By: Peter Schiff
Thursday, November 17, 2016
King of Debt Takes the Reins
The election of Ronald Reagan in 1980 provides the best recent precedent for the unexpected triumph of Donald Trump (in my opinion, the other post-war Republican takeovers of the White House --Ike in ’52, Nixon ’68, and W. in ’00 – did not constitute a real break from the status quo.) As many people expect great changes from Trump, it is worthwhile to look at what the Reagan Revolution actually wrought...
America was able to survive Ronald Reagan's debt experiments because we started borrowing from a position of relative strength. But the debt took its toll, and we are now a shadow of our former selves. Yet rather than reversing course before it’s too late, Trump may just step on the gas, assuring we go over the cliff that much sooner.