Reagan presidency 1981-89 Flashcards
what percentage did Reagan win on compared to carter?
50.7% which is bare majority, but well ahead of carters 41%
when was reagans assassination attempt?
March 1981 where he was sot and severly injured
why was carter unpopular?
- energy crisis, economic decline and rising crime
- rising power of USSR
- iranian hostage crisis
reaganomics
reagan hoped to solve the problems of ‘stagflation’
what were reagans aims as president?
- cut taxes and domestic spending
- increase military spending
- reduce budget deficit
- less government intervention with economic matters
what did the economic recovery act 1981 do?
decreased taxes, mainly benefitting the wealthy
how much did the administration recommend be cut, mainly from welfare programmes?
$32.5
In 1982 how much did the government deficit rise to?
doubled to $110.6 billion
In 1982 how much did the total national debt rise to?
$1 trillion
Tax Equity and Fiscal responsibility bill1982
reversed some of the 1981 tax concessions to business and increased taxes on cigarettes and airline tickets
how much did inflation decrease by in 1983?
2%
how much did defence spending increase between 1981-1984?
$1.5 trillion
what did the tax reform act 1986 do?
- reduced number of tax brackets from 14 to 2
- reduced tax rates > highest tax rate went down from 50% to 28%
- exempted millions of low-income families from tax payment
how many jobs were created between 1983-1989?
18 million
what was reagans stance on energy?
- believed federal government should decrease participation
- desired to dismantle the Department of Energy
- removed the federal govt regulations on price of domestic oil and natural gas