Reagan’s economic policies are the reason we have less buying power GB had his counter-“cousin”Margaret Thatcher to implement much the same. Reduced taxes on the wealthy, while inflation ticked on, average wage earners were told, not to worry the benefits from these policies will “trickle down to us
The graph directly shows that the typical American household has *more* buying power than when Reagan was in office, nearly 40% more. (The same is true, but less so, for the typical Brit). There are plenty of reasons to oppose Reaganomics, but being worse off than in 1989 is unlikely to be true
In today’s income dollarsHow many years does it take a family to pay off a car?How many years does it take your family to pay off a house in today’s income? In the 80s, you could finance a car for three years and pay it off. You could also get a 15 or 20 year mortgage eventually own your home.
That graph is an overall average. What it doesn’t show is the growing disparity in wealth distribution. Lower income earners have seen their purchasing power shrink while those at the top have seen their power increase. That’s Reaganomics in a nutshell. Take from the poor and give to the rich.