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Reaganomics (a portmanteau of "Reagan" and "economics") refers to both the real economic policies and the associate politicking of the Reagan era. The four pillars of Reagan's economic policy were to 1) reduce the growth of government spending, 2) reduce marginal tax rates on income from labor and capital, 3) reduce regulation, and (4) control ...
Milton Friedman, the monetarist economist who was an intellectual architect of free-market policies, was a primary influence on Reagan. [4] When Reagan took office, the country faced the highest rate of inflation since 1947 (average annual rate of 13.5% in 1980), and interest rates as high as 13% (the Fed funds rate in December 1980).
The pillars of Reagan's economic policy included increasing defense spending, balancing the federal budget and slowing the growth of government spending, reducing the federal income tax and capital gains tax, reducing government regulation, and tightening the money supply in order to reduce inflation. [7] The results of Reaganomics are still ...
Reagan was first elected in 1980, when the U.S. gross domestic product fell 0.3%, according to data from the World Bank. During his first year in office (1981) the GDP grew 2.5%, but during his ...
President Reagan, shown in 1981, based many of his policies on ideas from the Heritage Foundation publication "The Mandate for Leadership." Project 2025 makes up a majority of the latest edition ...
[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]
Kyvig, David. ed. Reagan and the World (1990), scholarly essays on foreign policy; Levy, Peter B. Encyclopedia of the Reagan-Bush Years (1996), short articles; Martin, Bradford. The Other Eighties: A Secret History of America in the Age of Reagan (Hill & Wang; 2011) 242 pages; emphasis on efforts by the political left; Meacham, Jon.
Some fiscal policies influenced by this theory were popularly known as Reaganomics, a term popularized during the Ronald Reagan administration. This theory holds that reduced income tax rates increase GDP growth and thereby generate the same or more revenue for the government from the smaller tax on the extra growth. [ 10 ]