Quote from endsongs:
I agree totally. The 1970's were actually America's last great decade. Personal and gov't debt levels were reasonable. Everybody could afford a house and a decent car. Inflation was a little high temporarily but because debt levels were so low, even if interest rates went up to compensate, the savings rate was high enough to offset it.
Then Reagan came in, tripled the national debt, and used that money to create the illusion of good times. People to this day still put Reagan on a pedestal without realizing that all he really did was triple the debt to create the facade of a good economy.
Where do you buy your Kool-Aid?
The 70s were awful--much like the last few years. However, I'll agree we overspent in the 80s-90s. Tax cuts were good; increasing spending wasn't.
The lost years of ~1966-1982, where both stocks and the economy stagnated, were largely the result of ridiculously high "progressive" tax rates and LBJ's garbage. The Reagan years got part of the solution right, but didn't cut spending or dismantle nearly enough bureacracy (including whole Federal departments) from the LBJ to Carter years.
You took my smile 