American History: Study Notes

1649 Words Jan 9th, 2018 7 Pages
Because of the scandal that resulted, there were a number of political effects on succeeding presidential administrations. One of the most significant outcomes of Watergate scandal was the defining of an obscure presidential power: executive privilege. Because of the existence of a secret campaign fund which financed the break-in, after the scandal broke, both Congress and the Supreme Court seriously altered the issue of campaign finance. And finally, the Watergate scandal altered the relationship between the media and politicians; giving the media the excuse for scrutinizing the most private aspects of a politicians personal life. In 1981, Ronald Reagan made "Supply Side Economics" the main economic policy for his presidential administration. This was the idea that lower taxes would spur economic growth, expand the economy, and ultimately increase tax revenue for the government. However, his opponents called his idea "Voodoo Economics," and was a controversial idea because of the concept that lowering the tax rates for businesses would indeed increase government tax revenues. Many critics felt that it flew in the face of logic, and the only effect that lowering tax rates would have would be to lower tax revenues. ("Supply Side Economics") Three years later, on August…

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