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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]
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.
Ronald Wilson Reagan [a] (February 6, 1911 – June 5, 2004) was an American politician and actor who served as the 40th president of the United States from 1981 to 1989. He was a member of the Republican Party and became an important figure in the American conservative movement.
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
The term Rogernomics was created by analogy with Reaganomics to describe the economic policies followed by New Zealand Finance Minister Roger Douglas from his appointment in 1984. The policies included cutting agricultural subsidies and trade barriers, privatising public assets and the control of inflation through measures rooted in monetarism ...