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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 ...
His radical tax reforms, in combination with a curb on domestic social spending, harsh restraints applied by the Federal Reserve Board under Paul Volcker on the nation's money supply, and heavy government borrowing required to finance the budget and trade deficits, as well as military expenditures, produced significant economic expansion and ...
The Reagan era or the Age of Reagan is a periodization of recent American history used by historians and political observers to emphasize that the conservative "Reagan Revolution" led by President Ronald Reagan in domestic and foreign policy had a lasting impact.
In his inaugural address, Reagan commented on the country's economic malaise, arguing, "In this present crisis, government is not the solution to our problem, government is the problem". [192] As a final insult to President Carter, Iran waited until Reagan had been sworn in before announcing the release of their American hostages.
The term itself is used mostly by critics of the concept. The Merriam-Webster Dictionary notes that the first known use of "trickle-down" as an adjective meaning "relating to or working on the principle of trickle-down theory" was in 1944, [11] while the first known use of "trickle-down theory" was in 1954. [12]
Based on those metrics, the Biden economy has fared better. When Biden was elected in 2020, the GDP was in the midst of a 2.8% retraction, according to Statista. During Biden’s first year in ...
This idea would have undermined the system by depriving Social Security of the contributions of millions of the nation's highest-paid workers". [53] Although Reagan was for a limited government and against the idea of a welfare state, he continued to fully fund Social Security and Medicare because the elderly were dependent on those programs.
The 1981 tax cuts, some of the largest in U.S. history, also eroded the revenue base of the federal government in the short-term. The massive increase in military spending (about $1.6 trillion over five years) far exceeded cuts in social spending, despite wrenching impact of such cuts spending geared toward some of the poorest segments of society.