Isn't It Time For Reaganomics? Essay

1183 Words 5 Pages
From his acting career, General Electric spokesmen, Governor of California, and Presidency Ronald Reagan showed a committed presence with whomever he dealt with. As President, Ronald Reagan encountered many significant events, from surviving an assassination attempt to the space shuttle Challenger disaster; however, probably the most significant (with respects to today’s financial nightmare) was his economic policy, how it changed the prior policy, and how it contrasts our present economic policy.
Prior to Reagan’s inauguration the country was suffering from double-digit inflation, high interest rates, high unemployment, oil shortages, and slow economic growth. American was suffering from years of expanding government from
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Within seven years of this the wealthy had more money, but could also afford to give better pensions, and pay raises. He reduced income tax from the top bracket 70% down to 28% spurring growth from the top on down and vice versa. This gave some people who lived in poverty a view that Reagan was indifferent to their struggles. This may have seemed the case but growth did happen, and hopefully those critics found jobs; however, driving to those jobs still pinched the pocket book a bit due to the energy crisis at that time. Reagan would need to do something about this. With the tax cuts on high income nationwide, Oil Companies were still paying on Windfall taxes. This was started by the previous administration where Oil Companies were taxed on the excess of profits they made. Oil Companies raised prices due to production cost and supply and demand. Reagan sought to decrease the Oil windfall profits tax in order to eliminate the energy crisis that happened only a few years earlier; however, in 1988 he ended the Windfalls profits tax all together. He wanted to provide government as a service to the states and people of those states. Businesses did not need to worry about taxes from this and taxes from that. In short he wanted the Nation to see less government.
President Reagan wanted America to govern itself. He

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