From the very outset of my adult life, I’ve been fascinated by the persona of Ronald Reagan. In his first Economic Report of the Governor, in 1967, I was cited by Governor Ronald Reagan as one of the authors of a study on California’s growth prospects (my forecast was way off).
Much later (1976 onwards), I was privileged to be a part of the Reagan/Kitchen Cabinet social set in California. My godfather, Justin Dart, was one of Reagan’s best friends. As a result, I was able to be up close and personal with this special person 29 years my senior. And as a member of President Reagan’s 12-person Economic Policy Advisory Board, I was able to observe carefully what Reagan actually did during his eight years in the White House.
What made him so special?
In my mind, he was, above all else, special because he learned from his experiences—mistakes and successes. And how he learned is classic. He kept a daily, detailed diary and wrote letters prolifically. By writing everything down in lengthy prose, Reagan set his experiences in stone.
To Reagan, facts—versus self-serving recollections—mattered more than to anyone I’ve ever met. And this is why he became the best U.S. President ever and why I am involved with Young America’s Foundation and Reagan’s legacy.
On a number of occasions, I’ve keynoted the anniversary of the President’s signing the 1981 Economic Recovery Tax Act (ERTA) at the Reagan Ranch, where history did a 180-degree pivot from failed tax-and-spend economics to pro-growth tax cuts, spending restraint, sound money, deregulation, and free trade. What a “morning in America” it was and how special it was that the President signed the bill atop Rancho del Cielo, which later became Young America’s Foundation’s most hallowed site.
What followed the signing was epic. Save for its tax cut phase-in, the ERTA bill was as close to perfect as possible during that time. From when the tax cut took full effect on January 1, 1983, through June 30, 1984, the U.S. economy grew by 12%—or at an 8% per annum rate reminiscent of the greatest growth surges in U.S. history.
Next up, the 1986 Tax Reform Act starkly revealed Reagan’s powers of persuasion and his clear vision as to what needed to be done. In that bill, the highest marginal personal income tax rate was dropped from 50% to 28% and the corporate rate from 46% to 34%, while the lowest personal income tax rate went up from 11% to 15%. Eleven tax brackets fell into two—15% and 28%.
Today, that bill wouldn’t find any support in Congress, yet in 1986, the bill passed the Senate by a vote of 97 to three, all because of Ronald Reagan. Here was a man who tirelessly bettered himself day in and day out into becoming the most consequential President in a century. And he was loved. In the 1984 Presidential race, he won 49 of 50 states.
Starting January 1, 1983, the results and effects of the Reagan Revolution were simply amazing. U.S. employment grew by 20.5 million jobs—or 23%—by the time Reagan left office. Inflation collapsed, the stock market soared, and the enemies of our way of life withered. In every sense, Reagan’s repository of collective wisdom propelled an era of U.S. greatness—as that “shining city on a hill.”
As if more were needed, Reagan was a nice, witty, kind man.
Both before he took office and after he left office, he was on several occasions a guest at our home. He really did hug babies (mine) and entertain one and all with his stories and humor. He and his wife actually loved each other, he was never accused of inappropriately accepting favors, and, to my knowledge, never put his thumb on the scale to favor political allies.
For all of those traits and accomplishments, I salute Young America’s Foundation for preserving and passing on to future generations this unique moment in history.
NOTE: This article has been republished from YAF’s magazine, Libertas.
