Through history, the United States went through a series of events that were fluctuating between good and bad. The United States shifted from the expanding welfare state in 1960s to neoliberalism in the 1970s and 1980s through neoliberal policies. This shift was purely bad because it affected the nation negatively. Neoliberalism is an economic and social theory that free markets and free trade is the best way to structure society. This means reducing society to no regulations and privatization of every aspect of economic and social life. As a result the United States moved from being the world’s largest creditor nation to the world’s largest debtor nation. These neoliberal policies on trade deficit, deindustrialization, deregulations, and supply-side
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Ronald Reagan’s policies were called the supply-side economics. This is the idea that sharp cuts in taxes and deregulation would stimulate businesses. Supply-side economics would also reduce government revenues and therefore reduce government. So the bigger idea was to make the government intrude less in people’s lives and let free market dominate. Reagan and Congress did everything to deregulate almost everything. Some of these deregulations were not even done by legislation, instead people were appointed to run the agencies and do nothing, which let the deregulation of things and cutting of taxes, get through. Reaganomics is what is called the new federalism, which was that the federal support for states and cities reduced. Ultimately, this just shrunk the government and there is less money to run the government. This new federalism sought to remove government barriers to investors, shift social programs from federal government to the state, block grants and local initiative, and massive tax cuts and privatization. All of these policies created to do all those things affected those that live in cities because many programs were being removed as a result they were losing things such as education, health care, and social services. This affected the issue of race and inequality. People living in the cities were Blacks, Latinos, poor Whites and others. Evidently as a result form all these tax cuts and increase military spending only added to the already enormous
Ronald Reagan’s policies were called the supply-side economics. This is the idea that sharp cuts in taxes and deregulation would stimulate businesses. Supply-side economics would also reduce government revenues and therefore reduce government. So the bigger idea was to make the government intrude less in people’s lives and let free market dominate. Reagan and Congress did everything to deregulate almost everything. Some of these deregulations were not even done by legislation, instead people were appointed to run the agencies and do nothing, which let the deregulation of things and cutting of taxes, get through. Reaganomics is what is called the new federalism, which was that the federal support for states and cities reduced. Ultimately, this just shrunk the government and there is less money to run the government. This new federalism sought to remove government barriers to investors, shift social programs from federal government to the state, block grants and local initiative, and massive tax cuts and privatization. All of these policies created to do all those things affected those that live in cities because many programs were being removed as a result they were losing things such as education, health care, and social services. This affected the issue of race and inequality. People living in the cities were Blacks, Latinos, poor Whites and others. Evidently as a result form all these tax cuts and increase military spending only added to the already enormous