May 9-10 - Reaganomics vs Obamanomics Play Now | Play in Popup | Download

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This week, I interview Pat Toomey, Republican candidate for the U.S. Senate from Pennsylvania who is looking to fill Arlen Specter’s current seat, and Dr. Paul Kengor, Frequent contributor to the American Thinker and director of the Center for Vision and Values at Grove City College in Pennsylvania.

Pat brings us “up to speed” on his campaign, commenting on Specter’s recent defection to the Democratic party, and Former Governor Tom Ridge’s decision to forgo a run for the Senate altogether next year. Pat is a very intelligent guy, who is “Reaganesque” in his approach to politics. He understands economics like few other politicians. And in fact, he was the first person that I heard speak out against the bank bailout bill -TARP– when it was introduced last fall.

Pat reminds us that Government cannot create wealth or value in the economy, but can only redistribute and destroy it. Pat believes that we can reverse the current tax, borrow, and spend policies which have been a dismal failure both here in Pennsylvania and more recently in Washington D.C. He believes that if he and enough other conservatives are elected to the House and Senate, then conservatives can put a halt to President Obama’s “Stimulus” before the majority of the funds are spent. He also believes that cutting payroll, income, and corporate net income taxes will create an immediate stimulus, by allowing every worker to take home more of their hard earned money and allowing businesses to become more competitive almost overnight.

Dr. Paul Kengor discusses a recent article that he wrote titled, “Economic Stimulus 101: Reaganomics vs. Obamanomics.” Paul first “sets the record straight” by pointing out that this is not the worst economy since the Great Depression, or the worst stock market crash since 1929. In fact, our current economy is the worst since 1982 and our recent market collapse is the worst since 1987.

In response to the economic challenges of his time, Ronald Reagan instituted massive tax cuts (the top marginal income tax rate was cut from 70% to 28%), eliminated oppressive and stifling government regulations (airline and trucking deregulation are just two examples), controlled government spending, and carefully managed our money supply in order to create non-inflationary economic growth. These four “pillars” were very successful and ushered in the largest increase in wealth the world has ever seen. Everyone’s standard of living was elevated. Yet in spite of this overwhelming success, President Obama is doing the exact opposite and sinking us into massive new levels of debt with increased spending, raised taxes, and oppressive regulations. Obama’s policies have been proven to fail and will create economic hardships for everyone.

Here on the Glen Meakem Program I am about the facts. I discuss economic and political issues honestly as I see them and I welcome your input. If you have a friend or relative who voted for President Obama or for a liberal member of the House or Senate, or who did not vote at all in 2008, I hope you will introduce them to my radio program. Perhaps they will begin to understand why our country and the world have experienced such great economic growth over the past 30 years since the U.S. and much of the world adopted supply side, free market economic policies. Perhaps they will also start to understand that left wing policies like high tax rates, reliance on huge government spending programs, and government control of industries have been destructive to people and their countries. Whether you look at the history of the former Soviet Union, France, China, India, Venezuela, or the United States, economic policies involving government control over the economy have not worked and have robbed people of their individual chances in life to succeed. Let’s work together to elect fiscally conservative and responsible politicians who will control government spending, cut taxes, and allow our free economy to grow, increasing everyone’s quality of life.