Must-Read: The misperceptions of the Overclass are on display here in the very sharp Barry Ritholtz's offhand observation that "Ronald Reagan... oversaw a... 'once in a generation' economic boost that resonated for the next 30 years..."
There was no such thing as far as economic growth was concerned: what Reagan presided over was the recovery to normal levels of activity from the 1979-1982 Volcker Deflation. The growth of the economy's productive potential he presided over was the same then-thought sub-par rate of growth as Carter. It was Clinton who presided over what looked to be a speed-up—hopes for which, have, alas!, been catastrophically dashed under his now-three successors.
But Reagan did not just preside over but initiated the enormous upward shift in the distribution of wealth that has so benefitted people like Barry Ritholtz, and me. But it was not an economic boost for the country—just one for people like him and me, purchased with what has been the worst more-than-a-generation in terms of economic growth that America's middle and working classes have ever experienced:
Barry Ritholtz: Tax Reform Is Dead: "The long-awaited 'pivot towards being presidential' hasn’t arrived, and by all indications never will... http://ritholtz.com/2017/06/tax-reform-dead/