This policy received much criticism because its opponents argued that ERTA would be a giveaway to the rich, because their tax payments would collapse. Reagan worked hard and skillfully with the congress to obtain legislation to stimulate economic growth and curb inflation, he embarked upon a course to cut taxes and curb inflation. President Reagan was able to sign into law a tax cut in late 1981 even though congressional Democrats tried to block his cuts. All tax payers received these cuts which helped to spur the economy. The cuts were taken over three years with a 5% cut in 1981, a 10% cut for 1982, and in 1983 another 10% cut.
"Westboro Baptist Church To Picket Funerals Of Arizona Shooting Victims." The Huffington Post. TheHuffingtonPost.com, 09 Jan. 2011. Web. 22 May 2014.
Most concerning, was the National Deficit and welfare reform, which, along with his promiscuities, he would soon become equally admired and criticized. In order to understand how Clinton became arguably one of the most highly recognized Presidents of the past half century, after becoming the second President to be impeached, his efforts to reduce the deficit, reconstructed welfare along with his role and the public’s opinion regarding the Monica Lewinski scandal must be examined. Former President Clinton’s first term posed many new challenges; undoubtedly, the most challenging was America’s economy, particularly the overwhelming deficit, totaling $290 billion. In response, Clinton shaped a budget plan, known as the Deficit Reduction Act of 1993, which projected to reduce the deficit by $500 billion over a five-year time span. In order to accomplish this feat, Clinton’s plan proposed to increase the marginal tax rate for incomes over $180,000 by five percent with an additional ten percent increase for incomes over $250,000 annually.
Plan 4 “the elimination” of the young civil right activist Michael Scherer who the Klan calls “Goatee”. Scherer became a target of the Ku Klux Klan for organizing the Meriden boycott and his determination to register blacks to vote. The Klan that Schwerner had a meeting on the evening of June 16 with members at Mount Zion Church in Longdale, Mississippi. Members of the church held a business meeting that evening and the 10 were leaving the church around 10 that night they met face to face with more than 30 Klansmen lined up with shotguns. Late that afternoon they were again stopped on a road by the same Neshoba County deputy sheriff who had arrested them earlier, this time assisted by a party of Ku Klux Klan.
He also expressed that his worst accomplishment was that he let the national debt rise too high. Letting it go from $997 billion to $2.85 trillion; the US was known as the international creditor, now becoming the largest debtor. I think these three references have similarity because they all seem to express bad ideas that surfaced during the 1980's. Having even the slightest amount of growth, I believe Reaganomics had good intentions behind it and that Mr. Reagan did everything he could to help the US economy; even if it resulted in more debt.
Poverty increased as seen through the number of collapsed American businesses, closed banks, and lowered employment rates. President Hoover balanced the economic needs of the country with his personal belief in "rugged individualism." He proposed a series of acts to address these economic needs including the Reconstruction Act, The Steal gal Act, and the Federal Home Loan Bank Act.
The Vietnam War that LBJ escalated was very expensive as well. As it is noted in McDougal Littell’s The Americans, “In February 1964 Congress passed a tax reduction of over $10 billion into law” (Source 10). While tax cu... ... middle of paper ... ...cally reduced inflation during Reagan’s tenure. Reducing inflation by controlling the supply of money was a large success and was great for the economy. So what facilitated the positive growth in the US economy in the 1980s?