Saturday, July 10, 2004

I read this article

from my Forbes Magazine aloud to my family today. It's worth registering.

Magnificent Man

Few individuals have had the positive impact on their times that Ronald Reagan had on his. With the death of our 40th President, millions of Americans have paused to reflect upon Reagan's life and have gained a better or new appreciation of what he wrought. Make no mistake, America--indeed, the world--is a significantly better place today than it was when he took office in 1981.
...
Critics carp about the budget deficits of those years, overlooking the fact that wars--even cold ones--cost money. Reagan politically couldn't curb domestic spending the way he would have liked, which was the political price he paid for his critical initiatives. Even so, discretionary domestic spending went down on his watch, a far cry from the increases of his successors. Moreover, the $1.7 trillion increase in the national debt under Reagan was exceeded tenfold--$17 trillion--by the rise in the nation's wealth.A dollar of debt for $10 of equity--a pretty good trade. Even today, Reagan's critics remain balance-sheet challenged.

Reagan's achievements are even more impressive given that most of his programs faced serious opposition every step of the way.


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