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tv   The Presidency Reagan Tax Cuts 40th Anniversary  CSPAN  November 24, 2021 4:54am-6:25am EST

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featured speakers via steve forbes and the third period. >> good evening everybody, thank you all so much for joining us today. it is my pleasure to welcome everybody to today's event, a celebration of the 40 year anniversary of the reagan tax cuts. i am matt dickerson director of the program for federal budget here at the heritage foundation. our team and i focus our research on issues related to taxing and spending, which i think there's been a little too much of both of those going on recently. we are very excited to be hosting this event, the celebration. the economic recovery tax act, positive change to tax policy that represents a much more of that. it's a change in the mindset.
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the 1970s were time of high inflation, high unemployment, low opportunity. our nation's leaders rejected the idea of american greatness and thought the american dream was behind us. thirty years ago the heritage foundation hosted a celebration for the tenth anniversary of the tax cut. it was titled the importance of america's victory over washington. think about that for a second period america's victory over washington. as the tax codes are being debated in congress president reagan gave in a televised address all of the lobbying, the organized demonstration and the pride and protest. and governments wasteful are no match for your voices which were heard loud and clear. so, it is healthy and very
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important for our movement to celebrate our successes and remember the good things are accomplished for the country. it's even more important for us to come together and consider the lessons learned and keep the next generation how to apply those lessons to the challenges of the day and the challenges of tomorrow. a retrospective analysis of the 1981 tax cuts by the tax foundation found they been able to fully stay in place instead of being partially rolled back later tax hikes, it increased the long run by 8%. 8% is a huge number, think about how good that would have been for the country. perhaps we should have given that a try. if you lower taxes, reduce regulatory burden they be able to keep more of their own money and allow them to make their own decisions about what to do with it. it results in more economic
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growth and higher standard of living. has another major threat to american prosperity and our way of life. the threatening massive tax heights most personal aspects of your life. they are soon going to be expiring in the tax coat perhaps the size and scope of government is too unsustainable it's too costly it's too harmful. future of of economic growth. it infringes on liberty negative effect on their life and liberty. rise to meet this moment and address these challenges head-on just like president
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reagan address the challenges of his time. it's with the age of reagan steven hayward thing that made the supply side so remarkable they're not even of supply ciders to fill all the key positions in the reagan administration. it's notable some of the most criticisms of the supply ciders came from republicans. but the supply ciders understood the way the world works. intuitively understand as well. so president reagan, and steve vinson and all of the others, harness the power of ideas harness the power of principles. split speak the truth boldly and unapologetically they want we won. even as democrats at the time
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even to fix the economy the heritage foundation unable to argue in terms of the first principle of our true as well as president reagan did that shouted and talk about it boldly and proudly. here do just that with a very distinguished and fantastic line up this evening that needs little introduction. in the heritage foundation ronald reagan distinguished fellow americans you'll hear from art, founder and chairman of lefferts associates. the panel moderated by larry kudlow, going to hear from trustee, the committee to unleash prosperity senior
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fellow at the independent institute first like to turn the stage over to my friend and head of the reagan alumni association. : : :
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1.2trillion for infrastructure, 2.5 filling and so on and so forth. it's terrible where we are now but it was terrible at the 1970s and folks like reagan and people in the room and around the country, we will rebound. a couple of minutes to touch on ronald reagan when he talked about his tax cuts because of the argument pretty well leading up too and talking about it "afterwards" petty. many of you remember the economy summed up in a few short phrases. if it moves, tax it if it keeps moving, regulate it and if it stops moving, subsidize it. another was the problem is not
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that people are taxed too little, the government spends too much. he said when john kennedy's tax program which is not too dissimilar from his was passed, the same thing happened. more revenue and lower tax rates. someone who works for the federal government doesn't have to pass the civil service and our federal tax systems impossible, utterly unjust, completely counterproductive and reeks with injustice and fundamentally un-american. it earned rebelling edits time we rebel again. a couple hard and keep the money they earn.
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it will add fuel to an economic machine and energizes national progress. more revenue for government consequently. last is one of the more colorful ones, the american taxing structure, the purpose of which was to serve the people. it's an element to come out with an appetite at one and no sense of responsibility at the other. megan's tax cuts stimulated the economy created jobs and cut the country out of president carter's self described way.
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let's imagine in 1979 president carter was at the tidal basin and he slipped and fell in and is drowning in they may be the other way and he jumped off his bike and saved him and he says they like to do something for you. the first kid says can i get a tour of the white house? of course to save my life. second kid can i just get a new bike? he said i'll get you the new bike, he saved my life. he said you oversee the cemeteries? he said i do. he said that the president, what are you about ten years old? are you thinking about death? he said they saved youth are going to kill me. [laughter] art.
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>> it's fun being with all of you. those of you in the panel, i wish i was there. i got to go up to the mountain tomorrow while be hosting the event of 40 years and that will be fun, too. i wish you were out there. when i want to say, i don't want to overlook all the other accomplishments, for example coming in and seeing the end of the iran hostage crisis, the moment he broke of office, incredible. it shows the power. the answer was about 15 minutes to take office. they understood the threat from reagan and released hostages and took oath of office. we had the gas lines would be
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how look to the drive through with one full tank of gas could never get any longer than that. the traffic controllers i want to underestimate come about as powerful as well. republican primary in 1980, the only union in the election but even with all that goodwill toward the administration from the administration to them, you can't strike against the american people. it's a powerful thing as well but i want to focus on the taxes here and what you want to look at and i look at the first
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installment of a two installment policy in the next of the 86, they unlace the supply side on the economy. i was shocked at the details of the responses that occurred with the supply side, economics and tax cuts to get the bill through the house and the senate, he agreed to phase in tax cuts began january 1, 1983. it's amazing how tax cuts don't work until they take affect. we had a deep downturn in 81, 82 but the tax cuts, literally one minute in, 1983 they have the boom hit from january 1, 1983 through june of 1984. an 18 month period. the u.s. economy grew by 12% in real terms.
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it was amazing what did it. if you look at the step of sound money, he deserves an enormous amount of credit for the policies he put an in this administration even though he was appointed by jimmy carter, he did the greatest job ever, sound money, deregulation and prosperity we had and that prosperity was wonderful, i don't understand the architect why he would be against it once the almost exact same thing. he said higher inflation, workers to the marketplace cause prices to rise.
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this was a beautiful, very says and i'll turn it over in one second but national are the lowest tax in the nation. but it's not rocket surgery. [laughter] they can't spend themselves into wealth. jack kennedy so beautifully, the best form of defense spending is wasted whenever you find yourself in a situation. it's a clear sign you did not spend enough. reagan understood all the policies created greatest prosperity ever and i'm so proud to work with them, i loved it. it was terrific and i want to
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give you the dean of all things of the reagan. , my dear friend and i wish could be up there went to heroes hero. >> great job as usual. it's an honor to be here today. this was an important date for the country. in 1981's, ronald reagan, that was the crux of getting things started getting the country back together but there's one person not here today with us unfortunately. martin passed away a number of
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years ago in 1979, 1980 and had been with ronald reagan's for both 1976 and 1980. at that time, our country was in deep trouble. the great depression of the 1930s the transition, he had to come up with a strategy to how to get the country back on track. that says significant in size
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you are able to explain a complex subject's in a very simple way so having been charged by the president, he came with the four-point strategy which he related to him and transition the start of january 1981 and there were four points. some of who you wished already talked about today. a stable monetary policy. each of these is important that tax credit significant because this was the one that shows the
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american people have a through their families, would be able to benefit new policies with this administration so the tax cut was put into effect ronald reagan's signs in legislation on the 12th of his 1981. they were able to celebrate 48 years showing as you pointed out, conservative ideas economic ideas. i'm sure the panel will speak later on today and describe this in more detail.
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it was passed by the legislature and that's why the state itself was so important. the challenge then after that was to make sure the tax credit to be continued program had not yet taken and i can remember being with him in the oval office or modify or destroy this significant foundation for the
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economic recovery fund began. the spirit of each time of economic growth in the history of the country and that's why it's appropriate we commemorate that day with the legislation signed and remind people of the benefits of the economic strategy and it's important to rely legislatures today and national leaders, quite a future that tax cuts invoke taxes kino of successful economic program and economic success for our nation was a pleasure to be with you all today. we have good friends who will be speaking to commemorate what he did if mark anderson is instrumental with all those here
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today in making this happen. it's i appreciate the privilege to be with all of you and help you celebrate, thank you. [applause] 's. >> thank you. it's wonderful to hear your voice, thank you for what you just said. our wealth is author. everybody knows tony who was a reagan speechwriter, key speechwriter, sorry.
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[laughter] 's he winds up around the trump white house, if you can believe that. i insisted that he come here. i don't think he knows anything about the economy but he has a great story to tell. [laughter] 's head of forbes media, longtime leader in supply-side and politics in communications, but rock man great principles. my brother, steve moore similarly we've been in about every insurrection you can imagine here in washington. she's been married to steve all these years and deserves a hand for just that alone. [laughter] i'm sorry.
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judy shelton, great monetary expert and great friend of ours. both reagan and trump people and many in between the steadfast person of great principle. i want to begin with what steve forbes mentioned on our show a few moments ago which is important, the relationship between economic strength and home national security military strength abroad. sometimes it's characterized as weakness at home and weakness abroad but i think it's more properly characterized as strength at home as strength abroad. one leads to the other. to some extent, is perhaps less understood or underrated as a factor but you mentioned on our show as you always do, i want you talk about that because
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america is on defenses in the 1970s may be long before that but certainly in the 70s we forget the strength of soviet communism and forget the fact that not only did they have eastern europe and so forth but they infiltrate our own hemisphere not just in cuba but also south littered throughout south america. that changed during the reagan years and why don't you take it from there because in some respects the grand sweep of history, pappy be the most important impact of ronald reagan. >> that's right, not only did the programs and tax bills currently inflation which set off an extraordinary boom we mentioned on the show but between 1983 and 1980, the real growth of the u.s. economy, the
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growth alone exceeded the entire size of the german economy. we grew germany in seven years. an amazing achievement. silicon valley became a byword, the high technology so the u.s. what from the 1970s but looked like best days were behind us we couldn't compete again and we are going to fall behind and we had to keep temperatures down at 55 during winter to a nation or the world. after the tax cuts, 50 nations around the world imitated the cuts so you had a global boom and for larry said in the 1970s especially in the aftermath of the vietnam war in the late 60s and great society that chronicles that terrible
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time in the late 60s when we lost our way but in the 70s we face the aftermath of it and as larry pointed out in central america nicaragua fell and looked like other countries would grow the soviet way. mercenaries were falling and they fell. europe itself soviets put in missiles, short range missiles to destroy nato trust winning the cold war's battle of approaching missiles, nobody remembers a today, it was so important because soviets figured they had short-term missiles aimed at europe, europeans would no longer trust the u.s. to defend them if there was nuclear tax because we wouldn't risk the destruction of the united states swords kiwi get short-term missiles stationed in germany which no
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surprise they resist by the soviet union they have opposition germany and elsewhere thanks to the strength of the united states became apparent. were on the march again on the nation of innovation and growth we have been in the 50s and 60s enabled the chancellor and believe the rest would be there so the missile started great soviet to win the cold war ended. a strong economy means a strong country, it doesn't mean we don't make mistakes but the world's plot a strong leader. a civilized leader, one believed in human freedom so all the complaints from europeans in the u.s., they fear the u.s. not being strong in the world. in a dark who would have thought
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the vietnamese would be begging us to have craft curious to visit as a counter to the pressure from china? we play that unique role. the 1930s when the u.s. was weak backed by great depression and we nearly lost civilization. 1970s when these polities he's continued we had soldiers on food stamps for crying out loud. we couldn't even keep ships and repair so looks like the u.s. was washed out. suddenly overnight, they return it was a better and richer world and that's what's so dangerous today. making the same body mistakes again and i use the word buddy advisedly, see it as weak and by golly, if biden has his way with timeless and everything, weak
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dollar, we'll have a trouble. again and hopefully we can turn it around and that's why this panel is so important to remind people it can be turned around, let's turn it around and not repeat the same mistakes again. it's about safety and morale, pre-civilized society. [applause] >> one of the thoughts here is when reagan started negotiate, the issues, gorbachev wanted to give up star wars in effect which today of our defense if we keep it up but steve, when they met, it occurs to me and i think many others that he was facing a
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guy who, along with his country, literally the citizens whereas the soviet union couldn't deliver the goods. it was happening in the mid 80s. recovery was awful flights start, megan unleashed us off our taxes regulation from the regulate oil self mesh that economic system didn't work and hours did so you attend this it will be in the paper tomorrow
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and so forth. today, i think we are in danger of handcuffing free enterprise and capitol as dan clifton noted in a recent piece, these are the first tax hikes on capitol, golden eggs on capitol and 50 years. i find it to be for folding and certainly damage us, what do you think? >> let me shout out a couple, there's so many great people and i want to say with reagan tax cuts would not happen without richard, the chamber of commerce
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when the chamber of commerce was good, thank you for what you did because you are a driving force behind by. i think what reagan did gave birth to that movement being succumbed into agreeing to tax increases and that was important and others, you should be the chairman of the federal reserve's. >> by the way, i tried. [laughter] >> wanted to mention two other people, a great day to remember what happened. i don't think it would happen -- for those of you who don't remember bob marley was the editorial page of the "wall street journal" in about every day, explaining in teaching the
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american people why this is important. it's who came up with the term supply side remember but that was all cool. i'll say one thing, we are in a dangerous zone because none of the lessons we should have learned over the last 30 years seems to be learned by the left. one thing you said on the show, a 30 year revolution, i would say 40 here revelation. trump found a lot of those ideas from reagan as well. i'll give you one statistic in an op-ed, but it's incredible you think about this 40 years
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ago today, the dow jones industrial average was at 1000. about 3500, 35000. this is the greatest. in the history of civilization. it comes close to what happened in the united states it wasn't just tax cuts, was the regulation, sound money policy clearly, march toward free trade and limiting government and now we are seeing biden and not just biden but the left in america has not learned any of the lessons from these things impact troubles me because i do worry if we start turning the tiles back to where they were in the 70s, elizabeth warren talks
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about all the time. larry, they want to read regulate the railroad. how stupid is that? if there's ever a success, it was deregulating the railroads and they want to go back to policies we had so one reason we put this together and by the way, thank you for doing a great job getting this and thank you to all of you for being here and braving covid to be here. i think it's really important this lesson be taught in schools and universities and if we keep rates low, we could have another four years like the previous 40 years and we will be an unrivaled superpower. china is only going to catch us if we allow -- if we do it to ourselves and reverse our own
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policies because china will not with us if we take keep tax rates low. >> judy, we talked a lot about the policy mix of low tax rates and a strong dollar. low tax rates and money, that's how mundell used to talk about it in shorthand. we sure don't have tight menino and probably won't have low tax rates although lessee how that argument plays out but in your judgment, did reagan work well with him, was the offer mundell hypothesis insight at that time either consciously or not? >> first let me express my thanks for being with you all. i feel grateful to be on this
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panel with my heroes. i didn't serve in the reagan administration my first job as a doctoral person was to be a research assistant to martin anderson i feel like i brought props with me today. my first project with martin he had this economic bill of rights so i want to go back to integrate some of the things i've been hearing which have given remarkable perspective. martin wrote the memorandum that laid out four points and he was reflecting on the so summer of 9
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reagan's approach to resolve economic malaise of the 70s was spelled out in the memorandum, the basis of the policy of his 1980 campaign and economic recovery program there were four basic parts. first, control the rate of increase government spending to reasonable levels. we need that now. the second was to reduce income tax rates and simplify business appreciation schedules in an orderly and systematic way to remove increasing disincentive to work, to save and produce, equal response to incentive. the third was reform, reduce and
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eliminate economic regulations to encourage economic growth, a lot like the trump administration progrowth agenda. the fourth wants to establish a stable and sound monetary policy. i was the part to me that was visionary and radical in a sense and as you asked me at the outset, you had booker who decided to try this experiment targeting aggregates and let the interest rate go wherever it had to go. at the same time you had progrowth tax policies and that was the magic formula. it did work. it works tremendously. it was brutal. it hurt a lot of the economy but wrenching out inflation was
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final period the american idea, what a promoter he was. [applause] and here's a guy who would sit on the buses one football game to another feeding team's general theory and understanding it. [laughter] and i remember in my thanks to jimmy who gave me some books from his dad's library which i treasure but he said monetary issue is anything but remote from people's experience. my experience, it's a popular blue-collar bread-and-butter winning political issue and we see our people are so distressed over this rising inflation and definitely get value of stable
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money, a sound monetary platform so they can plan and invest and make decisions dictated by free market mechanisms such. another one, he's the one who, can i say popularized in the best helped everybody understand? for me international monetary system, my personal group and all of that but i remember in his acceptance speech and 99 for his nobel, is what he said and i think it sums it up, the 70s were a disaster in terms of economic stability but we learned a valuable lesson. the lesson was inflation, budget deficits, pick that's and big
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government are detrimental to public lobbying and correcting them is so-of democratic government wants to repeat the experience. i'm afraid we might be about but he warned us. >> in some on this, it did work and it collaborate. >> i think ronald reagan honored the independent judgment. it's true he coming under carter in august 79. he was there until august 87 but the 1981 call commission and i think he understood people were so concerned about the policies of his predecessor and whether there was some kind of
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acquiescence for what the white house might want that president reagan was very respectful but it turned out what he thought he had to do having to be exactly with what mundell said we ought to be doing in order to have progrowth tax policies expand economic output. >> and the combination of low tax rates soundbite, to me that's the most important lesson to be learned so i was a young kid fed, i set out one of those meetings, reagan and him had something in common -- old. walker was defeated when nixon went through when he went through the 70s, here's the under secretary of the treasury at that time. volker did not want to be, he
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wanted to make some minor price adjustments but not to end it. i don't know about burns, i've heard both ways about burns. i think reagan, the rest of reagan's senior staff didn't like volker and tried to push him out eventually succeeded in making 87. whether or not it was a mistake, i don't know. i always thought they were, i could be wrong -- >> i think you are exactly right. >> and volker took no prisoners. reagan used to say leave the politics to me, he would say that about a lot of debates and i was one. you do what you have to do and i'll take the political heat. it was fabulous in a lot of ways i want to bring my pal into that
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and as i said tony, more reading to do on the economic side. [laughter] but the brilliant is a speechwriter and a creative guy and intellectual it idea guy, what was reagan thinking? especially and 81 and 82. >> i don't want to offend you but i'll begin with numbers. [laughter] we were facing 22% interest rate, 8% unemployment and back to back double-digit inflation two years in a row, the first time since world war i. we were facing 18% increases in federal spending. they said no we are going to stop he said we are in the big leagues now. he went on the air and everything changed. ronald reagan came up with the
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perfect label and helped the media. yes, reagan put these people in so here's a great communicator. they were quoting again when the bill came in the reason was because he said i have a 20 vote on this, we are going to defeat him and reagan did what he had done prior with economic speeches and marty anderson did the audit based on him and am so grateful for bringing that up but reagan wrote the speeches and he been talking about it forever and he said pete, have you seen this tax cut bill? so they did a script together
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and they insisted on it and no one thought reagan would run for president again so even then his advisors had are you sure you want to be that far out on something like that? 's as we all know, barbara, a great guy but losing his mind talking about that. [laughter] i gave a copy so he could give it to bob quickly in the hospital but these were things, everyone in the chairman told me over lunch where you and i used to commute as well, ronald reagan knew economic as well as anyone and he said he knows and i want to emphasize, they want to change everything.
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it's he's at the president was inside mike, you ought to be, it was all his stuff. for three months he'd been talking about this bill and had been talking about it in formal situations and horrific supply-side in particular, here's a supply-side. they had descriptions of what was going on and the conservative speechwriter reagan white house and we they dries reagan but something i had worked on in the half hour period of time it was the set
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up. it was okay, it's great and it's up to you. you copy the speech and there is a critical moment in one of the congressman cayman's and they let me be there reagan had a democratic house in a reluctant senate in one of them said the democrats were the last ones to come up with their own tax cut into small finally to reagan and and one set you know mr. president, i was up talking to a farmer the other day i explained to him our tax cuts bill how it would do just fine and i went into all of the discussions about and so forth and finally the farmer just looked at me and said congressman, are you for him or against him? he said i'll vote for him. he tells the story in the speech
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but think about what happens because ronald reagan had this vision the economic world he did and where did it come from? he believed that his as calamitous as our world is, truth and goodness still has power and what he was saying clearly, interested paradoxes and cut taxes to raise revenue. he understood you confront the regime to make it retaliatory. you get out, i'll finish with this, he understood the history of not paying a conceit as i put it, the idea of oligarchs no no better, it's mysterious force of democracy works better because
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people make a better corporate decision than the oligarchs and similarly lots of people don't know each other making economic decisions and billions of transactions way better than the government's panel so i have to tell you, that is the reason ronald reagan supply side and believe if you stood up for the two, if you have the power, he believes the christian paradigm and believes if you just had a little trust, you could change the world. this was remarkable intellect as well as remarkable communicator -- >> he did use numbers in his speech. >> he did, he left. >> a lot of politicians today will tell you what advisors tell you -- >> listen to the speech.
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>> he always use numbers. >> he used on camera charts which is very cool. >> you want the story or not? [laughter] >> i'm not going to be able to stop you anyways. >> but it's about the chart. >> go through the chart. proud of you. [laughter] >> i am your student, larry. >> in any case, he's rehearsing. they were going through once and they've always got to fix stuff. it's probably -- was you, i can't remember? he said -- anyway.
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so he had a wonderful director. live tv, anything can go wrong so you better do it right and mark said mr. president, we want you to go to the chart now once and then cut back to the chart but we've only rehearsed it once, can you handle this? he just looked at him and didn't say anything and i realized there was something going on between director and he said it again, can you handle this? and finally one more time he said mr. president, can you do this? i realized what was happening, he's giving reagan is chance to tell a story so he pushed himself back i made a film, i can handle anything. [laughter] we all laughed hysterically but
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we only knew why we laughed so hard so i asked him, what did you mean by that? he said there is a saying in hollywood, never do a scene with a little dog, a little kid or wallace and he said it was my scene, i was the only one on camera with any lines. he said by the end of that, he realized the only thing you could see and i was off-camera talking to the back end of the horse and it was supposed to be my scene aspect he understood -- and by the way, this is exactly what happened, they were always prepared, he had to crawl across the oval office in my markers were working you can because the light dried out.
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let me finish on this, when he gave a speech, there were no theatrics. the great communicator but the words and sentences and ideas speak for themselves. >> the benefits of dragon's optimists, almost a lost art. there are few people were optimists who believe as bad as things maybe they can be turned around, as big as the soviet union was and powerful, it could be brought to its knees as awful as the u.s. economy inherited, it could change in a year or two and he was an optimist. how important was that? >> was critical because people can be optimistic and neville
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chamberlain was an optimist before the german offensive but that didn't inspire people's, the situation was well at hand but reagan's optimism was believable, it just wasn't a show. what made america unique and with times and circumstances changed, people will find a way to overcome obstacles and move ahead. is it deeply read, this was not some kind who went on to the next thing and people sense and that even if the elites didn't so they believe yes, we can see through this and also what made optimism endurance was he went to a rough.
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from 1981 when the bill was signed, the economy crashed under recession beating and congressional elections, people thought the economy wouldn't do much in 1983 and he'd be in jeopardy, his numbers went down i think about 35%. the people stuck with them even though they may have just proved because they figured something was there that's why he rebounded. it would have been 56 out of 57, obama won 57 states that he would have done that. the thing is, ground in understanding the key people confidence has had a wellspring like it did with turtle and as bad as things are, there's a spring there you can trust.
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>> we lost alone, 25 people in the house in november of 82 and the economy wasn't recession. we didn't get the roaring recovery and 82 that don reagan and all of us were hoping for but i often thought the tax debate came up out of the white house. very important, i was a witness but it occurred at the highest level. it was really only one guy among the senior policy staff in the white house that you have to throw to decide and brief
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brutally tough with the soviet union in respect to their foss and vulnerabilities in the u.s. new position of strength. it was really only one person among his senior who truly believe, truly believe the soviet union what it could be overturned. here's the only senior policy guy and i saw this, i watched it. they came very close and 82 overturning the tax cap policy and you heard me say how essential that was for a variety of reasons. you're a tax cut, not likely to
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be of expander. if you are a tax cutter, you believe in people, not government planners and bureaucrats and ivy week scientists and so forth. they wanted to change the tax policy because they were more than worshiping. reagan believed reagan himself and that background. they were afraid of politics, reagan just pushed it aside. he wanted to do the right thing. that's extraordinary leadership position. >> i remember 82, so much pressure to exceed in this tax increase and thank god he didn't
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cancel. i think one of the things congress wanted to do was cancel, right? that would have been a disaster. we would not have gotten the full thrust of the tax debate. it took a lot of courage for reagan -- as i did pass a tax increase but thankfully much smaller and rate cuts. >> in the indexing and what they did and 86 was an incredible accomplishment. reagan comes in with 50% to get it down to 28%, he always thought about 15 and 28, how great would it be if we could go back? >> are stuck in the middle and he said i thought he was going to walk naked he was so excited because he said i did this column for newsweek and i think the early 70s to start an
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argument and reagan's right were three points higher than what i was trying to start and larry emphasized what you said, and started the whole thing with the economic miracle, the cold war was over, trade barriers fell down, one billing people were lifted out of poverty because of what happened for years ago this day, that was it. judy, some of that groundwork was laid. i think a lot of people forgot about that. air traffic controllers union which endorsed reagan during the campaign, upper-middle-class, not everybody but they went out on strike and he said don't do
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it, i'm going to fire you and they didn't believe him and they went out. then he fired them. i always felt for domestic purposes but also international purposes, that would be her around the world. >> i thought that was fearless and unique coming from politicians i guess that's the definition of leadership and you are so right. when you mentioned this optimism leaving what he knew in his heart into having the integrity to fight for and carried out, i think that's so important that in the future, i look at things from a monetary view and i think, what have we been able to do to save her and then get zero? how does that support the idea of sacrifice today because of the financial that's going to be invested productively and. liz: higher standards of living
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and everyone benefits and you kind of destroy that faith in the future with the monetary policy we have here or negative rates of interest? ... another book was, this was cochaired, jack camp and robert preceding the williamsburg g7 conference they put together a monetary agenda for world growth. but like thomas jefferson that
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that the american idea was so wonderful, and so blessed why not extend that to the world? then they had the economic policies to make it work for america. after i had worked for martin he recommended me for the national fellowship of the hoover institution. that would either be a very dry subject the impact of the western capitol of the soviet economy. as a started work about an 85 that is how the impact of this just a wildly turning around the economy in the united states, were we went being the losers to having the right message from the right mechanisms to turn into a growth machine. the impact of gorbachev became in, but gorbachev was the
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first one to recognize the soviet economy was going the opposite direction. the opposite. i could see that reagan by using our ability to invest in the strategic defense initiative was the maximum leverage and gorbachev was saying i don't even want to do research audit. but he knew the soviet union could never match that. my research and that being at a book that came out in january 89 so reagan was right. he saw that country is going bankrupt. not just economically morally as well. clutch i was on the plane back who just like the tax because he said no for time, newsweek the whole world was about to make in the great peacemaker and he said no i'm going home to nancy.
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the only two people on the plane that were happy, i don't know about reagan but it was me and pat began. we knew what happened. i think for different reasons you are happy. >> know i said mr. president, everybody wanted the treaty. let me tell you something he rented their under eyes were filled with tears i couldn't believe it, you have done what the american people have always wanted an american president to do produce up to the russians. you point out at the critical moment per. >> first what happened early pre-coxey soviets noticed that per. >> that happened early it was one of those moments, they wrote about it. >> you think i'm not going to lower tax rates the way i said? he'll think i'm not going to slammed on the soviet union like i said? you think were not going to go ahead with our defense bill will watch me? then this comes and it was a
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wonderful opportunity. it was like a god-given blessing and he just hit the bid he fired them and never been done before. in fact no problem have stood up to a labor under labor union like that. who is this guy? >> in terms of these administrations, while, wow. years later you've called moon trembled out of the paris climate accord, you called me. [laughter] it's like while we actually did that he said he was going to do it and he actually did it. by the way contrast that will give you this will give you that. begging saudi arabia to make
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oil. wait a minute he does know. >> one of the most embarrassing. >> at the new low. oil production have more oil than anyone in the entire world we. >> we do the total time this is where phone calls go. that's without is so incredibly important. tony has a quick question. is it true they did not want to let reagan's eight gorbachev tear down this wall? >> will be quick larry i promise. [laughter] [laughter] [laughter] >> it was early and they said to mr. presidents really early on berlin. at the end of the people said you have any thoughts at all
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what you might went to say in berlin? he did is ronald reagan imitating doing ronald reagan. [laughter] will yes, tear down the wall. that is how it happened folks. i will tell you everybody in the foreign policy committee try to get that line out. we thought like hell for it. we went through a lot of revisions that came out a bunch of times and we got it back in. >> it was the best moment. >> is an ugly memo about me in the file to saying we have had five impassioned conversations he refuses to step back et cetera. but the wonderful part about it, and reagan worked it over as he would it was very much him. in the final analysis that was the nature of ronald reagan. everyone wanted out hotel i
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wrote this in the wall street journal if anyone is interested for little words it tells the story the morning of the speech got a cable from the state department, tom and risk and gave it to me as director of communication. it's a tom is out i think it is? said yes to pay any attention to its another last-minute plea the walls going to be their last another 20 years. everyone brought it to regulars ultimately his decision. as much as we prided ourselves to keep the line in, they took it to reagan ultimately and as you point out it was like a verbal. at key moments he towed the line. these guys now, different presidents were going to draw a redline through that pretty cross that redline and it always gets crossed now. that's one of the reasons we've lost respect for the institution.
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ragan upheld his redline, which i think is. >> is it christian paradigm he thought i'm going to the best i can. >> to come back to where we began with steve forbes idea of strength and strength abroad. all of these decisions sent unbelievable messages to the rest of the world about american strength, and persistence in defense of the ideal. i want to add a little bit of history here. i'll go to steve forbes, ronald reagan was five times a president of the screen actors guild, a big union and important union. how do you think that informed his actions, communications and political activities down the road? >> he learned about leadership , you just don't do things on your own. he learned about the communist threat which soon to be come to boot.
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he learned how in invidious it was. he learned to that he made decisions. he did make decisions he felt his life might be at stake. so he was a new dealer, democrat, union guy. but he never forgot he was there to serve his people. not some other political cause. and fortunately that was reflected in much of the labor movement. yes, they wanted to organize and all that sort of thing. they're also very patriotic unlike the left today. that has been lost. that was the end of that. but ragan, while he was a big thinker he also it was a very practical. i have to share the story in
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that utterly irrelevant. that is at the office once he gave a speech, he dinner speech. he said if you have a dinner speaker, a luncheon speaker and the desert is on the table, eat it first. because they always ask you to speak when people are having the dessert and they never save it, so eat it first. [laughter] another thing on the actors union he said what he learned never sit down at a table less you to get back up. >> he was a five term at present he had one thing that i'd never done before i'm pretty sure it not since, he called a strike against the studio bosses. he did in college too, he did that. that's the only strike they've ever had in those days hollywood was very close place. for five of these moguls running the place.
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reagan himself his future career was already up for grabs and he called the strike. in that strike he got a lot of concessions not just for actors but for the screenwriters of the people behind the camera whose pensions were at stake and work through it just did that. i want to also ask, it's up for grabs anyone tackle this. he learned about handling unions from the other side. he learned how to be a very tough messenger of free enterprise and free markets and capitalism. he went to all of these factories, all around the country. who was? there is a fabulous book and i will never remember the author because i'm way too old, about
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this experience and what he taught reagan. sound money helps a blue-collar worker which is something jack has taught all of us. reagan learned a lot of that stuff. we talked about the gop now has become a workers party, or a lot of trump's own messaging and so forth. reagan was right there he was doing his best to fight the establishment. he learned a lot of that during the ge days. because in those days they had 100 factories around the country not like today. he would go into actually blue-collar people, argue with them back and forth. i believe reagan was a democrat and steve said he was a new deal democrat before he became a republican. the other guy worked for more recently was a democrat who then became a republican. i was a democrat and became republican.
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i still believe the best republicans are former democrats. >> larry could i mention of the battle against the soviet union and all of its attacks on the human soul materially as well as in the heart, was facilitated because of ragan's ability to work with the union movement with the labor. labor solidarity, and with pope john paul ii, lane kirkland was extremely helpful. i think the fact that reagan had such credibility, workers really knew he was on their side. he understood how american principles really helped give opportunity to the little guy and what a message that would
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be. >> i was staffing for the social security commission in the early 80s and kirkland was on that. those old union guys are anti-communist. that game has changed the left is so awful now the left hates america. in those days the union guys loved america they wanted to stand up for their members. they did not collect dues in order to provide critical race theory in junior high school. they loved this country they do not going to talk about systemic racism in america is always wrong. it was a very big difference. >> by the way larry in terms of ge in the book of the great society there's a writings on reagan's education at ge. and again humor when he became a ge spokesman they turned his house into a laboratory of
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electricity but nothing was electrified, stoves, heating, everything else i drew the line when they wanted to do chairs. [laughter] is that in your book? [laughter] that's the best of the best. on our time is probably up we can't go on forever. i just want to make a point, what we have now with the biden administration is an attempt to overturn, overthrow every single one of the principles we've been talking about this evening. i mean every single one, whether it's taxes or regulations or free enterprise or patriotism or love of america. as steve moore said perhaps the most prophetic thing in a long line of what is seen in the past few months american
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people are way smarter than folks thanks. this is about pleading with saudi arabia and opec to produce more oil. here we have the greatest oil and gas business on the planet goes completely unlocked and unleashed by president trump they had discovered new technologies of fracking and horizontal drilling and the natural gas units brought down our missions by 25% since 2005 we were five years ahead of the paris target there's no government planning was a bunch of guys who put old technology to work which is the brilliance of the private sector. but i want to say we really have to give every intellectual, activism, communications, writing, money whatever it takes to defeat the reconciliation bill that will, for a vote not
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immediately but in a couple of months. because embodied in this bill, they are using it as the vehicle to transform america. to transform its values, its culture, its history and its economy. they have no interest in economic growth. they know damn well you're not going to check sure way into prosperity. they know damn well the inflation is rising because of too much spending that's always going to be the big risk. he has already now put it on jay pal's head, yesterday he said that. the ultimate when they think it's appropriate this is the monetary equivalent of sending kamala harris to the southern border for immigration. i just want to make a personal plea to everyone here it's so important to such great place, there is nothing more important than feeding reconciliation that's all there is to it.
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>> literally or way of life is at stake in our economy is at stake. every great principle we are talking about from optimism come to texas, to money, to free enterprise to actually upholding promises to abiding by redlines in the sand will be defeated by the biden's. they are rather brash about it. i don't care who is in charge whether it's aoc, or bernie sanders, or nancy pelosi or my suspicion is joe biden, make no mistake they want to overturn everything we hold dear. everything we hold dear. and so i'm just making a plea. my panelists each get one last word on whatever topic they want that is my thought for the day, believe me, trust me the stakes are incredibly high. last word tony.
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>> folks behind his back i refer to him as larry the golden hearted. he is wonderful, warm great person who is busy giving people medals of freedom and think of others all the time, that is a dark secret i will only share with all of you. i think the point i would make his reagan was the author of his own success. he was a troublemaker but he embraced controversy just like margaret thatcher. he moved. [laughter] >> reagan understood america unlike several few had. they wrote a book on coolidge you did amazingly and not many people realize it but reagan did that's what he was successful. that's when he had with my grandfather called stick to its of this, setbacks which are inevitable and they all
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lead to his triumph even when he had the setbacks. he believed in the uniqueness of this country. and sadly we have an establishment today, unfortunately cultural politics and elsewhere have the exact opposite view that this country is a disgrace to humanity and that is what we are fighting is the battle for the soul of america let's not forget it. >> steve moore? >> you mentioned tonight on the tv show i worked in the late 1987 with management and budget under jim miller, remember jim miller? i never really thought a lot of it. i spent seven or eight months we tried to privatize amtrak wouldn't that be a great thing give me $50 billion for amtrak? [laughter] that's a difficult example thing reagan wanted to do,
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right? what better transportation we would have today if we privatize amtrak i'm very proud of that that i worked for reagan. then i tell make kids, you worked for ronald reagan that is so cool. but stature keeps going up have you noticed that? the last thing i will say, i went out to south dakota at three weeks ago, rapid city so went to mount rushmore. there is room for one more, there is room a brick. >> wouldn't be amazing if we put ronald reagan on that? [applause] last word? >> i think he proved you really can change the world. you can change the destiny of the world for the good. for me the 80's started with
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the privilege of getting to hear about the reagan program from martin anderson, from the people who created it. but then seeing the consequences of that juxtaposed against my study of the economic system of the soviet union, of course still has the capacity for thermonuclear exchange to destroy everything. what you saw was the combination of vision and fortitude was able to bring down that nation. i remember when i see john sitting there i don't know if he remembers he wants came to visit gil and me at my home. you know what you brought us as a little housewarming gift? a piece of the berlin wall. >> one of those worth now? >> i'm keeping it.
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[laughter] it just shows that ideas are powerful for good or for ill. if you combine that with the leadership and the
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and now from cork ireland historian, michael patrick cullinane joins us, but he's a new

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