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"

Renaissance artists titian and rembrandt, Self-Portraits. Journal. The Rena...

Self-Portraits. Journal. The Renaissance artists Titian, Rembrandt, and Durer have each painted self-portraits. Imagine yourself as one of these artists (or another artist of your

Discuss one such "deviant" activity from the 60s, Discuss one such "deviant...

Discuss one such "deviant" activity from the 60s. * Why was this considered deviant? Would it still be considered deviant today? Include specific examples such as Haight-Ashbury

Explain the indian removal act of 1830, In 4-6 sentences, explain how the I...

In 4-6 sentences, explain how the Indian Removal Act of 1830 might have been considered "reform" by Andrew Jackson and other proponents of the measure.

Labor movement in the public mind, Were relatively peaceful. were linked wi...

Were relatively peaceful. were linked with violence and terrorism in the public mind. became tied to the labor movement in the public mind. were both relatively peaceful and linked

How did fdr respond to perceived threats describe, Explain the significance...

Explain the significance on US domestic policy during World WarII. How did FDR respond to perceived threats on the home front?

Parliament use against the colonies, After 1763, what methods of control di...

After 1763, what methods of control did Parliament use against the colonies? Which methods worked? Which failed? Which backfired

Analyze washington''s leadership during the war, Analyze Washington's leade...

Analyze Washington's leadership during the war. What qualities made him especially well-suited, or ill-suited, for his role?

Civilized group in government than the europeans, Were the Iroquois Nations...

Were the Iroquois Nations a more "civilized" group in their government than the Europeans? What about in comparison to the other Native Americans? What do you think and tell why yo

Anti-war movement affect other radical movements of the era, How did the wa...

How did the war in Vietnam and the anti-war movement affect other radical movements of the era?

What president carter termed a crisis of confidence, What political, econom...

What political, economic and social developments led to what President Carter termed a "crisis of confidence?"

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