Ronald Reagan nearly tripled the U.S. national debt by cutting taxes for corporations and the wealthy and increasing military spending, and running large budget deficits.
Is Trump copying Reagan?
Hell no, Trump is no Reagan.
Posted by Arwen on July 7, 2026, 7:23 am, in reply to "Sound familiar"
Reagan was a staunch advocate for free markets, economic liberty, and growth which benefitted all Americans.
Real Gross National Product (GNP) rose by 26% and real economic growth averaged 3.2% annually, following the malaise created by Carter. Approximately 20 million new jobs were created, and the national unemployment rate dropped from a high of 7.6% down to 5.5%. Inflation fell sharply from 13.5% in 1980 to 4.1% by 1988. The poverty rate which peaked at 15.2 % dropped to 12.8 % when he left office.
Trump wants to control the free market with tariffs (usually a Democrat thing) and advocates for state ownership of private business both policies vehemently opposed by Reagan.
I hope that answers your question.
Re: Sound familiar
Posted by Spector on July 7, 2026, 6:01 am, in reply to "Sound familiar"
The luxury tax was introduced in 1991 during the presidency of George H.W. Bush. It imposed a 10% tax on certain luxury items, including cars over $30,000, boats over $100,000, and jewelry over $10,000 . Reagan's administration, however, is known for significant tax cuts in the early 1980s, which aimed to stimulate the economy .
Impact of the Luxury Tax
The luxury tax was intended to generate revenue from wealthier individuals but ultimately led to a decline in sales of luxury goods and negatively impacted related industries . By 1993, most of the luxury tax provisions were repealed due to their adverse economic effects .