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"

Why children be unusually effective as civil rights movement, Why would chi...

Why would children be unusually effective as civil rights protesters In 1962, Governor Ross Barnett of Mississippi tried to prevent a black man, James Meredith, from enrolling

Explain how the language of the preamble reflects, Drawing Conclusions: Exp...

Drawing Conclusions: Explain how the language of the Preamble reflects the idea of the social contract.

What features of spartan society made, What features of Spartan society mad...

What features of Spartan society made her different between Greek states? Did these things show or make her more successful or less successful?

Public reception of veterans and the vietnam, According to the author of "A...

According to the author of "A Century of Dishonor", why did the American people support the injustice perpetrated on Indian people by the government? Describe the differences in

Explain the term media bias, Although the term "media bias" is relatively n...

Although the term "media bias" is relatively new, the idea that newspapers shape the story to support or refute a particular viewpoint is evident in when looking at contemporary ne

Explain united states constitution, how did the Articles of Confederation a...

how did the Articles of Confederation and the United States Constitution differ?Which one of these established a weak central government and which established a strong federal gove

How did his rule compare to that of the assyrians, What were some of the re...

What were some of the reasons why Cyrus was successful as a ruler? How did his rule compare to that of the Assyrians?

Second half of the 19th century, Compare and contrast the major impacts, po...

Compare and contrast the major impacts, political, economic and social, of Western imperialism on China and India in the second half of the 19th century.

Who do you think the catholic church feared most, Who do you think the Cath...

Who do you think the Catholic Church feared most - Luther, Calvin or Henry VIII? Why this man and not the others as much? Show that you know who these 3 men were and their key idea

What are the effects of the civil war explain, What are the effects of the ...

What are the effects of the civil war The Articles of Confederation called for which of the following? A. A single legislative body B. A chief executive C. The right of the legi

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