IDEAS home Printed from https://ideas.repec.org/a/col/000485/017225.html
   My bibliography  Save this article

Reaganomics: una línea divisoria

Author

Listed:
  • John Komlos

    ()

Abstract

Documentamos el impacto de la Reaganomics y su legado de largo plazo. Los datos indican que el crecimiento económico no fue particularmente impresionante después de los recortes de impuestos de 1981. El PIB simplemente retornó al potencial y su tasa de crecimiento no fue superior a las tasas logradas en décadas anteriores o posteriores. Los supuestos incentivos de la economía de la oferta no se materializaron. La gente no trabajó más, no ahorró ni invirtió más, y el efecto de goteo fue insignificante, como el de la melaza. En cambio, la presidencia de Reagan fue una línea divisoria en el desarrollo económico de Estados Unidos en el sentido de que revirtió muchos de los logros del New Deal e inauguró una era en la que la desigualdad aumentó sustancialmente, los salarios de los trabajadores poco calificados iniciaron un largo periodo de descenso y la participación del trabajo en el PIB siguió disminuyendo. El legado de Reagan es una economía dual que acompañó al deterioro de la clase media, la desregulación que llevó a la crisis financiera, un enorme incremento de la deuda nacional, del 30% al 50% del pib, que no pudo ser detenido posteriormente y es superior al 100% en 2018, el antiestatismo que contribuyó al ascenso del trumpismo, un desmesurado aumento de la desigualdad que dio origen a una oligarquía y a una plutocracia, y el abandono de los trabajadores de overol que eventualmente se convirtieron en los deplorables de Hillary. En otras palabras, nada goteó hacia las mayorías. Los ricos y los súper ricos recibieron todos los beneficios de los recortes de impuestos. Este es el verdadero legado de la economía de la oferta de la administración Reagan.

Suggested Citation

  • John Komlos, 2019. "Reaganomics: una línea divisoria," Tiempo y Economía, Universidad de Bogotá Jorge Tadeo Lozano, vol. 6(1), pages 47-76, February.
  • Handle: RePEc:col:000485:017225
    DOI: 10.21789/24222704.1409
    as

    Download full text from publisher

    File URL: https://doi.org/10.21789/24222704.1409
    Download Restriction: no

    References listed on IDEAS

    as
    1. Feldstein, Martin, 1986. "Supply Side Economics: Old Truths and New Claims," American Economic Review, American Economic Association, vol. 76(2), pages 26-30, May.
    2. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts: A Meaningful Alternative to Deficit Accounting," NBER Chapters, in: Tax Policy and the Economy, Volume 5, pages 55-110, National Bureau of Economic Research, Inc.
    3. Henry S. Farber & Daniel Herbst & ilyana Kuziemko & Suresh Naidu, 2018. "Unions and Inequality Over the Twentieth Century: New Evidence from Survey Data," Working Papers 620, Princeton University, Department of Economics, Industrial Relations Section..
    4. Mankiw, N. Gregory & Weinzierl, Matthew, 2006. "Dynamic scoring: A back-of-the-envelope guide," Journal of Public Economics, Elsevier, vol. 90(8-9), pages 1415-1433, September.
    5. Thomas Piketty & Emmanuel Saez, 2014. "Inequality in the long run," PSE - Labex "OSE-Ouvrir la Science Economique" halshs-01053609, HAL.
    6. Larry M. Bartels, 2016. "Unequal Democracy:The Political Economy of the New Gilded Age," Economics Books, Princeton University Press, edition 2, number 10831, October.
    7. Yellen, Janet L, 1989. "Symposium on the Budget Deficit," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 17-21, Spring.
    8. Edward E. Leamer, 2001. "The Life Cycle of US Economic Expansions," NBER Working Papers 8192, National Bureau of Economic Research, Inc.
    9. Wallace C. Peterson, 1988. "The Macroeconomic Legacy of Reaganomics," Journal of Economic Issues, Taylor & Francis Journals, vol. 22(1), pages 1-16, March.
    10. Henry S. Farber & Daniel Herbst & Ilyana Kuziemko & Suresh Naidu, 2018. "Unions and Inequality Over the Twentieth Century: New Evidence from Survey Data," NBER Working Papers 24587, National Bureau of Economic Research, Inc.
    11. Lisa J. Dettling & Joanne W. Hsu & Lindsay Jacobs & Kevin B. Moore & Jeffrey P. Thompson, 2017. "Recent Trends in Wealth-Holding by Race and Ethnicity : Evidence from the Survey of Consumer Finances," FEDS Notes 2017-09-27, Board of Governors of the Federal Reserve System (U.S.).
    12. Temin, Peter, 2017. "The Vanishing Middle Class: Prejudice and Power in a Dual Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262036169, September.
    13. Trabandt, Mathias & Uhlig, Harald, 2011. "The Laffer curve revisited," Journal of Monetary Economics, Elsevier, vol. 58(4), pages 305-327.
    14. Arthur B. Laffer, 1981. "Government Exactions and Revenue Deficiencies," Cato Journal, Cato Journal, Cato Institute, vol. 1(1), pages 1-21, Spring.
    15. John Komlos, 2018. "The Economic Roots of the Rise of Trumpism," CESifo Working Paper Series 6868, CESifo.
    16. Modigliani, Franco, 1988. "Reagan's Economic Policies: A Critique," Oxford Economic Papers, Oxford University Press, vol. 40(3), pages 397-426, September.
    17. B. Douglas Bernheim, 1988. "Budget Deficits and the Balance of Trade," NBER Chapters, in: Tax Policy and the Economy: Volume 2, pages 1-32, National Bureau of Economic Research, Inc.
    18. John Komlos, 2014. "The Banality of a Bureaucrat," Challenge, Taylor & Francis Journals, vol. 57(5), pages 87-99.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. John Komlos, 2018. "Reaganomics: A Historical Watershed," CESifo Working Paper Series 7301, CESifo.
    2. Tsuchiya, Yoichi, 2016. "Dynamic Laffer curves, population growth and public debt overhangs," International Review of Economics & Finance, Elsevier, vol. 41(C), pages 40-52.
    3. Leeper, Eric M. & Yang, Shu-Chun Susan, 2008. "Dynamic scoring: Alternative financing schemes," Journal of Public Economics, Elsevier, vol. 92(1-2), pages 159-182, February.
    4. Komlos, John & Schubert, Hermann, 2019. "Les origines du triomphe de Donald Trump," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
    5. James Bishop & Iris Chan, 2019. "Is Declining Union Membership Contributing to Low Wages Growth?," RBA Annual Conference Papers acp2019-06, Reserve Bank of Australia.
    6. Stéphane Auray & Aurélien Eyquem & Paul Gomme, 2016. "A Tale Of Tax Policies In Open Economies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57, pages 1299-1333, November.
    7. Alejandro Cuñat & Szabolcs Deak & Marco Maffezzoli, 2008. "Tax Cuts in Open Economies," CEP Discussion Papers dp0860, Centre for Economic Performance, LSE.
    8. Xiaoshan Chen & Campbell Leith & Matta Ricci, 2018. "Debt Sustainability and Welfare along an Optimal Laffer Curve," Working Papers 2018_01, Business School - Economics, University of Glasgow.
    9. Kumhof, Michael & Laxton, Douglas & Leigh, Daniel, 2014. "To starve or not to starve the beast?," Journal of Macroeconomics, Elsevier, vol. 39(PA), pages 1-23.
    10. Dirk Bezemer & Anna Samarina, 2019. "Debt shift, financial development and income inequality," DNB Working Papers 646, Netherlands Central Bank, Research Department.
    11. Houndonougbo, Ahiteme N. & Mohsin, Mohammed, 2016. "Macroeconomic effects of cost equivalent business fiscal incentives," Economic Modelling, Elsevier, vol. 56(C), pages 59-65.
    12. Stéphane Auray & Aurélien Eyquem & Paul Gomme, 2016. "A Tale Of Tax Policies In Open Economies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57, pages 1299-1333, November.
    13. Koh, Youngsun, 2018. "The Evolution of Wage Inequality in Korea," KDI Policy Studies 2018-01, Korea Development Institute (KDI).
    14. Kulkarni, Abhir & Hirsch, Barry, 2019. "Revisiting Union Wage and Job Loss Effects Using the Displaced Worker Surveys," IZA Discussion Papers 12786, Institute of Labor Economics (IZA).
    15. Antonelli, Cristiano & Tubiana, Matteo, 2020. "Income inequality in the knowledge economy," Structural Change and Economic Dynamics, Elsevier, vol. 55(C), pages 153-164.
    16. Raven Molloy & Christopher Smith & Abigail K. Wozniak, 2020. "Changing Stability in U.S. Employment Relationships: A Tale of Two Tails," NBER Working Papers 26694, National Bureau of Economic Research, Inc.
    17. Ferede Ergete, 2008. "Dynamic Scoring in the Ramsey Growth Model," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 8(1), pages 1-27, September.
    18. Cardi O. & Restout R., 2008. "Tax Reform In Two-Sector General Equilibrium," Working Papers ERMES 0803, ERMES, University Paris 2.
    19. Elizabeth U. Cascio & Na'ama Shenhav, 2020. "A Century of the American Woman Voter: Sex Gaps in Political Participation, Preferences, and Partisanship since Women's Enfranchisement," Journal of Economic Perspectives, American Economic Association, vol. 34(2), pages 24-48, Spring.
    20. Strulik, Holger & Trimborn, Timo, 2012. "Laffer strikes again: Dynamic scoring of capital taxes," European Economic Review, Elsevier, vol. 56(6), pages 1180-1199.

    More about this item

    Keywords

    Reaganomics; macroeconomía; política económica; USA; historia económica;
    All these keywords.

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000485:017225. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Juan Carlos Garcia Sáenz). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.