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And the funny thing is, Reagan took credit for Carter's deregulation.
He was the one who deregulated airline, trucking, and a whole slew of other key industries. And them Republicans worship Ronald Reagan as President Perfect because apparently he is Jesus reborn and saved America from socialism. Let's quietly sweep under the rug the pretty little fact that balanced budget which was so worshipped in Reaganomics did not happen during his term either.
Life is funny that way :/
I'm not sure who made the economy boom during the 80's. May be Carter's deregulation efforts did finally pay off, or may be the Federal Reserve-induced recession that did away with runaway inflation paid off, maybe the economy recovered on its own, but it certainly wasn't the tax cuts for the rich that Reagan gave which allowed that to happen.
Of course, it goes both ways. Clinton took full credit for the 90's boom while I'm pretty sure that there are a whole slew of factors that he didn't really have an effect on, like the computer revolution that put productivity through the roof.
It will be interesting to see if Obama can turn things around in time for 2012 or his Presidency will be a one-term one, or whether if Obama could've done anything in the first place.
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