Reaganomics 6 Discussion

Reaganomics is a popular term used by detractors and supporters of the 40^th president of the United States of America, Ronald Reagan, when referring to the economic policies he set during his presidency tenure (1981-1989) (Osiichuk, 2017). In his economic policies, Ronald Reagan advocated for widespread tax cuts, increased military expenditure, reduced social spending and deregulation of the domestic market. Reagan introduced these policies to respond to prolonged economic stagflation, which commenced in 1976 when President Gerald Ford was in power. Reaganomics was not successful because most of the policies introduced by President Reagan in the virtue of reviving the American economy worsened it instead. For instance, cutting of tax was meant to improve the economy, but it subjected the federal government to more debts. According to Osiichuk (2017), the national debt was $934 billion when Reagan assumed the office and hiked to 1989 $2.7 trillion by the time he was departing the...