The History Of Reaganomics
Reagan is considered today as the greatest president of all time. Pop culture consistently calls Reagan as the most influential president of all time. But why? Was it his charisma? His system of Reaganomics? His assassination? His quick response to international relations? His memorable phrases? Or was the media that bloated him up?
An Era before Reagan:
The era of F.D.R, JFK, Harry Truman, and LBJ has ended. In this drastic era of America, forgotten presidents Gerald Ford and Jimmy Carter proved that America was at its low. Plus, Richard Nixon put the shame on America due to his infamous Watergate Scandal. When these terrible presidents were under office, Americans wanted the old era. They wanted change. And that change came …show more content…
This was a foreshadow of Reaganomics. This new system was not introduce until 1981, a year after Reagan was sworn into office. Frankly, Reagan recently had to deal with the Iranian Hostage Crisis and him being shot that year. However, in 1981, Reagan started to push laws to recover the economy from the mess that Carter, Nixon and Ford have created over the years as some historians might put it. Democratic majority of Congress vetoed Reagan’s law consistently since it lowered taxes, cut federal spending and ended federal programs such as job training to college student loans to Medicare (medicare was meant for universal healthcare). Plus, this “law”, while business regulations by the government were cut, promoting a new political philosophy: Deregulation. This is when the government let’s businesses grow by taking away regulations improving the economy. However, all these new ideas were not appreciated by Democrats. However, Reagan managed to get these ideas made. Collectively, these ideas were comprised in one act called the Economic Recovery Act of 1981. All the ideas mentioned were currently under procedure in America but it took a while before this act would work completely. There were still some things to be accomplished so that this act would work. Meanwhile, while the act was in effect, an organized labor union of air-traffic workers was currently under a strike. They protested a lot. Now, Reagan needed to do something. He was either going to let them strike and give them their jobs with higher which would hurt the economy (11,800 workers) or fire them from the union itself I turn obliterating the Union. Either way, he had to resolve the strike because it was disrupting public safety. He did the latter. He fired 11,800 workers just to end the strike. Originally, as some historians and citizens of that time might say, they thought that Reagan was just an “old fart” or a “comedian” of a