How Did Reaganomics Affect The Economy

“Raising tide raises all boats” is a common phrase among conservatives describing their economic philosophies. One of the most influential subscribers to this phrase was Ronald Reagan, the President who changed conservatism forever. Ronald Reagan’s life experiences led him to crucial and influential point in American history, where he lived up to the expectations of the American public. Reagan was such an influential figure of the 1980’s that he created his own revolution. A critical piece in the puzzle that is the Reagan Revolution was Reaganomics, an economic policy which combined two of the most conservative economic ideas to this date. With all the accomplishments that are associated with Ronald Reagan there are also criticisms; in this

Ronald Reagan would deliver on his promises that he made in 1980 that included foreign, social, and most importantly economic policies. By 1978 inflation was at an all time high, Reagan sought to lower it. Supporters of Reaganomics would say that “By adopting supply side economics, the Reagan administration conquered the inflation that plagued the nation” (Reaganomics n.pag.). Economic indicators, including inflation, were made better as Reagan’s policies took into affect. Nearly 20 million jogs were created during Reagan’s presidency. Other economic factors that would become better were the price of oil declined, federal spending decreased by 1989, the value of the stock market would triple, and the standard of living increased and poverty levels declined. All of these are major accomplishments which any president would be happy to just get one of the economic indicators better. All of these would factor into the growth of the economy by about a third in 1989 of its original size in 1980, about the size west Germany’s economy. The average growth of the economy during the 1980’s was about 6-7% per year according to Forbes. Mario Cuomo, a staunch criticizer of Reagan’s would say that, “In many ways we [America] are a shining city on a hill” (Cuomo n.pag). Cuomo thought that although Reagan did increase the gap between the rich and poor, he has done a lot of good for the economy and the people of the United