FOX Business’ Stuart Varney, during his latest “My Take” on FOX Business’ “Varney & Co.,” reflected on the invention of IBM’s first home computer and President Reagan’s tax cuts and how the impact of the two historical milestones differ.
STUART VARNEY: Two 40th anniversaries this week and both have great significance for the present.
Start with IBM’s first home computer. Introduced on August 12, 1981. The IBM 51-50 model was a real breakthrough. It was huge. It weighed 25 pounds and was built in Boca Raton, Florida. Imagine that, made in America.
It had 16 kilobytes of memory! Even I know that’s not much.
My point is 40 years ago — that was the start — and look how far we’ve come. Technology is still going forward.
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The other anniversary is 40 years ago on August 13, President Reagan launched massive tax cuts.
Every income group got a tax rate cut of at least 25%. That was the Reagan revolution: he broke the back of the dismal 1970s and created supply-side prosperity.
I would like to say that tax-cut prosperity is still going forward today. But it’s not. And that’s the difference in the two anniversaries.
IBM’s PC lead to this — the smartphone. That’s progress. But Reagan’s revolution has hit the wall. To be precise, the socialist wall of Bernie Sanders and Senator Elizabeth Warren. They’re taking us backwards.
The socialists do not care about the widespread prosperity that Reagan launched. They want power. And they want your money. It’s the exact opposite of Reagan who gave us our money back!
I’ll celebrate technology, but I will mourn the end of the Reagan revolution.
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