Volume 37, Number 20 · December 20, 1990
Reagan Lives!
By Benjamin M. Friedman
The legislation enacting Reaganomics may now be mostly gone, but the economic legacy of Ronald Reagan remains. Perhaps more important, the political attitudes that made many Americans so receptive to the Reagan program in the first place remain as well. One of the most significant lessons to be drawn from the exhausting 1990 battle over federal tax and spending policies is simply that so many Americans are no more willing today to make the sacrifices needed to rectify the nation's fiscal imbalance—either to cut back middle-class entitlements or to eliminate jobs in defense industries, and certainly not to pay higher taxes—than they were when Ronald Reagan first assured them there was no need to do so.
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