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    Surrender: How the Clinton Administration Completed the Reagan Revolution

    External Review of Whole Manuscript

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    Author(s)
    Allen Meeropol, Michael
    Language
    English
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    Abstract
    Michael Meeropol argues that the ballooning of the federal budget deficit was not a serious problem in the 1980s, nor were the successful recent efforts to get it under control the basis for the prosperous economy of the mid-1990s. In this controversial book, the author provides a close look at what actually happened to the American economy during the years of the "Reagan Revolution" and reveals that the huge deficits had no negative effect on the economy. It was the other policies of the Reagan years—high interest rates to fight inflation, supply-side tax cuts, reductions in regulation, increased advantages for investors and the wealthy, the unraveling of the safety net for the poor—that were unsuccessful in generating more rapid growth and other economic improvements. Meeropol provides compelling evidence of the failure of the U.S. economy between 1990 and 1994 to generate rising incomes for most of the population or improvements in productivity. This caused, first, the electoral repudiation of President Bush in 1992, followed by a repudiation of President Clinton in the 1994 Congressional elections. The Clinton administration made a half-hearted attempt to reverse the Reagan Revolution in economic policy, but ultimately surrendered to the Republican Congressional majority in 1996 when Clinton promised to balance the budget by 2000 and signed the welfare reform bill. The rapid growth of the economy in 1997 caused surprisingly high government revenues, a dramatic fall in the federal budget deficit, and a brief euphoria evident in an almost uncontrollable stock market boom. Finally, Meeropol argues powerfully that the next recession, certain to come before the end of 1999, will turn the predicted path to budget balance and millennial prosperity into a painful joke on the hubris of public policymakers. Accessibly written as a work of recent history and public policy as much as economics, this book is intended for all Americans interested in issues of economic policy, especially the budget deficit and the Clinton versus Congress debates. No specialized training in economics is needed.
    URI
    http://library.oapen.org/handle/20.500.12657/23997
    Keywords
    Politics and government
    DOI
    10.3998/mpub.15199
    ISBN
    9780472109524;9780472086764
    OCN
    1135845018
    Publisher
    University of Michigan Press
    Publisher website
    https://www.press.umich.edu/
    Publication date and place
    Ann Arbor, 2017
    Classification
    Politics and government
    Economics
    Macroeconomics
    Business and Management
    Pages
    401
    Rights
    https://creativecommons.org/licenses/by-nc-nd/4.0/
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    License

    • If not noted otherwise all contents are available under Attribution 4.0 International (CC BY 4.0)

    Credits

    • logo EU
    • This project received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 683680, 810640, 871069 and 964352.

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