Reaganomics, by William A. Niskanen. "Reaganomics" was the most serious attempt to change the course of U.S. economic policy of any administration since the New Deal. "Only by reducing the growth of government," said Ronald Reagan, "can we increase the growth of the economy. " Reagan's 1981 Program for Economic Recovery had four major policy objectives: (1) reduce the growth of government spending, (2) reduce the marginal tax rates on income from both labor and capital, (3) reduce regulation, and (4) reduce inflation by controlling the growth of the money supply. These major policy changes, in turn, were expected to increase saving and investment, increase economic growth, balance the budget, restore healthy financial markets, and reduce inflation and interest rates. Any evaluation of the Reagan economic program should thus address two general questions: How much of the proposed policy changes were approved?
And how much of the expected economic effects were realized? Reaganomics continues to be a controversial issue. America's Best History U.S. Timeline, 1980-1989. America 1980-1989: Business and the Economy Summary. Many Americans perceived the 1980s as a prosperous and pleasant decade, especially in contrast to the 1970s. As the 1980s unfolded, however, others argued that the ailments of the nation had not been cured but instead were being pasted over and ignored. The 1970s had been filled with tumultuous events such as oil shocks, the Watergate affair, and the Iran hostage crisis. President Jimmy Carter's suggestion that the country suffered from a national malaise only seemed to prove America's weakness and decline both at home and abroad.
Stagflation, a term referring to an economy suffering from both inflation and stagnation (a combination that was thought impossible before the 1970s), was a matter of great concern. Perhaps no other circumstance better symbolized the perceived decline of American business than the near collapse of the Chrysler Corporation, the third of the Big Three automobile... American Cultural History - 1980-1989.
The 1980s became the Me! Me! Me! Generation of status seekers. During the 1980s, hostile takeovers, leveraged buyouts, and mega-mergers spawned a new breed of billionaire. Donald Trump, Leona Helmsley, and Ivan Boesky iconed the meteoric rise and fall of the rich and famous. If you've got it, flaunt it and You can have it all! The purpose of this web and library guide is to help the user gain a broad understanding and appreciation for the culture and history of the 1980s. To see the whole picture, we encourage users to browse all the way through this page and then visit the suggested links for more information on the decade.
Science and technology made terrific strides in the eighties. Heart, cancer, and other diseases. Geraldine Ferraro was the first woman presidential candidate, Jesse Jackson was the first black candidate, the stock market tripled in 7 years yet survived the 1987 crash, and televangelist Jim Bakker was sentenced to 45 years for selling bogus lifetime vacations. Books. Comparing Reaganomics and Obamanomics with Minneapolis Fed Data. February 2, 2011 by Dan Mitchell Ronald Reagan would have been 100 years old on February 6, so let’s celebrate his life by comparing the success of his pro-market policies with the failure of Barack Obama’s policies (which are basically a continuation of George W. Bush’s policies, so this is not a partisan jab). The Federal Reserve Bank of Minneapolis has a fascinating (at least for economic geeks) interactive webpage that allows readers to compare economic downturns and recoveries, both on the basis of output and employment.
The results are remarkable. Reagan focused on reducing the burden of government and the economy responded. Obama (and Bush) tried the opposite approach, but spending, bailouts, and intervention have not worked. The employment chart below provides an equally stark comparison. None of this should be interpreted to mean Reagan is ready for sainthood. *Though he may not be the best President of the 20th Century. Like this: Like Loading... Ronald Reagan.