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inflation had been brought under control and quickly, a remarkable accomplishment, but ata terrible cost. reagan was trying hard to kill inflation as fast as he could. that was working. the problem was interest rates were going up to 18%. it s like chemotherapy for the economy. it kills a lot of other things along the way. the government can live with high unemployment to curb inflation. that seems to be a very high price for us to have to pay. this is supposed to be the land of opportunity. it s not anymore. it s the land for the rich and the poor can go to hell. i think we re going to have some hard times for the next few months while we had predicted as you well know a stagnant economy none of us had predicted the stepping over into recession. when david stockton came in and said the deficit is not going down, the deficit s simply getting larger, reagan apparently was shocked. perhaps he had been too beguiled by his own supply side rhetoric.

Ronald wilson reaganInterest ratesTerrible costGovernment of nicaraguaUnited statesLand of opportunityDavid stocktonSupply side rhetoric