My wife has food poisoning and is at the moment, so I'm probably going to be up all night... bad sturgeon. She liked the taste the first time...
http://www.geocities.com/ecocorner/intelarea/rb.html
"On the evidence so far, the success of this strategy has been, if by no means complete, greater than usually understood. Under pressure of the deficit, spending as a percentage of GNP peaked in 1983 and showed a gradually declining trend for the remainder of the Reagan Presidency."
Maybe that's what I had heard. Government spending in proportion to GDP, not debt in proportion to GDP.
You completely avoid addressing any of the supposed benefits of that system. The question to me is "Do the benefits outweigh the costs?"
If you only look at the debt, the whole situation seems a no-brainer. In my personal experience, though, I can tell you that I am happier and have a better outlook on the future now despite the fact that I am as heavily in debt as I have ever been. The debts that I incurred allowed my wife to go to college and for me to start a business which is now making a profit, and that is more important than the currently accumulated debt totals. I had no debt for the first 5 years that I owned credit cards by the way. Always paid up, but I wasn't going anywhere in life.
Again, I don't claim to be an expert here, but here are some benefits listed in some of these articles:
1. Collapse of USSR
2. Largest peacetime expansion of any economy ever
3. GDP growth per worker increased from .8% to 1.8%
4. Productivity in manufacturing increased 3.8% per year
5. Unemployment declined from 7% to 5.4%
6. Inflation dropped from 10% to 4.2%
Some cons:
1. Went from 1 trillion debt to 2.8 trillion
2. Introduction of trade barriers
Was it worth it???
Jon