In a roundtable discussion on ABC’s This Week Ronald Reagan’s budget director, David Stockman, blew a massive hole in one of the lies being regurgitated these days as a GOP talking point. Did old Ronnie cut taxes in 1981? Yes? Is that what helped to stabilize the economy? Nope. It was the raising of taxes in 1982 that did it. According to Stockman the Reagan administration actually cut taxes too much the year before.
Check it out via YouTube user “thinkprogress5″:
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