Dad2three
Gold Member
The truth is that Reagan dealt in good faith with low life democrats...members of the party of slavery...
Lesson for Fiscal Cliff negotiators The Reagan-O Neill tax hike
It was the summer of 1982. Like today, the president’s party controlled the Senate, while the party in opposition controlled only the House. Like today, the overriding public concern was about rising deficits and debt. At the time, Reagan’s signature economic recovery program to cut tax rates across the board (passed in 1981) was still being implemented. But unemployment was reaching well over 10 percent and deficit projections were ballooning. Something had to be done.
Reagan and the Republicans wanted to cut spending. O’Neill and the Democrats were insisting on raising taxes and especially raising tax rates. It had all the makings of the same kind of stalemate that exists in Washington today.
After weeks of wrangling, O’Neill and the Democrats would not budge on their insistence that raising taxes had to be part of the final deal. To make it more palatable for Reagan, O’Neill offered a three-to-one ratio of spending cuts to tax increases. On that basis — that the deal, on paper, was designed to result in a net shrinking of government — Reagan and enough Republicans signed on, over the strong objections of many anti-tax conservatives in the Republican ranks.
Thus was concluded the Tax Equity and Fiscal Responsibility Act (TEFRA), signed into law in September 1982. In hindsight, Reagan came to see the deal as one of the biggest domestic errors of his presidency. The tax increases went into effect immediately but as Reagan wrote in his memoirs, “later the Democrats reneged on their pledge and we never got those cuts,” so there was no shrinking in the size of government, and no taming of the deficit.
A few of the more important lessons learned:
The O’Neill-Reagan Lovefest: The deal helped perpetuate a myth that Speaker O’Neill and President Reagan had transcended the kind of rancorous personal animosity that seems to characterize today’s overly polarized atmosphere in Washington. After this bipartisan ’82 deal and a subsequent ’83 deal on Social Security reform, O’Neill had no hesitation to let forth this blast during the ’84 campaign: “The evil is in the White House at the present time. And that evil is a man who has no care or concern for the working class of America and the future generations of America, and who likes to ride a horse. He’s cold. He’s mean. He’s got ice water for blood.”
Never, ever trust a democrat...they will lie and then stab you in the back...
Got it, You can't be honest and look to the non partisan factchecker at WaPo that gave your HumanEvents article Four Pinocchios
“In 1982, Ronald Reagan sat down with the Democrats and they had a deal — a $3 cut in spending for every dollar they raised in taxes. Guess what? They raised the taxes, and they never cut the spending.”
— oft-repeated story told in Washington during “fiscal cliff” negotiations
It had become an article of faith by conservatives that President Reagan reluctantly agreed to raise taxes in his first term in office — and that Congress then failed to follow though on promised spending cuts. The frequent recitation of this story during the current fiscal debate made us wonder: What actually happened three decades ago?
It’s not hard to find the source of this story — Reagan’s own memoir
Congress was never expected to match the tax increases with spending cuts on a 3-to-1 basis. Reagan appeared to acknowledge this in his speech when he referred to outlays (which would include interest expenses), rather than spending cuts. In the end, lawmakers apparently did a better job of living up to the bargain than the administration did.
The historical myth that Reagan raised 1 of taxes in exchange for 3 of spending cuts - The Washington Post