Wanted: The Reagan Courage

Ronald Reagan is rightly remembered for his fortitude in disposing of Soviet Russia in the Cold War, but perhaps the bravest decision of his presidency was not a matter of foreign policy.  When Reagan gave Fed Chairman Paul Volcker the full political backing necessary to wring inflation out of the U.S. economy, Reagan did the politically unthinkable: Intentionally cause an economic recession.[1] To understand exactly how courageous this decision was, we must first examine the conditions under which Reagan was elected. Perhaps the most iconic image of the 1980 presidential campaign was the Gipper's devastating debate take-down of incumbent Jimmy Carter. "Are you better off than you were four years ago?" intoned a sober Reagan. "Is it easier for you to go and buy things in the stores than it was four years ago?" The answer was no, America wasn't better off under Carter, and the Reagan-Bush ticket carried 44 of 50 states less than a week later. What followed was a far cry from being...(Read Full Article)