Ronald Reagan and Economic Policies

1030 Words Jul 12th, 2014 5 Pages
Ronald Reagan and Economic Policies
History 145
Jennifer Moore

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. Ronald Reagan created economic policies called Reaganomics. These policies were different than the policies that the United States had since Franklin
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Reagan kept trying to make the economy better throughout his presidency. The midterm elections in 1982 saw a change in Congress when the Democrats gained twenty-five seats in the House of Representatives (Moss & Thomas, 2013, p. 236). House speaker Thomas O’Neill managed to get Reagan to agree to budget compromises in 1983 in order to get the economy back on track (Moss & Thomas, 2013, p. 236). The economy began to recover in 1983 and was surging in 1984. Unemployment and interest rates dropped, allowing more Americans to buy homes and cars (Moss & Thomas, 2013, p. 236). Inflation dropped to four percent, the lowest since the early 1970s. Americans were earning more money, and oil prices were dropping, making fuel more affordable (Moss & Thomas, 2013, p. 236). “Economic growth generated 18 million new jobs and tripled the price of stocks by 1990” (Moss & Thomas, 2013, p. 236). In addition to his economic policies, Reagan also swung the Supreme Court more to the right and a conservative vision. By appointing Sandra Day O’Connor, Antonin Scalia, William Rehnquist and Anthony Kennedy to the Supreme Court and appointing over 400 federal judges, Reagan’s conservative viewpoint began to appear in judicial decisions (Moss & Thomas, 2013, p. 244). “The administration searched for strict constructionists whose constitutional views could also incorporate right-wing social

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