This book examines one of the most important economic outcomes in American history—the breakdown of the Keynesian Revolution. Drawing on economic literature, the memoirs of economists and politicians, and the popular press, Eric Crouse examines how economic decline in the 1970s precipitated a political revolution. Keynesian thought flourished through the presidencies of Lyndon B. Johnson, Richard Nixon, and Gerald Ford, until stagflation devastated American workers and Jimmy Carter’s economic policies faltered, setting the stage for the 1980 presidential campaign. Tracking years of shifting public opinion and colorful debate between free-market and Keynesian economists, this book illuminates a neglected era of American economic history and shows how Ronald Reagan harnessed a vision of small government and personal freedom that transformed the American political landscape.
As a domestic policy advisor to Ronald Reagan, Bruce Bartlett was one of the originators of Reaganomics, the supply-side economic theory that conservatives have clung to for decades. In The New American Economy, Bartlett goes back to the economic roots that made Impostor a bestseller and abandons the conservative dogma in favor of a policy strongly based on what's worked in the past. Marshalling compelling history and economics, he explains how economic theories that may be perfectly valid at one moment in time under one set of circumstances tend to lose validity over time because they are misapplied under different circumstances. Bartlett makes a compelling, historically-based case for large tax increases, once anathema to him and his economic allies. In The New American Economy, Bartlett seeks to clarify a compelling and way forward for the American economy.
"They called it the Reagan revolution," Ronald Reagan noted in his Farewell Address. "Well, I'll accept that, but for me it always seemed more like the great rediscovery, a rediscovery of our values and our common sense." Nearly two decades after that 1989 speech, debate continues to rage over just how revolutionary those Reagan years were. The Reagan Revolution: A Very Short Introduction identifies and tackles some of the controversies and historical mysteries that continue to swirl around Reagan and his legacy, while providing an illuminating look at some of the era's defining personalities, ideas, and accomplishments. Gil Troy, a well-known historian who is a frequent commentator on contemporary politics, sheds much light on the phenomenon known as the Reagan Revolution, situating the reception of Reagan's actions within the contemporary liberal and conservative political scene. While most conservatives refuse to countenance any criticism of their hero, an articulate minority laments that he did not go far enough. And while some liberals continue to mourn just how far he went in changing America, others continue to mock him as a disengaged, do-nothing dunce. Nevertheless, as Troy shows, two and a half decades after Reagan's 1981 inauguration, his legacy continues to shape American politics, diplomacy, culture, and economics. Both Bill Clinton and George W. Bush modeled much of their presidential leadership styles on Reagan's example, while many of the debates of the '80s about the budget, tax cutting, defense-spending, and American values still rage. Love him or hate him, Ronald Reagan remains the most influential president since Franklin D. Roosevelt, and one of the most controversial. This marvelous book places the Reagan Revolution in the broader context of postwar politics, highlighting the legacies of these years on subsequent presidents and on American life today. About the Series: Combining authority with wit, accessibility, and style, Very Short Introductions offer an introduction to some of life's most interesting topics. Written by experts for the newcomer, they demonstrate the finest contemporary thinking about the central problems and issues in hundreds of key topics, from philosophy to Freud, quantum theory to Islam.
The best-selling author of Nixonland presents a portrait of the United States during the turbulent political and economic upheavals of the 1970s, covering events ranging from the Arab oil embargo and the era of Patty Hearst to the collapse of the South Vietnamese government and the rise of Ronald Reagan--Publisher's description.
'Nick Bryant is brilliant. He has a way of showing you what you've been missing from the whole story whilst never leaving you feeling stupid.' – Emily Maitlis 'Bryant is a genuine rarity, a Brit who understands America' – Washington Post In When America Stopped Being Great, veteran reporter and BBC New York correspondent Nick Bryant reveals how America's decline paved the way for Donald Trump's rise, sowing division and leaving the country vulnerable to its greatest challenge of the modern era. Deftly sifting through almost four decades of American history, from post-Cold War optimism, through the scandal-wracked nineties and into the new millennium, Bryant unpacks the mistakes of past administrations, from Ronald Reagan's 'celebrity presidency' to Barack Obama's failure to adequately address income and racial inequality. He explains how the historical clues, unseen by many (including the media) paved the way for an outsider to take power and a country to slide towards disaster. As Bryant writes, 'rather than being an aberration, Trump's presidency marked the culmination of so much of what had been going wrong in the United States for decades – economically, racially, politically, culturally, technologically and constitutionally.' A personal elegy for an America lost, unafraid to criticise actors on both sides of the political divide, When America Stopped Being Great takes the long view, combining engaging storytelling with recent history to show how the country moved from the optimism of Reagan's 'Morning in America' to the darkness of Trump's 'American Carnage'. It concludes with some of the most dramatic events in recent memory, in an America torn apart by a bitterly polarised election, racial division, the national catastrophe of the coronavirus and the threat to US democracy evidenced by the storming of Capitol Hill.
"From the bestselling author of Nixonland and The Invisible Bridge comes the dramatic conclusion of how conservatism took control of American political power"--
The fascinating, suppressed history of how JFK pioneered supply-side economics. John F. Kennedy was the first president since the 1920s to slash tax rates across-the-board, becoming one of the earliest supply-siders. Sadly, today’s Democrats have ignored JFK’s tax-cut legacy and have opted instead for an anti-growth, tax-hiking redistribution program, undermining America’s economy. One person who followed JFK’s tax-cut growth model was Ronald Reagan. This is the never-before-told story of the link between JFK and Ronald Reagan. This is the secret history of American prosperity. JFK realized that high taxes that punished success and fanned class warfare harmed the economy. In the 1950s, when high tax rates prevailed, America endured recessions every two or three years and the ranks of the unemployed swelled. Only in the 1960s did an uninterrupted boom at a high rate of growth (averaging 5 percent per year) drive a tremendous increase in jobs for the long term. The difference was Kennedy’s economic policy, particularly his push for sweeping tax-rate cuts. Kennedy was so successful in the ’60s that he directly inspired Ronald Reagan’s tax cut revolution in the 1980s, which rejuvenated the economy and gave us another boom that lasted for two decades. Lawrence Kudlow and Brian Domitrovic reveal the secret history of American prosperity by exploring the little-known battles within the Kennedy administration. They show why JFK rejected the advice of his Keynesian advisors, turning instead to the ideas proposed by the non-Keynesians on his team of rivals. We meet a fascinating cast of characters, especially Treasury Secretary Douglas Dillon, a Republican. Dillon’s opponents, such as liberal economists Paul Samuelson, James Tobin, and Walter Heller, fought to maintain the high tax rates—including an astonishing 91% top rate—that were smothering the economy. In a wrenching struggle for the mind of the president, Dillon convinced JFK of the long-term dangers of nosebleed income-tax rates, big spending, and loose money. Ultimately, JFK chose Dillon’s tax cuts and sound-dollar policies and rejected Samuelson and Heller. In response to Kennedy’s revolutionary tax cut, the economy soared. But as the 1960s wore on, the departed president’s priorities were undone by the government-expanding and tax-hiking mistakes of Presidents Johnson, Nixon, Ford, and Carter. The resulting recessions and the “stagflation” of the 1970s took the nation off its natural course of growth and prosperity-- until JFK’s true heirs returned to the White House in the Reagan era. Kudlow and Domitrovic make a convincing case that the solutions needed to solve the long economic stagnation of the early twenty-first century are once again the free-market principles of limited government, low tax rates, and a strong dollar. We simply need to embrace the bipartisan wisdom of two great presidents, unleash prosperity, and recover the greatness of America.
This unique collection of photographs and quotations is a celebration of the warmth, wisdom, and wit of Ronald Reagan, one of America's most beloved presidents. Through more than half a century of public life, he spoke with consistency and contagious optimism to the hearts and minds of American people, and his ability to inspire and persuade led to his reputation as "the Great Communicator." This volume is the consummate treasury of his insights and unwavering beliefs, carefully selected from thousands of speeches and public appearances. It is a spirited tribute to one of the twentieth century's greatest political leaders, whose captivating humor and enduring optimism helped shape a nation.
