The accusation that the rich got richer and the poor got poorer is a common theme among those discussing the Regan era. Kevin Phillips decides to present this statement also, but in a unique way by comparing the Regan era with two other important periods in American history, the post Civil War Gilded Age and the Roaring Twenties.

There are twenty-eight to thirty-six year cycles that occur with regard to economic policies, according to Phillips. With each cycle comes new perspective and new ideas about wealth distribution. During cycles when conservatives are in charge there are typically trends of redistributing wealth among the top of the social and economic ladder, while liberals tend to redistribute in the other direction. It was a trend of redistributing wealth upward during that time that led to the rich prospering while the middle class and poor seemed to suffer. Prior eras where conservatives where in charge, such as the Roaring Twenties and the Gilded Age produced the same results. Phillips uses examples of how the policies of the Regan administrations were similar to those of previous repub

lican eras. In all three there were drastic cuts in income taxes, restructuring of the economic and corporate systems, and high real estate interest rates. The two previous eras were filled with questions about the possibility of the United States developing a large debt, which were finally realized in the 1980’s. The deregulation during the Reagan era is comparable to the relaxation of the antitrust laws during the 1920’s. Phillips claims the governmental policies of all three eras culminated in mini-crashes of the stock market.

So to what extent are the Republicans responsible for the consequences of the Eighties? It depends on whom you ask. By reading Phillips book, it would seem obvious that the Reagan administration and the Republicans were responsible for poor policy that led to the rich getting richer and the poor getting poorer; but lets not forget that the Democrats were not just hanging out in the shadows the whole time. President Reagan had to work with a Democratic House of Representatives in order to enable his policies. There were no policy decisions implemented without approval from the House. It is this reader’s advice to others, to make sure this is not the only book one reads on economics of the Eighties, as only one side is presented.

The deregulation of business led to an even greater divide between rich and poor.

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