If the macroeconomic growth trend for federal debt as a percentage of GDP were higher, however, that would be different, but that too was arrested in the early 1980s.
Of course, that picture would look so, so much better if the real GDP growth trend since 1983 weren't so disappointing.
The Reagan Revolution delivered on reducing the federal debt growth trend, but not on increasing the economic growth trend.
The biggest failure of the Reagan Revolution was its misplaced faith in human nature.
We liked hearing that we knew best what to do with our own money. "Tax cuts will boost economic growth". It made us feel so good, so optimistic.
But owners of capital promptly pocketed the windfalls and ultimately invested them elsewhere.
Federal Debt:
4Q2000 $5.662T
4Q2008 $10.699T: +$5.037T (+88.9%) Bush 43
4Q2016 $19.976T: +$9.277T (+86.7%) Obama
4Q2020 $27.747T: +$7.771T (+38.9%) Trump I
4Q2024 $36.218T: +$8.471T (+30.5%) Biden
Now $40T: +$3.782T (+10.4%) Trump II to date
