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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).
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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 ...
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 ]
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 ...
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 ...
Four pillars policy, to keep Australia's four largest banks separate; Four Pillars of Nepal Bhasa, four people who campaign to revive the language and literature; Four Pillars of Transnistria, basis of the declaration of independence of a separatist region in Moldova in Eastern Europe; Four pillars, Vietnamese term for the four most important ...
"Voodoo Economics", a term used by George H. W. Bush in reference to President Ronald Reagan's economic policies, which came to be known as "Reaganomics", during the 1980 Republican Party presidential primaries. Before President Bush became Reagan's vice president, he viewed his eventual running mate's economic policies with great skepticism.