US History Research Essay
We as a society have always had problems with money and debt, especially Americans. Throughout history many presidents would try and fix this problem with tax reforms and plans. Throughout the 1980’s the American economy was in great ruin. The economy experienced terrible things like inflation and a rising unemployment rate. Americans had to spread out gas costs under President Jimmy Carter. Ronald Reagan was running for president and proposed a genius idea to solve America's problems. His idea would cut taxes for wealthier people giving them the incentive to spend more money and invest as well. His idea was presented in his 1980’s campaign speeches on his plan to improve the economy with tax cuts. Eventually Ronald …show more content…
Ronald Reagan's new proposed plan damaged our economy in many ways. Ronald Reagan's plan was supposed to do four things such as reduce the amount of money the government was spending, reduce capital gains tax and federal income tax, reduce the amount of government regulation in America, and reduce inflation by tightening the federal money supply. The first thing that reaganomics was supposed to do is cut down on government spending. This was a big deal in the 1980’s because America was beginning to go in to a large down spiral of debt. Ronald Reagan's goal was to reduce the amount of spending that the government was doing to help our economy. The second thing that his plan was supposed to do was reduce federal income tax. This would give the top percent of our economy major tax cuts in the hoop that the richer people would spend their money and invest it to help with inflation. The third thing that Reagan's plan would hopefully do is reduce government regulation. Government regulation creates more costs for the government and the goal was to save money to save the economy. The last and maybe most important thing that reaganomics was suppose to do was stop inflation by reducing the amount of money the government was producing through the treasury. Inflation is when the government is producing more money than it actually has. These four things were known as the four pillars of reagan
We as a society have always had problems with money and debt, especially Americans. Throughout history many presidents would try and fix this problem with tax reforms and plans. Throughout the 1980’s the American economy was in great ruin. The economy experienced terrible things like inflation and a rising unemployment rate. Americans had to spread out gas costs under President Jimmy Carter. Ronald Reagan was running for president and proposed a genius idea to solve America's problems. His idea would cut taxes for wealthier people giving them the incentive to spend more money and invest as well. His idea was presented in his 1980’s campaign speeches on his plan to improve the economy with tax cuts. Eventually Ronald …show more content…
Ronald Reagan's new proposed plan damaged our economy in many ways. Ronald Reagan's plan was supposed to do four things such as reduce the amount of money the government was spending, reduce capital gains tax and federal income tax, reduce the amount of government regulation in America, and reduce inflation by tightening the federal money supply. The first thing that reaganomics was supposed to do is cut down on government spending. This was a big deal in the 1980’s because America was beginning to go in to a large down spiral of debt. Ronald Reagan's goal was to reduce the amount of spending that the government was doing to help our economy. The second thing that his plan was supposed to do was reduce federal income tax. This would give the top percent of our economy major tax cuts in the hoop that the richer people would spend their money and invest it to help with inflation. The third thing that Reagan's plan would hopefully do is reduce government regulation. Government regulation creates more costs for the government and the goal was to save money to save the economy. The last and maybe most important thing that reaganomics was suppose to do was stop inflation by reducing the amount of money the government was producing through the treasury. Inflation is when the government is producing more money than it actually has. These four things were known as the four pillars of reagan