Having lived and worked during the Regan years back in the 1980s. I conclude that all his so called economic miracle was to create millions of jobs that paid minimum wage. In the first two tears of his presidency, many factories and businesses were shut down and unemployment rose to nearly 11%. Once the will of the workers was broken, some of the businesses began to open up again only now workers were expected to take a pay cut of up to 30%, give up many of their hard won benefits, especially medical ones and say good bye to the unions. Even then unemployment dropped to only 7%, but the Regan administration white washed this by calling it an acceptable level of unemployment. Code: this meant if you didn't work at the conditions given to you, there was always someone out there waiting who would.
Worse still, some went even further with the unsuccessful attempt by the Regan administration to create a sub minimum wage for uner 18s. I can also remember a friend of mine who worked for Wendys. He was asked to come in on his day off where he spent 8 hours cleaning the grills. When he saw he wasn't paid for those hours, his manager informed him that he had volunteered to do that for the "good of the company."
So were Regan's economic policies a miracle? What do you think?
