From Stagnation to Prosperity to Stagnation | Cato Institute

From Stagnation to Prosperity to Stagnation | Cato Institute: "By the late 1970s, many viewed Britain and the United States as in terminal decline. The United Kingdom had been rotting for decades. The empire had been lost, and Britain began to look more and more like a Third World country as incomes stagnated and inflation soared."

"On this side of the Atlantic, the United States was also in despair. Real incomes had stagnated, inflation seemed to be out of control, and the establishment political class had little idea of what to do."

"In fact, Reagan is the only U.S. president to have had a degree in economics."

"the combination of living within your means and working hard most often leads to individual and national success"

"The bigger government versus smaller government experiment has been run perhaps a hundred times around the world over the past couple of centuries, and the outcome is always the same."