Ronald Reagan: Impact and Legacy

907 Words4 Pages
During the 1980’s Ronald Reagan, a former actor, was president while George H. Bush as vice president. They served two consecutive terms. In these eight years they brought the conservative tide to a forefront, partook in the horror of the Tiananmen Square Massacre, and established the famous economic policy known as Reaganomics. In 1981 during Ronald Reagan’s presidency he proposed a new economic plan the press named it Reagonomics. The plan’s objective was to pull the United States out of debt. His strategy was to lower taxes on the rich. He wanted them to pay fewer taxes so they could spend and invest more. This tactic is known as trickle-down economics. This new spending could stimulate the economy and make new jobs. This 25% tax cut was approved by Congress. Reagonomics deflated the value of the dollar and the federal government gained more revenue. American goods became more valuable over the worldwide market. "Only by reducing the growth of government," said Ronald Reagan, "can we increase the growth of the economy." (econlib.com, William Niskanen). At first Reaganomics did not work. In 1981 it sparked a deep year long recession. High interest rates increased the American dollar in international markets, which made American products more expensive. Therefore, the amount of imports was sky-rocketing and the amount of exports was very low. In the end, Reaganomics proved to be a very successful economic plan that pulled the country out of a debt. Reagan was, “swept into office in 1980 on a wave of growing conservatism in the United States,” (csmonitor.com). This of course explains the reason he won the electoral vote against Jimmy Carter 489 to 49 (according to whitehouse.gov). A conservative tide had reached America, wh... ... middle of paper ... ... Massacre, also known as the Tiananmen Square Massacre, is an important event in history that was forcefully forgotten by the Chinese. We should remember this event and learn from what happened. Though the reign of Reagan and Bush drew to a close, Reaganomics, the conservative tide, and the Tiananmen Square Massacre were all sizeable events that make up our history of our country. Their time in office should not be forgotten. Works Cited KRUGMAN, PAUL. "Reaganomics - NYTimes.com." Economics and Politics by Paul Krugman - The Conscience of a Liberal - NYTimes.com. N.p., n.d. Web. 3 June 2013. . satellites, using laser-equipped, and a rocket sends a military satellite into the heavens.. "Reaganomics [ushistory.org]." ushistory.org. N.p., n.d. Web. 3 June 2013. .
Open Document