Reagan had implanted some new economic reforms but it seemed that is was not as successful as the partisans had hoped. The plan was to balance the budget but obviously everyone knew that was a hard challenge to face. There was a huge increase in military spending (the pentagon spent over $34 million an hour on the countries forces!!) Taxes were increasing drastically as money was being sucked out of the government's pockets. By 1982, our country was in the middle of one of the biggest and most impactful recessions since the Great Depression in 1930, over nine million people were unemployed in November 1982. Many business were closing and families were losing their homes,
As the economy slowly started growing again, "reaganomics" was still very popular. Although people though the stock market crash of 87 would undermine the confidence of the middle and high class, it did not make them worry about the president's economic agenda: During Reagan's 8th year in office, the country experienced the most debt in the entire history.
Despite the hard work and dedication of liberal americans, the majority of them still believed in a conservative agenda. IN 89, Reagan left office and had the highest approval rating since Franklin Roosevelt.
Wow- I didn't know half the stuff in this post; some of these stats were really shocking. I think it's weird that Reagan kind of messed up the American economy but didn't suffer the consequences in terms of approval ratings. You would think the American people would realize that the debt was because of Reagan.
ReplyDeleteI agree with what Sana said here. You included a lot of good information, this post is perfect.
ReplyDeleteSo even though he was ending his term with some of the lowest numbers, he was still considered a popular president that was well respected? I can actually understand this because he came off as the person that America truly needed after a time of such deceit an confusion.His amount of charm and charisma did wonders for him in the public eye and his easy care free public attitude definitely seemed to transcend through his speeches as his country seemed to smile back at his reassuring gaze.
ReplyDeleteThis is a really interesting summary of Reaganomics and the detrimental effects that it had on the American economy and society at the time. Do you think that Reaganomics had any positive effects on the economy? I definitely agree that there were numerous bad things to come from it, but there were some good parts like the Economy Recovery Act of 1981 and the Reform Act of 1986.
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