Re: 1980 Reagan Revolution Essay

1248 words - 5 pages

1

President Ronald Reagan's record includes sweeping economic reforms and deep
across-the-board tax cuts, market deregulation, and sound monetary policies to
contain inflation. His policies resulted in the largest peacetime economic boom in
American history and nearly 35 million more jobs.

2

By reducing or eliminating decades-long social programs and significantly increasing
defense spending, while at the same time lowering taxes and marginal tax rates,
Reagan's approach to handling the economy marked a significant departure from that
of many of his predecessor's Keynesian policies.

3

Before the tax cut, the economy was battling high inflation, high Interest rates, ...view middle of the document...

These reductions
for the lowest-income groups were so large because President Reagan doubled the
personal exemption, increased the standard deduction, and tripled the earned
income tax credit (EITC), which offers net cash for single-parent families with children
at the lowest income levels. These changes removed income tax liability altogether
for over 4 million lower-income families.

7

Inflation-adjusted defense spending increased by 50 percent between 1980 and1989,
it was curtailed when the Cold War ended and fell by 15 percent between 1989and
1993. However, means-tested entitlements, which do not include Social Security or
Medicare, rose by over 102 percent between 1980 and 1993, and they have
continued climbing ever since. Total spending on all national security programs never
equaled domestic spending, even when Social Security, Medicare, and net interest
are excluded from domestic totals. In addition, national security spending fell during
the Administration of the senior President Bush, while domestic spending increased
in both mandatory and discretionary accounts.

8

9

The inflation-adjusted rate of growth in federal spending fell from 4% under Jimmy
Carter to 2.5% under Ronald Reagan; however, federal deficit as percent of GDP was
up throughout the Reagan presidency from 2.7% at the end of the Carter
administration. As a short-run strategy to reduce inflation and lower nominal interest
rates, the U.S. borrowed both domestically and abroad to cover the Federal budget
deficits, raising the national debt from $997 billion to $2.85 trillion. By the end of
1983, unemployment had fallen to 8.3 percent, and it continued to decline for the
next five years. The gross national product had grown 3.6 percent in a year, the
largest increase in nearly a decade. Inflation had fallen to below 5 percent. The
economy continued to grow, and both inflation and unemployment remained low.

10

In 1981, newly elected President Ronald Reagan refocused fiscal policy on the long
run. Proposing sharp cuts in marginal tax rates. The cuts increased incentives to work
and stimulated growth. These were fundamental policy changes that provided the
foundation for the Great Expansion that began in December 1982.

11

Reagan's tax cuts did end the recession. However, government spending wasn't
lowered, just shifted from domestic programs to defense. The Federal debt almost
tripled, from $997 billion in 1981 to $2.857 trillion in 1989.

12

Federal spending more than doubled, growing from almost $591 billion in 1980
to$1.25 trillion in 1990. In constant inflation-adjusted dollars, this was an increase
of35.8 percent.As a percentage of GDP, federal expenditures grew slightly from 21.6
percent in 1980to 21.8 percent in 1990.

13

President Reagan set up the U.S. Gold Commission to study...

Other Essays Like Re: 1980 Reagan Revolution

Who Won the Cold War? Essay

2279 words - 10 pages perception of the international situation wasstrengthened when Soviet armed forces entered Afghanistan to support its revolutionary allies and when NATO decided to deploy land-based Cruise and Pershing II Missiles in Europe after having perceived a‘serious imbalance’(Scott 2010: 60). In 1980, Reagan followed Nixon and Carter as the elected president of the USA. Given his warmonger attitude in his first term and his dove sentiment at the end of

Dfdsfsfds Essay

1560 words - 7 pages People Power" redirects here. For current and former political parties, see People Power Party (disambiguation). "EDSA Revolution" redirects here. For other uses, see EDSA Revolution (disambiguation). The People Power Revolution (also known as the EDSA Revolution, thePhilippine Revolution of 1986, and the Yellow Revolution) was a series of popular demonstrations in the Philippines that began in 1983 and culminated in 1986. The methods used

Pig in Parlor

1292 words - 6 pages Pigs in the parlor: in re Supreme Court vs. the environment - takings clause of the Fifth Amendment to the US Constitution by Paul Rauber Comments * 1 * 2 * 3 * Next In re Supreme Court vs. the Environment Now that the final conflict is over, capitalism triumphant is getting down to business here at home. In the next few months, the United States Supreme Court will decide whether the sanctity of private property outweighs

Economic and Social Change in the Late 20th Century

1031 words - 5 pages Chapter 30: Economic and Social Change in the Late 20th Century Economic, cultural, and social changes have affected America greatly in the late twentieth century. The population since 1980 has become increasingly older, urban, diverse, southern, and western. Declining birth rates and rising life expectancy combined to produce an aging population. Between 1970 and 1990 most American financial and industrial growth occurred in the South and

war on weed

1432 words - 6 pages on drug related charges the crime rates would go down. It is almost unbelievable that the drug has been unable to shake this stigma. Compared to the policies Nixon introduced, policies nowadays are even worse. (Gerber) For years, the government was feeding the people these lies about marijuana, and those who supported it were silenced. This trend continues well into the present day. The 1980's saw the rise of the Reagan administration, which

New Public Administration in India

782 words - 4 pages 'rational-legal administration', or government based on reason and law. The very fact that the prime minister has identified government re-organisation as a top priority implies that India's bureaucracy has failed on this score. Modern public administration shook itself of the bureaucratic mould in the 1980s, amidst certain political and intellectual trends. In politics, both Reagan and Thatcher had taken a strong stand that government deficits must

Who Does The Republican Party Represent? Detailed Account Of What The Republican Party Stands For And Who It Represents From The American Population

2478 words - 10 pages Since the Barry Goldwater conservative invasion of the 1960's, and the Reagan Revolution of the 1980's, the Republican Party espouses a basically conservative philosophy. Concentrations of liberalism and sometimes outright socialism can be found amongst Republicans in the northeast, led by the likes of Governor Christine Todd Whitman of New Jersey, who refused to sign a bill banning partial birth abortion. On the other side of the extreme

Foreign Policy Notes

4823 words - 20 pages Ford and Carter -Congress gave itself more oversight authority -outlawed political assassination in 1980 -strengthened 1967 Freedom of Information Act -Communist threat wasn’t perceived as so immediate which led to less tolerance of un-democratic activity by government Resurgence -consistent with Reagan Doctrine and frequently used to implement it -Afghanistan, Iraq, Iran/Contra -Resisted Congressional

The End of Work - the Decline of the Global Labor Force and the Dawn of the Post-Market Era

2625 words - 11 pages This book is well known in the field of economics, public policy and environmental studies. If the title alone doesn’t draw you in, then maybe the following question will: Could society’s age old demand for increased productivity and efficiency lead to “The End of Work” as we know it? As the saying goes, be careful what you wish for. In this eye-opening book, Jeremy Rifkin argues that improvements such as automation, computerization and re

How Important Was Nelson Mandela in Bringing About the Collapse of the Apartheid System in South Africa 1960-1994

1850 words - 8 pages followed and Mandela was charged with ‘recruiting people for training in sabotage and guerrilla warfare for the purpose of violent revolution’. He and 6 others were given life imprisonment. Many expected the punishment to be the death penalty, however there was a lot of media covering the trial and the South African Government was worried by possible worldwide criticism. During the Rivonia Trial 1963-64 Mandela became globally famous for his

History of Usa

5144 words - 21 pages ) Maryland (b) Louisiana (c0 Texas Which American President received the Nobel Prize for peace in 1906? (a) Andrew Jackson (b) Harry S. Truman (c) Theodore Roosevelt Richard Nixon made a trip to Beijing in: (a) 1962 (b) 1972 (c) 1977 Who was the President of U.S.A. when Russia invaded Afghanistan in early 1980? (a) Jimmy Carter (b) Herbert C. Hoover (c) Ronald Reagan What does NASA stand for? Which year TVA was established

Related Papers

Ronald Reagan Persuasive Paper

1656 words - 7 pages Alyssa Hofmann Dr. Nathan Blank POLS 1000 September 20, 2014 Ronald Reagan 1980 Presidential Election Ronald Reagan was a jack of all trades. President Reagan wanted the best for the American people. He didn’t want Americans to be so reliant on the government. This started the innovative program called the Reagan Revolution. While in college Ronald Reagan became interested in acting, but instead decided to become a radio sports

World War Ii Through The 1970’s

1676 words - 7 pages public’s view of the federal government and the assumption that all politicians are corrupt and dishonest. This wrong doing led to a continuing rise in unemployment and inflation into the 1980’s, and put pressure on the newly appointed president Ronald Reagan, to create an economic plan to rejuvenate the American economy. In 1980, the country was searching for a new form of leadership, and saw it in the former Hollywood star and

Significant Events Essay

2256 words - 10 pages sent to Vietnam, a countercultural began. Americans revolted against the conservative way of the American life. The American youth no longer believed the government was protectors, but as selfish people. The use of drugs such as LSD, and Marijuana became the normal thing to do in America. Additionally, the sexual revolution became public. The once taboo subject of sex became a topic that was now a normal and conversation to have wherever, not just

Soviet Perceptions Of The Sdi Essay

2347 words - 10 pages —was formalized by Reagan in the National Security Decision Directive 85 two days later (Gilman n.d.). In a speech given on August 20, 1980, President Carter’s new concept of nuclear strategy was explained. It stated that three requirements must be met in order to deter nuclear war: 1) we must have strategic nuclear forces that can absorb a Soviet first strike and still retaliate with devastating effect; 2) we must meet our security