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In August 1981, the president signed the Economic Recovery Tax Act of 1981, a three-year tax cut plan. [12] As the recession deepened in 1982, Reagan's approval rating also dropped. As a result, during the 1982 midterm elections, Republican gains made in the House of Representatives during the 1980 election were reversed. [13]
The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1982. [1] [2] [3] It is widely considered to have been the most severe recession since World War II until the 2007–2008 financial crisis.
Dec 1982– July 1990 92 +2.8% +4.3%: Inflation was under control by the mid-1980s. Influenced by low and stable oil prices in combination with a steep rise in private investment and rising incomes, the economy entered what was at the time the second longest peacetime economic expansion in U.S. history. [4] [5] Mar 1991– Mar 2001 120 +2.0% +3.6%
By early 1982, Reagan's economic program was beset with difficulties as the recession that had begun in 1979 continued. In the short term, the effect of Reaganomics was a soaring budget deficit . Government borrowing, along with the tightening of the money supply, resulted in sky high interest rates (briefly hovering around 20 percent) and a ...
The 1990s were the longest period of economic growth in American history up to that point. The collapse of the speculative dot-com bubble, a fall in business outlays and investments, and the September 11th attacks, [73] brought the decade of growth to an end. Despite these major shocks, the recession was brief and shallow. [74] Great Recession
The American economy has always been cyclical, going from boom to bust and back again. ... The 21-month recession, which didn’t bottom out until August 1982, saw the S&P 500 drop 27.8%, from 140 ...
The Economic Recovery Tax Act of 1981 (ERTA), or Kemp–Roth Tax Cut, was an Act that introduced a major tax cut, which was designed to encourage economic growth. The Act was enacted by the 97th US Congress and signed into law by US President Ronald Reagan .
December 20 – Arthur Rubinstein, Polish-American pianist (b. 1887) December 21 – Ants Oras, Estonian-American author and academic (b. 1900) December 23 – Jack Webb, actor, television producer, screenwriter (b. 1920) December 27 – Jack Swigert, NASA astronaut (b. 1931) December 30 – Alberto Vargas, Peruvian-American painter (b. 1896)