by Lifted from comments, Spencer England says: What Reagan managed to accomplish was to turn the US from the worlds largest creditor nation into the worlds largest debtor nation. Why don’t people see that the expanded deficit will reduce savings and expand the savings-investment gap which is equal to the current account deficit? So crowding-out works much more through the dollar than through interest rates. The single item most responsible for the decline in manufacturing has been the Republican tax cuts.
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Dan Crawford considers the following as important: Taxes/regulation
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Lifted from comments, Spencer England says:
What Reagan managed to accomplish was to turn the US from the worlds largest creditor nation into the worlds largest debtor nation.
Why don’t people see that the expanded deficit will reduce savings and expand the savings-investment gap which is equal to the current account deficit? So crowding-out works much more through the dollar than through interest rates. The single item most responsible for the decline in manufacturing has been the Republican tax cuts.