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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.
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]
The US Federal Tax Revenue as % of the GDP decreased from 18.5 to 17.4 from 1980 to 1990. [10] However, actual tax revenue increased from $517 billion up to $1.0 trillion as the GDP more than doubled, growing by 109% (from $2,857 trillion to $5,963 trillion) during this time period.
The theory was that this would boost corporate profits — and those profits would trickle down to workers and the population at large. ... Reaganomics vs. Bidenomics: Which President Had the ...
This article discusses the domestic policy of the Ronald Reagan administration from 1981 to 1989. Reagan's policies stressed conservative economic values, starting with his implementation of supply-side economic policies, dubbed as "Reaganomics" by both supporters and detracters.
These are simple, well established economic benchmarks used to measure the strength of any economy, the success or failure of any president's four years in office. They're not political ...
Reagan's success in passing a major tax bill and cutting the federal budget was hailed as the "Reagan Revolution" by some reporters. One columnist wrote that Reagan's legislative success represented the "most formidable domestic initiative any president has driven through since the Hundred Days of Franklin Roosevelt". [19]
[32] [33] Reagan pointed to improvements in certain key economic indicators as evidence of success. [8] The policies proposed that economic growth would occur when marginal tax rates were low enough to spur investment, [34] which would then lead to increased economic growth, higher employment, and wages. Reagan did not believe in raising income ...