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"

Example of life in ancient greece, Compare a specific example of life in An...

Compare a specific example of life in Ancient Greece or the Hellenic world to that found in contemporary life in the U.S

Counter-Reform and Mannerism, Explain whether you prefer the representation...

Explain whether you prefer the representation of the Last Supper by Tintoretto, Veronese, or Leonardo da Vinci, identifying specific elements of the Mannerist and Renaissance artis

What were the midnight appointments, What were the midnight appointments? a...

What were the midnight appointments? a. What did John Adams hope to achieve?

General george washington''s strategy in war against britain?, What was Gen...

What was General George Washington's strategy in the early stages of the war against Britain? Britain had many military advantages over the United States. The British had the w

Result of idealism or national interests, To what extent has the federal go...

To what extent has the federal government effectively protected individual rights throughout history? why? please provide a few examples answering the whole question, thanks! To

How does performance art differ from other styles, Write an essay of at lea...

Write an essay of at least 500 words on the philosophy and evolution of Performance Art in America. How does performance art differ from other styles of 20th century art? Do you be

What implications did that have for women, I have to answer the question, "...

I have to answer the question, "Despite our contemporary understanding of the relationship between love and marriage, they were not always one and the same. What was the role of lo

Why didn''t great britain and france take a stronger stand, Could the WWII ...

Could the WWII have been avoided if the Allies had not appeased Hitler at the Munich Conference in 1938? Why didn't Great Britain and France take a stronger stand?

Major impact on american history, Need to know who they are and major impac...

Need to know who they are and major impact on american history Henry Clay War Hawks Tenskwatawa the Prophet Andrew Jackson James Monroe

The role of the press in american democracy, The Role of the Press in Ameri...

The Role of the Press in American Democracy The Framers believed that citizens must have a healthy distrust of government in order to preserve their freedom. Citizens have a du

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