Three decades after leading the nation out of malaise, Reagan can lead once again, this time through the example of the four pillars of his original campaign—taming inflation, cutting taxes, spending government money on the right things (in his case, defense), and balancing the budget. The Gipper didn’t achieve all those goals, and President Obama and Congress would need to adapt his example to a different time, of course. In fact, Obama’s job may be tougher, as history shows that recovery from a burst credit bubble is harder than recovery from other kinds of recession. But the mission is the same: economic growth. And the principle behind the four pillars also remains the same: government shouldn’t compound crisis-induced economic uncertainty by adding more uncertainty.
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