Reaganomics was one of the most serious attempts to change the U.S. economic policy. This was based on the supply-side theories of an economist known as Arthur Laffer. There were three steps to Reaganomics, step one was reduce the growth of government spending. Step two was reduce the marginal tax rates on income from both labor and capital. Step three was to reduce regulation, and reduce inflation by controlling the growth of the money supply. These policy changes, were expected to increase saving and increase economic growth. This created one of the largest tax and budget cut America had ever seen, within two years inflation was at its lowest, and unemployment rates were incredibly low. Reaganomics ended up being very successful and ended