John Ensign: “an interesting economic trend is sweeping through countries around the globe. It is one that started right here in the…”

“an interesting economic trend is sweeping through countries around the globe. It is one that started right here in the United States, and it would be wise for us to consider some of the amazing results that are being documented internationally. More than 25 years ago, Ronald Reagan took the helm of an economy that was tanking quickly and bringing American families down with it. The economy was shrinking; inflation was in double digits; more than 7 million Americans were unemployed; and the prime interest rate was through the roof. Ronald Reagan fought for an aggressive plan to rein in non-defense government spending, provide tax relief, and eliminate unnecessary government regulation. There were many critics who argued that Reagan's plan would create greater inflation. They cried that tax relief would be paid for out of entitlements and leave the elderly and needy worse off. However, John F. Kennedy's assertion that a rising tide lifts all boats was true. As Reagan prepared to leave the presidency, spending was down, as were tax rates and inflation. Employment had climbed to record heights--there more jobs and better, higher paying jobs. Family income had been on the rise for 4 straight years. America's poor were able to climb out of poverty at the fastest rate in 10 years. It marked the longest economic peacetime expansion in history.”