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Reagan gives a televised address from the Oval Office, outlining his plan for tax reductions in July 1981.. Reaganomics (/ r eɪ ɡ ə ˈ n ɒ m ɪ k s / ⓘ; a portmanteau of Reagan and economics attributed to Paul Harvey), [1] or Reaganism, were the neoliberal [2] [3] [4] economic policies promoted by U.S. President Ronald Reagan during the 1980s.
Reagan's policies stressed conservative economic values, starting with his implementation of supply-side economic policies, dubbed as "Reaganomics" by both supporters and detracters. His policies also included the largest tax cut in American history as well as increased defense spending as part of his Soviet strategy .
[67] [68] These policies are often described as Reaganomics, and are often associated with supply-side economics (the notion that, in order to lower prices and cultivate economic prosperity, policies should appeal to producers rather than consumers). During Reagan's tenure, GDP grew at an annual rate of 2.7% per year. [69]
During the 1980 Republican Party presidential primaries, George H. W. Bush had derided Reagan's economic approach as "voodoo economics". [21] [22] Following Reagan's election, the "trickle-down" reached wide circulation with the publication of "The Education of David Stockman" a December 1981 interview of Reagan's incoming Office of Management ...
The mention of “bottom up” instead of “top down” is likely a direct reference to economic policies adopted under former Republican President Ronald Reagan in the 1980s — and favored by ...
Reagan immediately denounced the strike as illegal and a "peril to national safety," demanding that the controllers return to work through the authority he held under the Taft-Hartley Act. If they ...
[2] During his speech, President Reagan outlined his plan for economic recovery, calling for large cuts to taxes and federal spending. [1] Some observers described it at the time as the most comprehensive economic proposal since President Franklin D. Roosevelt announced his New Deal program in March 1933. [3]
President Reagan signing the bill at Rancho del Cielo in 1981. The Economic Recovery Tax Act of 1981 (ERTA), or Kemp–Roth Tax Cut, was an Act that introduced a major tax cut, which was designed to encourage economic growth. The Act was enacted by the 97th Congress and signed into law by U.S. President Ronald Reagan.