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Tuesday, January 20, 2009

Inaugural Lesson Of Ronald Reagan

The last major recession was the byproduct of Democrat control of Congress and the White House. President Jimmy Carter, Senate Majority Leader Robert Byrd, and Speaker of the House Tip O'Neill gave us higher taxes on bigger government. The result was double digit inflation and double digit interest rates. They also gave birth to the Community Reinvestment Act which ultimately lead to our current crisis.

During his first inaugural address, President Reagan understood the problem:
Idle industries have cast workers into unemployment, human misery, and personal indignity. Those who do work are denied a fair return for their labor by a tax system which penalizes successful achievement and keeps us from maintaining full productivity.
He understood the trappings of borrowing:
You and I, as individuals, can, by borrowing, live beyond our means, but for only a limited period of time. Why, then, should we think that collectively, as a nation, we're not bound by that same limitation?
Identified the biggest culprit:
In this present crisis, government is not the solution to our problem; government is the problem.

From time to time we've been tempted to believe that society has become too complex to be managed by self-rule, that government by an elite group is superior to government for, by, and of the people. Well, if no one among us is capable of governing himself, then who among us has the capacity to govern someone else? All of us together, in and out of government, must bear the burden. The solutions we seek must be equitable, with no one group singled out to pay a higher price.
President Reagan then identified the solution:
In the days ahead I will propose removing the roadblocks that have slowed our economy and reduced productivity. Steps will be taken aimed at restoring the balance between the various levels of government. Progress may be slow, measured in inches and feet, not miles, but we will progress. It is time to reawaken this industrial giant, to get government back within its means, and to lighten our punitive tax burden. And these will be our first priorities, and on these principles there will be no compromise.
The economic growth that followed throughout these past 25 years proves that Reagan was right. When government gets out of the way and lessens its tax burden upon its citizens, America prospers. Reagan aptly understood that economic growth is the byproduct of free individuals able to benefit from and invest with the fruits of their own labor. Government intervention only serves to hinder this progress and a government that governs least, governs best.

Will President Obama learn from President Reagan? Will he let the people go, earn, and be fruitful? Or will he dictate prosperity by selecting the winners and losers in business?

Will Fannie and Freddie caution President Obama from excessive government intervention – or embolden even greater control over its citizenry?

1 Comments:

Blogger Right Hook said...

After all of the hype leading up to it Obama's inauguration came up flat and uninspiring. Our new president is obviously not even close to being in the same league as Reagan in either substance or style. The much anticipated inaugural address was uncharacteristically flat but, as usual for Obama, devoid of any substance.

One particular low-lite was the rambling attempt at a prayer ("...when brown can stick around...when red can get ahead...when white embraces right") that was not only disjointed and unsophisticated but unnecessarily offensive and divisive.

God bless America. We need it now more than ever.

1/20/2009 12:05 PM  

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