The Truth about the Economy & Presidents - Election 2024
So in an election year the GOP loves to tell the lie that they are the best party for the economy. THEY ARE NOT. The Economic Truth. Every Republican president from Reagan, to both Bush presidents, to Trump have caused a recession, increased the deficit and instituted policies that increased inflation. 1. Ronald Reagan (1981–1989) Recession : Reagan inherited a severe recession in 1981-1982, which was triggered by high inflation (from the 1970s) and efforts by the Federal Reserve to curb it by raising interest rates. The recession ended in late 1982, and economic recovery followed. Deficit : Reagan’s policies, particularly large tax cuts (Reaganomics) and increased defense spending, led to significant deficits. The national debt tripled during his presidency . 2. George H. W. Bush (1989–1993) Recession : The U.S. entered a recession in 1990-1991 , partly due to the savings and loan crisis and oil price shocks from the Gulf War. This recession contributed to Bush’s loss in the 1992 el