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 the five-class hierarchy in ancient chinese society, How did the fi...

How did the five-class hierarchy in ancient Chinese society promote order and harmony? What was the basis for this system?

The rise of consumer society, Compare and contrast what is considered "the ...

Compare and contrast what is considered "the Rise of Consumer Society" in both the Upper and Middle classes

How did the chains of emancipation started, How did the chains of emancipat...

How did the chains of emancipation started and victimized African Americans during the ante-bellim era and continued to develop and victimize African Americans differently during 1

Define liberals and nationalists, Liberals and Nationalists In the spri...

Liberals and Nationalists In the spring of 1848, a wave of uprisings swept across Europe, as people in many countries sought to push away the Old Regime of monarchy, nobility a

Had their motivations changed from first year of fighting, 1. Why was it so...

1. Why was it so important for soldiers to have support from their homes and communities? How did soldiers justify leaving their homes and families to fight? How did soldiers view

Apart of the compromise of 1850, which of the following was not a apart of ...

which of the following was not a apart of the compromise of 1850? a. california would be a free state b. new mexico and utah would decide whether to have slavery by popular soverig

Show tactics used by interest groups to advance their causes, Identify and ...

Identify and discuss 3-4 tactics used by interest groups to advance their causes.

Prominently associated with which of these movements, Sarah M. Grimke was p...

Sarah M. Grimke was prominently associated with which of these movements? a. anti-slavery b. women's rights c. both of the above d. neither of the above

Why did david wilmot introduce his amendment, Why did David Wilmot introduc...

Why did David Wilmot introduce his amendment (the Proviso) and what was its significance for the political struggles of the late 1840s and the 1850s?

Cathedrals of spain, Rembrandt's masterpiece, the nightwatch how is subject...

Rembrandt's masterpiece, the nightwatch how is subject of this painting different from what would be hanging in the palaces and cathedrals of spain, italy,and france? (think of the

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