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"

Us goverment : james madison''s fear of factions, James Madison's Fear of F...

James Madison's Fear of Factions Today, Americans probably cannot imagine politics without political parties, but this was not the case at the nation's beginning. The Framers n

What did they symblize, According to Charles Morrow Wilson, what were the p...

According to Charles Morrow Wilson, what were the principal symbols that William Jennings Bryan used in his " Cross of Gold " speech and what did they symblize?

What basis did enlightened philosophers criticize absolutism, On what basis...

On what basis did Enlightened philosophers criticize Absolutism? Explain how the Enlightenemnt impacted the French Revolution and at least one long term effect of French Revolution

Explain american foreign policies in third world countries, American foreig...

American foreign policies in Third World countries were determined by Cold War doctrine. Explain American foreign policy in the Third World during the second half of the twentieth

Mild restrictions on who can purchase a handgun, Which of the following wou...

Which of the following would most likely be considered unConstitutional? a. a law forbidding someone to preach overthrow of the government b. a city or state ordinance allowing

What were the major events in the middle east, What were the major events i...

What were the major events in the Middle East after WWII? What role did Western nations play? How does this affect relations today? Please cite all sources!

Evaluate the deep cultural roots of your artifact, Write 3-4 pages (not inc...

Write 3-4 pages (not including the title and reference pages) after selecting a single cultural artifact you believe best represents the culture in which you live today. Addresses

Political violence in latin america in the 20th century, Political violence...

Political violence in Latin America in the 20th century: during the 1970s and 1980s and until the early 1990s, political violence resulted in the death of thousands of Latin Americ

What scene or aspect of voltaire''s candide, 1. What scene or aspect of Vol...

1. What scene or aspect of Voltaire's Candide did you find the most shocking, outlandish, or surprising? Why do you think Voltaire included it in his novel? 2. What were some diffe

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