Rev. Jesse Jackson on Tax Reform
Civil Rights Activist
Reagan curbed inflation by cutting consumer demand. He used the Federal budget to deliberately induce unemployment and curb social spending. He then weighed and supported tight monetary policies of the Federal Reserve Board to deliberately drive up interest rates. Unemployment reached 10.7%. We experienced skyrocketing interest rates. Our dollar inflated abroad. There were record bank failures; record farm foreclosures; record business bankruptcies; record budget deficits; record trade deficits.
Reagan brought inflation down by destabilizing our economy and disrupting family life. He promised in 1980 a balanced budget. But instead we now have a record toward a billion dollar budget deficit. Under Reagan, the cumulative budget deficit for his four years is more than the sum total of deficits from George Washington through Jimmy Carter combined.
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George W. Bush(R,2001-2009)
George Bush Sr.(R,1989-1993)
John F. Kennedy(D,1961-1963)