In his speech Monday night Mr. Obama quoted Mr. Reagan speaking August 11, 1982 in Billings. Montana: “Would you rather reduce deficits and interest rates by raising revenue from those who are not now paying their fair share, or would you rather accept larger budget deficits, higher interest rates, and higher unemployment? And I think I know your answer.” At that time Mr. Reagan had reluctantly agreed to a deal in which the Democratic Congress promised to reduce spending by $3 for every $1 in new revenue. But this Faustian bargain only demonstrates why House Speaker John A. Boehner, Ohio Republican, is holding the line on taxes today. During the Reagan years, Congress went ahead and imposed the agreed-on taxes but quickly broke the spending-cut pledge and instead pursued even greater budget increases. As Reagan later lamented, “Congress never cut spending by even one penny.”
But Mr. Reagan would not be fooled again. In a 1983 debt-ceiling debate, Reagan threatened to veto any measure that contained tax hikes. “I am unalterably opposed to Congress‘ efforts to raise taxes on individuals and businesses,” he said. His administration “did not come to Washington to raise the peoples’ taxes. We came here to restore opportunity and get this economy moving again. We do not face large deficits because Americans aren’t taxed enough. We face those deficits because the Congress still spends too much.”
In a 1987 radio address to the nation, he decried the Democratic drive to weaken America and put the country in more debt. “For those who say further responsible spending reductions are not possible,” Reagan said, “they are wrong. For those who say the only choice is undermining our national security … they are wrong. For those who say more taxes will solve our deficit problems, they are wrong.”
If Mr. Obama and the tax-and-spend liberals want to quote from the Reagan record, let them use that one. They were wrong then, and they are wrong now.
The stories are so good, I'm starting to fall in love with Reagan.
