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The federal deficit under Reagan peaked at 6% of GDP in 1983, falling to 3.2% of GDP in 1987 [36] and to 3.1% of GDP in his final budget. [37] The inflation-adjusted rate of growth in federal spending fell from 4% under Jimmy Carter to 2.5% under Ronald Reagan. This was the slowest rate of growth in inflation adjusted spending since Eisenhower.
In February 2021, The New York Times reported: "Since 1933, the economy has grown at an annual average rate of 4.6 percent under Democratic presidents and 2.4 percent under Republicans ... The average income of Americans would be more than double its current level if the economy had somehow grown at the Democratic rate for all of the past nine ...
Ronald Reagan (1981-1989) GDP growth: 2.1% Unemployment rate: 5.4% Inflation rate: 4.7% Poverty rate: 13.10% Real disposable income per capita: $27,080 Disposable income per capita (adjusted for ...
Non-durable goods manufacturing (e.g. textiles, rubber, apparel, plastics, tobacco, food, etc.), already under pressure since the mid-1970s, suffered some 365,000 job cuts. [11] The unemployment rate for auto workers rose from just 3.8% in early-1978 to 24% by the end of 1982; construction worker unemployment peaked at 22% during the same time ...
The country was still adjusting to the Reagan administration’s lower inflation rates when the onset of the Gulf War in 1990 led to rising oil prices and increased political tensions.
Disposable income per capita (adjusted for inflation): $46,557. One thing you can be sure of moving forward is that Biden’s economic policies will have little in common with Reagan’s.
When Reagan took office, the country faced the highest rate of inflation since 1947 (average annual rate of 13.5% in 1980), and interest rates as high as 13% (the Fed funds rate in December 1980). These were considered the nation's principal economic problems and were all considered components of "stagflation".
Inflation, which had averaged 3.2% annually since World War II had more than doubled after the 1973 oil shock, to a 7.7% annual rate. Inflation reached 9.1% in 1975, the highest rate since 1947. Inflation declined to 5.8% the following year but then edged higher. By 1979, inflation reached a startling 11.3% and in 1980, it soared to 13.5%. [28 ...