Ronald Reagan
It’s a fair question. The debt ceiling was raised eighteen times during Reagan’s administration; more than any other President. Reagan said it was necessary and chastised anyone who even mildly objected to it citing that it was necessary to fuel the economic recovery. Unemployment hit an all time high during Reagan’s first term while the country was experiencing a recession.
So the messianic hero of the Republican party wasn’t afraid to raise the debt ceiling. The man conservatives want carved into Mt. Rushmore next to Abraham Lincoln; whose face they want on some of our currency. I wonder how the Gipper would feel about what today’s Republicans are doing? If Reagan came down, I don’t think he would be pleased.
That sentiment hasn’t been lost on President Obama. He has made more than one reference to the Reagan era in an almost deferential manner. So how do you suppose Ronald Reagan would have handled this?
Hit the ‘leave a comment’ button below and contribute your own $.02.
So Obama agrees with the debt limit being increased under Reagan? I guess that means he was for it before he was against it, which is of course before he was for it.
Federal spending (as a % of GDP) under Reagan was a little over 22%. Under Obama, it’s over 25%. I’ve read many studies showing 20% is optimum (which is about the average under Clinton. Oh, if only the media gave Hillary a fair shot, but I digress).
Gut feeling says this means Reagan would adapt the Rs plan, in some form: raising the debt limit but tying it to significant (read: actual, not gimmicked lessening of the war) spending cuts.
Big problem: Obama ain’t Reagan. He’s more like Grover Cleveland or James Buchanan, but less decisive.
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