How Did Ronald Reagan Affect The Economy

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Ronald Reagan served as the 40th president of the United States. Reagan served two terms in office from 1981 to 1989. He is considered by many to be one of the greatest presidents in American history. At the time, he was the oldest president elected in US history at the age of 69.

For the 1981 presidential election, Reagan and his partner George H.W. Bush faced off against Jimmy Carter and Walter Mondale. Reagan and Bush won the electoral vote 489-49, and won the popular vote by 51%.Ronald and George were sworn into office on January 20th, 1981. In the President’s Inaugural Address, Reagan famously criticized the way the government hurt the economy, saying, “In this present crisis, government is not the solution to our problems; government …show more content…

He cut taxes to spur economic growth. This was known as Reaganomics. He also supported increases in military spending, reduced spending for social programs and measures to deregulate business. Within two years, the economy recovered and entered a period of prosperity that lasted through Reagan’s time in office. Many people believed that his work pushed the nation further into debt. Others believed that his intentions and Reaganomics favored the rich and famous. Shortly after his election, Reagan made history by appointing Sandra Day O’Connor as the first woman in the Supreme …show more content…

The Affair also funded armed conflict in Central America. The public soon found out about this and the deal soon became a controversial political scandal. The Affair was also called “Irangate”. This scandal did not help Reagan and the Reagan Doctrine, because the midterm elections brought in a lot of Democratic members for the Senate and House of Representatives. This created a large “political hurdle”.

After Democrats took control of Congress, they passed the Boland Amendment. This restricted participation in foreign activities for the CIA and DoD. This amendment mainly targeted Nicaragua, where anti-communist Contras were fighting the Sandinista. Reagan claimed that the Contras were “the moral equivalent of the Founding Fathers”. Congress passed the Boland Amendment because the Contras’ main source of funding was through the cocaine trade. Ronald Reagan insisted that the National Security Advisor find a way to help, no matter the

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