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1845–late 1846 recession — ~1 year ~2 years −5.9% — This recession was mild enough that it may have only been a slowdown in the growth cycle. One theory holds that this would have been a recession, except the United States began to gear up for the Mexican–American War, which began April 25, 1846. [16] 1847–1848 recession late 1847 ...
The term "Reagan era" is often used to refer to the United States only during Reagan's presidency, but it has also taken on an extended meaning that incorporates other periods. The George H. W. Bush presidency (1989–1993), the Clinton presidency (1993–2001), and the George W. Bush presidency (2001–2009) are often treated as extensions of ...
The recession was nearly a year old before President Ronald Reagan stated on October 18, 1981, that the economy was in a "slight recession". [ 51 ] The recession [ 52 ] [ 53 ] [ 54 ] coupled with budget cuts, which were enacted in 1981 but began to take effect only in 1982, led many voters to believe that Reagan was insensitive to the needs of ...
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]
According to a 1996 study [99] by the Cato Institute, a libertarian think tank, on 8 of the 10 key economic variables examined, the American economy performed better during the Reagan years than during the pre- and post-Reagan years. The study asserted that real median family income grew by $4,000 during the eight Reagan years and experienced a ...
The Economy in the Reagan Years: The Economic Consequences of the Reagan Administrations Greenwood Press. 1994; Camardella, Michele L. America in the 1980s (2005) For students in middle school. Collins, Robert M. Transforming America: Politics and Culture During the Reagan Years, (Columbia University Press; 320 pages; 2007).
The economy experienced a brief period of growth early in Reagan's first year in office, but plunged into a recession in July 1981. [90] As the recession continued in the first two years of Reagan's presidency, many within Reagan's administration blamed the policies of Paul Volcker, the chair of the Federal Reserve.
Reagan promised a balanced budget within three years (which he said would be "the beginning of the end of inflation"), accompanied by a 30% reduction in tax rates over those same years. With respect to the economy, Reagan famously said, "A recession is when your neighbor loses his job. A depression is when you lose yours.