““Overall, the “Reagan boom” not only produced widespread prosperity but—along with the attendant Soviet collapse—helped generate budget surpluses in the 1990s. Carter-Ford-era terms like “malaise” and “misery index” vanished. Only during the Obama years, and specifically in 2011, has America reapproached similar misery-index levels, reaching a twenty-eight-year high.133 Finally, aside from the matter of the economic impact of the tax cuts, it is important to understand that tax cuts were the very essence of Reaganomics. Reagan conservatism, in the realm of economic policy, is first and foremost about tax cuts.””
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