidence of this in the 2000s, but it can't go on forever. There comes a point at which government debts grow so large that they start to weigh on the economy, through higher interest rates, bigger debt payments, a weaker currency, etc. Reagan and George W. Bush had the advantage of starting out with a relatively small debt as a percentage of GDP. The next President won't be quite so lucky...
...Current Treasury Secretary Hank Paulson has already proposed a sweeping revamp of the financial regulatory structure. What hasn't really been answered yet - but could be by a new Administration - is whether we need an entirely new regulatory approach. Ever since Reagan took office, the approach has been to get out of the way and let financial markets work their magic. Now that it's clear just how much of this is black magic, there's a case to be made that financial innovation - especially when it's targeted at consumers - could do with much stricter oversight...