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Ronald Reagan Economic Policy Essay

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Ronald Reagan served as the 40th President of the United States from 1981 to 1989. During his presidency, Reagan implemented a series of economic policies that aimed to reduce inflation and stimulate economic growth. Though his policies certainly faced some criticism over the years, they were extremely successful. Ronald Reagan’s economic policies represented a significant improvement in the United States economy after his predecessor, Jimmy Carter, left office. When Jimmy Carter left office in early 1981, the economy was struggling with high inflation and high unemployment. The combination of rising gas and oil prices, weak consumer spending, and high-interest rates had created a challenging economic environment that many experts believed would be difficult to overcome (U.S. Department of Labor). Reagan's economic policies, known as “Reaganomics”, were based on supply-side economics which advocated for cutting taxes, reducing government regulations, and promoted free markets to increase economic growth. One of Reagan's most significant economic policies was the Tax Reform Act of 1986, which reduced the top marginal tax rate from 50% to 28% and simplified the tax code for many Americans (The White House, 2022). Reagan also implemented policies that were aimed at reducing government regulations in energy, transportation, and …show more content…

The tax cuts and deregulation policies led to a period of economic growth, with GDP growth averaging 3.5% per year from 1983 to 1989 (The White House, 2022). Unemployment fell from 7.6% in 1980 to 5.3% in 1989 (Reagan Foundation). The Tax Reform Act of 1986 in particular, boosted economic growth by promoting investment and entrepreneurship, which helped to produce new jobs and businesses (The White House, 2022). Additionally, Reagan's policies aimed to reduce poverty and increase opportunity, particularly for African Americans and other minority

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