Reaganomics: The Ronald Reagan Administration

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Reaganomics
“We're not, as some would have us believe, doomed to an inevitable decline. I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. So, with all the creative energy at our command, let us begin an era of national renewal. Let us renew our determination, our courage, and our strength. And let us renew our faith and our hope.” –Ronald Reagan, First Inaugural Address

Soon after Ronald Reagan entered the White House in 1981, he launched what David Stockman, head of the Office of Management and the budget, called a “blitzkrieg.” While Ronald Reagan and Adolf Hitler are far different people, both used blitzkrieg warfare in order to storm the opposition. In Hitler’s case, the opposition tended to be the Allie countries, but Reagan’s opposition consisted of the economy and the United States’ government. One of the most discussed issues during Reagan’s presidency was “supply-side economics.” The supply-side economic system is based on the idea that major corporations and the rich will spend more money, balance the economy, and help pay off the federal budget deficit if taxes for them are reduced. People and businesses within the lower part of the economic system are supposed to benefit from additional jobs created for production as well as lowered prices of goods and services. Critics called this theory “trickle-down economics.” Others called the plan “Reaganomics.” However, all of these terms share the same meaning. After Reagan had become president, he appointed David A. Stockman, a young, conservative, two-term Republican from Michigan, as the director of the Office of Budget Management (OMB). Stockman had long awaited the chance to challenge the r...

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Kane, Joseph Nathan. Facts About The Presidents: A Compilation of Biographical and Historical Information. New York: Wilson, 1981. Print.
Knott, Stephen F., & Jeffrey L. Chidester. The Reagan Years. New York: Facts on File, 2005. Print.
Johnson, Darv. The Reagan Years. San Diego, CA: Lucent Books, 2000. Print.
Niskanen, William A. “Reaganomics.” The Concise Encyclopedia of Economics. Library of Economics and Liberty, 2002. Web. 20 March 2012. .
“Reaganonmics.” Financial Dictionary. The Free Dictionary, 2012. Web. 2 April 2012. .

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