Ronald Reagan Presidency

Ronald Reagan, President of the United States from 1981 through 1989, created economic policies throughout his presidency that aimed to pull the United States out of a recession. His policies, called Reaganomics, reduced government spending and reduced tax rates in order to foster economic growth. Reagan also appointed many conservative judges to the Supreme Court and federal courts in order to shift ideologies to the right. Because of this, Reagan was both underrated and overrated as a president.

Politics in the U.S. during the 1980’s were exciting. Much like everything else during this decade, politics were changing and making a new way for economic development and social construct. Policy in the 1980’s were both huge on foreign policy, and domestic development. The cold war, being the main concern with foreign policy, consisted of Communism versus Democracy, or Socialism versus Capitalism. President Reagan being the face of America and our Commander and Chief, created “Reaganomics,” which fought for small Government, and utilized Government spending in a way that would effectively establish National Security as well as make a name for himself as being known as one of the most popular presidents in United State’s history. Though these issues took place some thirty years ago, it is safe to say that the tribulations we faced as a nation in the eighties have directly affected society in 2015.

When Ronald Reagan became the president of the United States in 1980, he took on the worst economic mess since the Great Depression. The United States was involved with the Cold War with the Soviet Union, mortgage rates were two and a half times that of the amount in 1960 (15.4%), seven million Americans were unemployed, the national debt was $934 billion dollars, and tax rates skyrocketed as high as seventy percent (Reagan, “The State of the Nation’s Economy” 290). Reagan’s predecessor Jimmy Carter planned to fix this dreadful economy of the 1970s with a tax increase of fifty billion dollars, whereas Reagan knew that the best way to fix the economy was with tax decreases. Under the Reaganomics program, “tax rates were to be cut by thirty percent. Tax revenues were to be reduced by forty-four billion dollars in 1982 and eventually result in a $500 billion reduction over the next five years. Never before in the history of the nation had a president proposed reducing taxes by so much for such a long period of time” (Wilson 25). Reagan’s tax cuts involved a greater decrease for the wealthy, but everyone else also received massive tax relief. Reagan’s idea was that when the

Regan after cleverly dealing with Congress, he obtained legislation known as Reaganomics, based on liberal doctrines of stimulation of economic growth, reduction of inflation, increase of employment and strength of national defense. This economic policy, centered on the reduction of social programs and totally changing the role of the State in the economy, only

Reagan implemented policies based on supply-side economics and advocated a classical liberal and laissez-faire philosophy, seeking to stimulate the economy with large, across-the-board tax cuts. Reagan’s outlook on economics was what he and the public called “Reaganomics”. “The blueprint for “Reaganomics,” was a sketched out supply-side approach to the economic, including massive cuts in income taxes, capital gains taxes, and corporate taxes,”(340). His platform advocated reducing tax rates to spur economic growth, controlling the money supply to reduce inflation, deregulation of the economy, and reducing government spending. Reagan's policies proposed that economic growth would occur when marginal tax rates were low enough to spur investment, which would then lead to increased economic growth, higher employment, and wages. Reagan’s beliefs on cutting taxes were supported by ideas of William Sumner who believed that the best equipped to win the struggle for existence was the American businessman, and concluded that taxes and regulations serve as dangers to his survival. Reagan believed strong nations were composed of people who were successful at expanding their empires and these strong nations would survive in the struggle for dominance.

When he took office, the inflation rate was 13.5%, tax rates were high, the unemployment rate was 7.6%, and there had been a long period of stagflation. In his first inaugural address, he said “Government is not the solution to our problem; government is the problem.” Ronald Reagan believed that if government spending is reduced, then the United States could achieve economic recovery. He also believed that by reducing the marginal tax rates on income from both labor and capital, reducing regulation, and reducing inflation by controlling the growth of the money supply the United States’ economy would improve. This idea became known as “Reaganomics”. Reaganomics was the biggest attempt to change the economic state of the United States since the New Deal in

After more than forty years, the Cold War era ended in 1991 largely due to Ronald Reagan’s presidency. Despite being allies during WWII, the United States and the Soviet Union had an acrimonious relationship from 1947 to 1991. This period of time was known for the military build-up of each country, ultimately resulting in a nuclear missile stand-off. President Reagan’s goal of “peace through strength” was the basis for negotiations with the Soviet Union that ended the threat of nuclear war by eliminating the use of intermediate-range nuclear missiles.

One of the many accomplishments of Reagan and why he had the biggest influence on the United States was because of Reaganomics. Reaganomics was this idea of controlling inflation and spurring economic growth through tax cuts, reduced growth in government spending, and reduced business regulation (Graphiq Inc. Editors).

Reagan wanted to stimulate the economy with large across the board tax cuts. The expansionary policies became known as “Reaganomics”, and some even considered them the most serious attempt to change the course of the U.S. economic policy of all the administration since the new deal.

As the infected number and death toll continued to rise, Reagan made the fight against AIDS a priority and over the course of the 80’s spent $2.3 billion on it to search for a cure. Although the national debt severely increased under Reagan, he struggled to fix the failing American economy and there was economic growth during his presidency. Reagan inherited a poor economy from past presidents, but he did his best to fix it. Reagan’s economic policy was dubbed Reaganomics, or supply side economics, and it had the goal of lowering the taxes of wealthy individuals and businesses in hopes that they would stimulate the rest of the economy. Under Reagan, the Economic Recovery Tax Act lowered many different types of taxes, and he believed that under a free market and a more laissez faire approach, the economy would fix itself over time. Reagan also deregulated industries, especially transportation and oil industries. Although manufacturing declined, the service industries actually grew under Reagan. Reagan also had the vision of shrinking the size of the federal government. He spent less on social programs, but kept previous programs such as Medicare and Medicaid. While in office, Reagan appointed many new positions in government. He is remembered for appointing the first woman to the Supreme Court, Sandra Day O’Connor. She was more liberal than Reagan expected her to be, and he continued to appoint more conservatives to the Supreme Court.

This would supposedly result in an economic boom that would result in more income for both the higher and lower class that would offset the rise of inflation. However, these tax cuts lead to record federal budget deficits, which also resulted in cutting funds from various social services and programs. While these deficits and social program cuts occurred, the national unemployment also rose to record highs, and the gap between working and upper classes only increased. To an extent, the large gap between economic classes still exists today, as the average income for those residing in the top 1% has risen astronomically (lecture topic 14b). It was also around this time that big chain companies such as Wal-Mart and McDonalds rose to prominence. In contrast to the original intent of Reagan’s plan, the heads of these large companies (i.e. most of the people residing at the top of the upper class economically) kept their extra money instead of using it to improve working conditions for their employees. This resulted in outsourcing jobs, expanding locations to different countries outside the U.S., and the lowering of workplace standards (Klein p. 236-237). Today, many of these practices are still in place, with numerous politicians still pushing a similar agenda of tax cuts for big corporations (many of which support said politicians).

During Ronald Reagan’s rise to power, California was a hub of cultural change and ethnic diversity. Nevertheless, California embodied the American ideals of opportunity that proliferated during the era- the opportunity for prosperity and success and upward social mobility through hard work. The economic output of the “nation’s state” was spectacular, rivaling even some of the largest nations of the time, surpassed only by six other nations. (Governor Reagan) This unmatched economic dominance was the perfect location for the always optimistic and greater than life newcomer Ronald Reagan. Yet, this period of unrestrained growth proved extremely burdensome for California as taxes increased and agricultural lands were being destroyed to house the growing population. (A Modern Economy) By 1963, California became the most populous state, exceeding the size of New York, due in part to its influx in population growth following World War 2. (A Modern Economy) College groups protested for change and race riots swept the State. The social unrest of the time lent itself to the way Ronald Reagan was perceived (and ultimately accepted) when he stepped into the political arena. He was the great optimist, exhibiting bravery in the face of adversity. He was the ardent Republican who fought for the rights of the citizens and believed in the future. This persona however, just like California, was much more complex.

In the early 1980s, the American people elected Ronald Reagan as President of the United States of America. Many people claim that Reagan was one of the greatest presidents of all time, while others believe that the country would have been much better off had Reagan never been elected. Regardless of their political preferences, it is undeniable that Ronald Reagan changed the world in the 1980s and his work as president will be forever remembered in the countless books of history. Ronald Reagan ran as a Republican and was the absolute epitome of a conservative. He worked to bring forth the ideal of conservatism in America and successfully captured and isolated that belief in the presidency. As president, Reagan worked to bring the ideal of American exceptionalism back to the country, to set the economy on the right track, and to end the Communist threat that had been present since the end of World War II. For all practical purposes, Ronald Reagan was a president who accomplished more than he set forth to do and did so famously; some would say infamously. Nevertheless, Reagan accomplished more in his eight year presidency than most presidents of the 20th Century. He is widely hailed as the man who ended the Cold War and will forever be remembered as the man who led to the conservative resurgence in America. He was a man of profound ability and charisma and America is better off for having Reagan as the Commander-in-Chief during the latter portion of the 20th

When he had became president he had many ideas. Ronald Reagan wanted to reduce the size of government, reduce taxes, take a strong stand against communist around the world, and try to renew America’s patriotism. Which he was very successful in these things but what he was really known for was that he ended the Cold War, made peace through strength, Nuclear Missile cut, cut taxes, and did a thing called Reaganomics. Reaganomic is when Ronald widespread tax cuts, decreased social spending, increased military spending, and the deregulation of domestic markets. Domestic spending restraint helped fuel an economic boom which lasted for two decades. From Reaganomic 16 million jobs were created as well. The name comes from supporters of Reagan's policies alike. This theory is that when Ronald Reagan decreases in taxes, especially for corporations, and that will be the best way to stimulate economic growth. It is also known as the “trickle down” effect. His idea is that if the expenses of corporations are reduced, the savings will "trickle down" to the rest of the economy, spurring growth. Reaganomic was a great idea and that help out America's

Reagan then wanted to make large tax cuts, approximately 25%. Reagan was very well liked and his charm on TV and support from the “boll weevils” had help pass this bill as well. The plan called for "supply-side economics,” but more commonly due to the time of Reagan’s presidency and ideals of Reagan they were nicknamed “Reaganomics.” Which are policies that supported businesses. Such as lower taxes and less government intrusion. These “Supply-side finances” would help to boost investment, establishment, employment, and ultimately through its growth, it would reduce the federal