Today marks the 33rd anniversary of the signing
of the Economic Recovery Tax Act by President Reagan at his beloved
Rancho del Cielo.
The Economic Recovery Tax Act of 1981 was one of the signature
pieces of legislation during Reagan's tenure as President.
The bill cut taxes by 25 percent for every American, the largest
tax cut in American history.
President Reagan made it a point to sign this historic piece of
legislation at his humble ranch home nestled away in the mountains
outside of Santa Barbara. He recognized that the power rested
with the people and not the bureaucrats in Washington. By
signing the document at Rancho del Cielo, he sent the
message to the country that he was a President who had the people's
best interests at heart.
Once these tax cuts were implemented, youth unemployment
plummeted. Youth unemployment began at 18.8 percent under
Reagan and fell to 10.7 percent by the end of his Presidency.
Reagan believed in economic freedom and the idea that every
individual should have the opportunity to prosper if they worked
Compare that to today. Youth unemployment sits at a high
of 18.1 percent with no hope of improvement. Millennials are now
realizing their post-graduation employment opportunities are
slim. Currently six million young people are idle, which
means they are neither attending school nor working. Others
are living at home, working part-time jobs, barely able to afford
their monthly student loan payments. How will this generation
be able to prepare for retirement or save to buy a house or achieve
their "American Dream?"
Today's young people deserve better than the current President
offers with his detrimental economic policies. Young people
were some of Obama's most enthusiastic supporters, but now the
reality of their support is burdensome. The promises of free
healthcare and employment after college never came to fruition. The
reality is that Reagan's signature piece of legislation helped
young people and led to a long period of economic growth, whereas
Obama's signature legislation, Obamacare, is killing jobs and
creating economic hardship for many Americans-- especially
Reagan recognized that Washington's power needed to be limited
and controlled which is vastly different than the viewpoint of the
current President, who constantly puts more power in the hands of
federal bureaucrats. Ronald Reagan is quoted as famously
saying, "The government isn't the solution to our problems.
Government is the problem." Obama's policies have created little to
no opportunity for America's youth. His policies are the
President Reagan was a champion of young people and truly
believed in enacting initiatives that created a bright future for
them. On this anniversary of the largest tax cut in American
history, let us renew our commitment to Reagan's lasting
accomplishments by advancing the principles of economic freedom,
individual liberty, and opportunity.
Ashley Pratte is the Spokeswoman for Young America's
As seen on Townhall.com