Jimmy Carter Research Paper

Ronald Reagan was elected to be the 40th president of the United States of America in 1981. Before Ronald Reagan served as president, Jimmy Carter was the president of the United States of America. Jimmy Carter was a very mediocre president, and by the end of his term the United States was in a state of stagflation. Stagflation is a term meaning that the country was having persistent high inflation as well as a stagnant economy with a very high unemployment rate. The economy had grown to become the worst it had been since the great depression in the 1930s. Jimmy Carter served just one term as president of the United States of America, and after those 4 years, he was booted out and replaced by republican Ronald Reagan, who was a Hollywood actor

Putting America back to work means putting all Americans back to work. Ending inflation means freeing all Americans from the terror of runaway living costs. All must share in the productive work of this ’new beginning,’ and all must share in the bounty of a revived economy.” Reagan, and his vice-president running-mate George H.W. Bush, won the 1980 presidential election by a landslide, collecting a total of 489 votes in the electoral college, with the next best having only 49 electoral votes. Ronald Reagan was sworn into office at age 69, which at that time was the record for the oldest person to ever be elected president in the US, and went quickly to work. In an effort to fulfill his promises and fix the economy, Reagan introduced his economic policy known as reaganomics. Reaganomics was also referred to as trickle-down economics, voodoo economics, and supply-side economics. There were four main pillars to

President Ronald Reagan’s ultimate goal was to get the country out of the state of stagflation that it had been in during the Jimmy Carter administration. One of the first major things that Ronald Reagan did was sign the Economic Recovery Tax Act of 1981. The main goal of this act was to significantly lower federal income taxes. This act also cut estate taxes and cut taxes paid by businesses by $150 billion. However, in the year 1982 president Ronald Reagan changed his mind and agreed to a tax rollback of corporate tax cuts and individual tax cuts as well. He had decided that he had cut a little too much and that they needed to bring some of that money back. The tax increase in 1982 brought back one third of the original tax cuts of the year 1981. In 1986 president Ronald Reagan signed the Tax Reform Act of 1986. This act eliminated deductions, preferences, write-offs, and exceptions. There was a brief recession at the beginning of the Ronald Reagan administration, around 1982, where unemployment rose to about 11%. However, by the end of Ronald Reagan’s presidency in 1988 unemployment fell all the way down to 5%. Another positive effect of reaganomics was that the inflation rate of the US dollar fell all the way from 10% in 1980 to 4% in 1988. That’s pretty good. There was also a few negative effects of reaganomics. These negative effects lead people to