I got about a quarter of the way through the OP before Billy Joel started going off in my head
Stuff, stuff, stuff and stuff
History and stuff and stuff
People, someone’s name, history and sports
Big disaster, someone’s stuff, and stuff, and stuff and stuff
History, someone’s name, something I don’t know
Famous guy, movie star, don’t know who these people are
Stuff and stuff and history, yelling really loud at me !
Yeah, that’s the nice thing about history, we can look back and see the truth. And the truth is that Reagan reaped the work of Carter and Paul Volker sopping up the excess liquidity flooding the country. Carter was the last actual fiscally rational president, not that he didn’t have his flaws. But things were set you perfect for Reagan to triple the deficit.
Nonsense, Carter was a fiscal disaster. And Regan’s deficit was the bargain he struck with the Democrats so he could build up the military. He allowed them (withdrew the threat of a veto) to spend whatever they wanted for their priorities as long as they approved his military budget. The result was a huge deficit and the near bankrupting of the Soviet Union and the end of the Cold War.
I am doing this from memory, so please forgive if I get a couple of details wrong.
Volcker was confirmed as Fed Chair in July 1979.
He then almost immediately started to push the Fed Funds rate up for the next year and a half until it’s Double Digit high in January of 1981.
That put the country into a recession.
After that, interest rates began being lowered at a pretty steady clip, with inflation under control and deficit spending able to pull the economy out of recession.