What was "reaganomics", History

Assignment Help:

What was "Reaganomics"? What were its achievements and shortcomings?

Reagan's presidency was almost ended as soon as it began. In March, a would-be assassin shot the president as he departed a Washington hotel. Although critically wounded, Reagan recovered.

As president, Reagan proved remarkably persuasive and successful in his dealings with Congress. He won passage of his controversial tax cuts, even though both the House of Representatives and the Senate had Democratic majorities. Reagan also won approval for increased military spending. By 1985, military spending had risen to $295 billion, double the 1980 amount. Within the first two years of his presidency, he had delivered on two of his three major promises. His administration also began reducing environmental protections and other laws and regulations that Reagan considered impediments to American prosperity.

Initially, Reaganomics produced a recession (a slowdown of economic productivity) and an unemployment rate above 10 percent. Reagan's critics claimed that they had been right all along about the flaws in supply side theory. By 1983, however, the economy began growing, allowing Reagan to claim that he had been right all along about the wisdom of cutting taxes on wealthy Americans and corporations. The critics still had an at least two important arguments against Reaganomics. First, they argued that while some Americans achieved impressive prosperity in the 1980s, the gap between wealthy and poor Americans grew. Secondly, they charged that instead of balancing the federal budget, Reagan's combination of tax cuts and increased military spending drove the government deeper into debt.

Reagan had honed his public speaking skills as a broadcaster, actor, corporate spokesman, and politician. He was known for his articulate, smooth style as a campaigner, and he was sometimes called the "Great Communicator". Americans also termed Reagan the "Teflon President" (a reference to cookware coated with a smooth plastic seal, to which food does not stick) because his popularity seemed not to suffer even when his policies were unsuccessful.


Related Discussions:- What was "reaganomics"

Students staged a sit in at greensboro, Students staged a sit in at Greensb...

Students staged a sit in at Greensboro, North Carolina in 1960 to protest....?

Which of following groups was not part of the new right, Which of the follo...

Which of the following groups was not part of the "New Right"? A) fundamentalist and evangelical Christian organizations B) the Mattachine Society and the Daughters of Bilitis C) t

To which political party do you belong in the late 1800''s, You are from a ...

You are from a wealthy Protestant family, involved in manufacturing. Your family has been in the United States for several generations. You would like to see limits or an outright

Does anyone have a different idea, With all of these new technological adva...

With all of these new technological advancements, this war was one of the bloodiest of history. Not all of them died by weapons however, some also died by the lack of medical knowl

What was the greatest near miss of the revolution explain, What was the gre...

What was the greatest "Near Miss" of the revolution--that is that might have made the outcome different or helped or hurt the colonial effort? AND, was the revolution more difficul

Why did the paraguayan war occur, Why did the Paraguayan war occur, and wha...

Why did the Paraguayan war occur, and what happened during it?

What was the first act that united all the colonies, What was the first act...

What was the first act that united all the colonies in opposition to the British, even if it did NOT lead them to push for independence.

How did the economic - political, How did the economic, political, and cult...

How did the economic, political, and cultural changes during the period from World War I through World War II impact Americans' lives? Be sure to explain the impact of war as a par

History of christianity, Discuss the early history of Christianity and elab...

Discuss the early history of Christianity and elaborate on the significance of its early leaders and ideas. (short answers)

What did the u.s. constitution originally say about slavery, What did the U...

What did the U.S. Constitution originally say about slavery? a. The slave trade could not be prohibited for twenty years (that is, until 1808). b. Slavery could be prohibited in th

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd