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"

How did virginias culture of individualism, How did Virginia's culture of i...

How did Virginia's culture of individualism come to being? Where was it notable

Alcohol prohibition movement, What kind of people (social classes, politica...

What kind of people (social classes, political, ethnicity, etc.) supported the alcohol prohibition movement?

Explain the principal effects of china, "The Rise of China" Describe the pr...

"The Rise of China" Describe the principal effects of China's increasing prosperity on U.S./China relations. Is the rise of China a good thing or a bad thing for the U.S.? Explain

What do you meant by social contract, Take a position for or against this s...

Take a position for or against this statement: A "social contract" is necessary for justice. Support your position with examples

Supreme court with the state governments or not, More often than not, espec...

More often than not, especially in the last century, the Supreme Court has sided with the state governments in disputes between them and the federal government. a. true b. false

Who was eugene v. debs, Who was Eugene V. Debs? What objectives and politic...

Who was Eugene V. Debs? What objectives and political philosophies did he advocate? What did he accomplish in 1912?

How do the theological ideas of martin luther, How do the theological ideas...

How do the theological ideas of Martin Luther and John Calvin reflect the intellectual innovations of the Renaissance?

Compare and contrast war strategies of presidents kennedy, 1. Compare and c...

1. Compare and contrast the war strategies of Presidents Kennedy, Johnson and Nixon during the Vietnam War. How were they similar and how did they differ? Based on your informed op

What were economic developments of english colonies, What were the economic...

What were the economic developments of the English colonies prior to 1700. how do they compare and contrast to the situations of New England, the Middle Atlantic, the Chesapeake, a

Meaning of bloodletting and human sacrifice to mesoamericans, Consider the ...

Consider the meaning of bloodletting and human sacrifice to the Mesoamericans. How do these practices make sense in the context of their belief systems? How did their societies evo

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