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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.
Ronald Reagan's economic policies, dubbed "Reaganomics" by opponents, included large tax cuts and were characterized as trickle-down economics.In this picture, he is outlining his plan for the Economic Recovery Tax Act of 1981 from the Oval Office in a televised address, July 1981.
Reagan's policies stressed conservative economic values, starting with his implementation of supply-side economic policies, dubbed as "Reaganomics" by both supporters and detracters. His policies also included the largest tax cut in American history as well as increased defense spending as part of his Soviet strategy .
As previously reported by GOBankingRates, Bidenomics has generally outperformed Reaganomics in terms of GDP growth and unemployment (so far), while Reaganomics holds the edge in terms of inflation ...
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.
Bruce R. Bartlett, The New American Economy: The Failure of Reaganomics and a New Way Forward, Palgrave Macmillan (2009) ISBN 978-0-230-61587-8; Bruce R. Bartlett, The Benefit and the Burden: Tax Reform – Why We Need It and What It Will Take, Simon & Schuster (2012) ISBN 978-1-4516-4619-1
Although Pence may channel Reagan for economic inspiration, he and other Republicans may have a tougher time convincing businesses to adopt some of the GOP's culture war issues on the road to 2024.
Under Reagan, Anderson helped draft the administration’s original economic program that became known as “Reaganomics.” A political conservative and a strong proponent of free-market capitalism, he was influenced by libertarianism and opposed government regulations that limited individual freedom. Martin Anderson's zeal to push the now ...