Title: PolitiFact | Loughlin says Reagan's 1981 tax cuts led to exponential economic growth
Headings: After Ronald Reagan cut taxes in 1981 the U.S. enjoyed "exponential growth."
After Ronald Reagan cut taxes in 1981 the U.S. enjoyed "exponential growth."
Loughlin says Reagan's 1981 tax cuts led to exponential economic growth
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Content: He didn't yank up the tax rates by a third. He just took away a lot of the really good deductions for them, which ended up really raising the taxes [for] a lot of people who had benefited from the [1981] cuts." The other question is, did the original tax cut spark "exponential growth," as Loughlin contended. Taken literally, "exponential" refers to growth at an ever-increasing rate, as when something doubles, then triples, then quadruples. The economy during the Reagan years did no such thing. When we talked to Loughlin about that part of his statement, he said: " We experienced additional growth after Ronald Reagan cut taxes and that might be a bit of hyperbole to say 'exponentially.'" In fact, immediately after the 1981 cuts, the country went into a recession. The GDP dropped by nearly 2 percent. The unemployment rate jumped more than two full percentage points, spiking to 9.7 percent.