A Ronald Reagan Budget

From the Wall Street Journal, by Dan Henninger:

Nothing like Paul Ryan’s budget, “The Path to Prosperity: Restoring America’s Promise,” has been heard from a Republican since February 1981, when Ronald Reagan issued his presidency’s first budget message, “America’s New Beginning: A Program for Economic Recovery.” The echoes reach beyond the titles.

Both budgets announced a clear break with the Washington status quo. Reagan reversed the policies of the Carter presidency and the infamous stagflation years of weak economic growth, 18% interest rates and 14% inflation. Reagan’s 1981 message posited four reversals: “a substantial reduction” in spending; “a significant reduction in federal tax rates”; relief from federal regulation; and “a monetary policy consistent with those policies.”

In our day, the problems are the entitlement-spending time bombs and the twin killers of low growth and high unemployment. The Ryan budget proposes to defuse the Medicare and Medicaid bombs, while, like Reagan, overhauling the tax system to “unleash the genius of America’s workers, investors and entrepreneurs.”

Read the rest here.

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