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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 ...
[67] [68] These policies are often described as Reaganomics, and are often associated with supply-side economics (the notion that, in order to lower prices and cultivate economic prosperity, policies should appeal to producers rather than consumers). During Reagan's tenure, GDP grew at an annual rate of 2.7% per year. [69]
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 ...
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
[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 ...