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What Was The Impact Of Ronald Reaganomics

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The 1980s sparked a predominantly bad change in the economy of the U.S., and this era of change was led mostly by a man named Ronald Reagan. His presidency was defined mostly by the false thought that he had been the reason for the releasing of Iranian hostages in 1981; and for his plan creating, "Reaganomics." However, this also led the economy into a deep recession. In addition to this, the oil industry started to crumble following the hostage situation due to lack of trust between countries. The 1980's overall, a time of great change and economic decline for our nation, was aided by many different factors and events including: the presidency and policies of Ronald Reagan, economic crashes/declines in the country, and lastly the oil business …show more content…

He enjoyed being seen as the hero of the story, and or the one to "save the day." This thought process, along with the failure of Carter's Operation Eagle Claw Rescue Plan, helped him to win the presidential election with a 51% approval rate only missing five states. Ronald came up with the policy of "Reaganomics" in order to help supply the U.S. with this hero ideology during his presidency. However, this heroism seemed to only focus on helping the higher class citizens. The creation of this economic system also resulted in major draw-back of government assistance, and tax lessening's; it cut social welfare and federal government entitlement. Part of his plan, Reagan created one of the largest military spending programs known to history, earning nearly 1.5 trillion dollars mostly due to his being greatly anticommunist. A branch of this, the Strategic Defense Initiative, also received much support from this financial military aid plan. President Reagan also lived under the illusion that "supply side economics" could have a positive effect on the country; this theory stated that a reduction in taxes could improve many aspects of industry. However, by cutting taxes, this also cut many of the government funds; therefore, the government was forced to take out loans which led to our great nation being in very deep

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