the 80s was an economic boom
don't let Elizabeth "Sacagawea" Warren deceive you into thinking otherwise
"Insistence in the magical power of tax cuts is the ultimate zombie lie of U.S. policy discussion; nothing can kill it. And we know why: there’s a lot of money behind the proposition that great things will happen if you cut the donors’ taxes. It’s difficult to get a man to understand something when his salary depends on his not understanding it.
Still, for the record: Reagan cut taxes, and although his administration began with a terrible recession, there was a fast recovery thereafter. Some of us think Paul Volcker had more to do with both the recession and the recovery than anything coming from the White House; but in any case we have more evidence.
For Bill Clinton raised taxes, amid cries from the right that he would destroy the economy. Instead he presided over a boom that surpassed Reagan in every dimension. For what it’s worth, I don’t think this boom was Clinton’s doing. But it certainly refuted the proposition that cutting taxes is both necessary and sufficient for prosperity.
Then Bush the younger cut taxes, and there were many hosannahs about the “Bush boom.” What he actually got was a lackluster recovery, followed by an epic crash.
Finally, Obama inherited the aftermath of that crash, and despite scorched-earth opposition from Republicans the economy gradually clawed its way back. Then in 2013 Obama first raised taxes substantially, then implemented the Affordable Care Act, again amid cries of disaster from the right. The economy did fine."
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