Reagan let the infrastructure go to hell because he didn’t want to raise taxes. That meant that there was never going to be a return for those towns that used to make things like lightbulbs or ladders. Thanks President Reagan
. From 1979 to 1982, known as the Volcker shock,[10][11] the U.S. Federal Reserve decided to raise the base interest rate in the United States to 19%. High-interest rates attracted wealthy foreign “hot money” into U.S. banks and caused the U.S. dollar to appreciate. This made U.S. products more expensive for foreigners to buy and also made imports much cheaper for Americans to purchase. The misaligned exchange rate was not rectified until 1986, by which time Japanese imports, in particular, had made rapid inroads into U.S. markets.[12]
Welcome to the Rust Belt.
Reagan let the infrastructure go to hell because he didn’t want to raise taxes. That meant that there was never going to be a return for those towns that used to make things like lightbulbs or ladders. Thanks President Reagan
https://en.wikipedia.org/wiki/Rust_Belt
. From 1979 to 1982, known as the Volcker shock,[10][11] the U.S. Federal Reserve decided to raise the base interest rate in the United States to 19%. High-interest rates attracted wealthy foreign “hot money” into U.S. banks and caused the U.S. dollar to appreciate. This made U.S. products more expensive for foreigners to buy and also made imports much cheaper for Americans to purchase. The misaligned exchange rate was not rectified until 1986, by which time Japanese imports, in particular, had made rapid inroads into U.S. markets.[12]