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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).
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.
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 ...
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 ...
When President Reagan handed House Speaker Tip O’Neill the printed copy, O’Neill reportedly said, "Mr. President, good luck." [3] Secretary of Education Terrel Bell was the designated survivor and did not attend the address in order to maintain a continuity of government. [4] No response to this address was given by the Democratic Party.
"A Shining City on a Hill". Reagan's impromptu concession speech at the 1976 Republican National Convention has been called a "defining moment of the Reagan Revolution." [27] Kansas City, MO 1977: February 6 "The New Republican Party" was a speech delivered at CPAC in which Reagan calls for expanding the Republican Party to African Americans. [28]
William Jennings Bryan, who criticized trickle-down theory in his Cross of Gold speech in 1896. The Google Ngram Viewer shows that the term "trickle down economics" was rarely seen in published works until the 1980s; [13] however, the concept that economic prosperity in the upper classes flows down into the lower classes is at least 100 years old.
Mr. Gorbachev, open this gate! Mr. Gorbachev, tear down this wall!" The last sentence became "the four most famous words of Ronald Reagan's Presidency". [26] Reagan later said that the "forceful tone" of his speech was influenced by hearing before his speech that those on the East side of the wall attempting to hear him had been kept away by ...