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Reganomics The election of the Regan-Bush Republican ticket of 1984 brought many unprecedented and controversial policies to the US economy. Many of these policies,including Reganomics still affect our economy as a whole and are still major points of debates today. Reganomics was not solely based on economics, but rather the included a sense of having moral foundations. Government intervention and regulation of the economy were seen as economically harmful and furthermore morally wrong. It was believed that economic affairs should be left to the wisdom of God and his guidance would produce a successful market and economy. The moral obligation together with extreme Kenseyan theories were the guide to the basic principles of Reganomics. Their objective was to follow a laissez faire attitude,or a hands off government policy. They also wanted to rely on the wisdom of the of the market, meaning that the market is smart enough to take care of and troubleshoot itself,and they tried t!o use a policy of deregulation which would allow companies to make their own economic decisions with out the government limiting their choices. The administration was also weary of anti-trust laws which did not allow for monopolies in our society. The "de
Public and Private debts carrying over from the past decade weigh heavily on the government,business', household's and financial institutions' well being. "If government had borrowed in order to fund public capital, rather than military spending and tax breaks for the wealthy, the debt burden would be greatly reduced" (Sawicki). It set an indexing of individual brackets, personal exemptions, and standard reductions; it reduced all individual taxpayers taxes, and gave percentage reductions for lower and middle class incomes exceeding those given for the rich. This pushed up the dollar and caused the trade deficit. They also offered that record deficits were caused by the reduction in marginal tax rates. Within 18 months of Reagans term, poverty began to decrease. It seems that through supply-side economics savings didn't increase but allowed for a huge gr!owing debt that nearly tripled during Reagans administration. When Reagan cut the taxes for wealthy individuals and business' he believed that it would contribute to a stronger base economy, in turn the benefits of a strong base economy would "trickle down" to reach everyone, even the poorest Americans. Regan knew that deregulation could possibly have adverse effects if there was no degree of regulation at all, so preventative measures were set in place.
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Acceptance Essays
