Guess what? The Washington Post says Obama advisors are looking to Ronald Reagan for “comparison and inspiration.” The Post says both presidents had “big and bold plans–Reagan with massive tax cuts, Obama with a massive stimulus package and national health care. Reagan’s goal was to shrink government. Obama’s efforts have enlarged government.”
A deep recession knocked Reagan’s approval rating down and Republicans took a beating in the 1982 mid-terms. But he won a landslide second election in 1984 anyway.
President Obama hopes to repeat this feat and wants to give a speech in 2017 like the one Reagan gave in 1989. Reagan said this, “Some pundits [back in 1980] said our programs would result in catastrophe. … Our plans for the economy would cause inflation to soar and bring about economic collapse. I even remember one highly respected economist saying, back in 1982, that ‘the engines of economic growth have shut down here, and they’re likely to stay that way for years to come.’ Well, he and the other opinion leaders were wrong. The fact is, what they called ‘radical’ was really ‘right.’ What they called ‘dangerous’ was just ‘desperately needed.'”
Unfortunately, the economists Reagan talked about (the ones against tax cuts) are in control now. They are advising President Obama. But those same old Keynesian ideas are just as wrong today as they were back in 1980.
Full story: Barack Obama’s No Ronald Reagan – Forbes.com