What impact did the Reagan presidency have? Flashcards
(45 cards)
When did Reagan become president?
1981 (following 1980 election)
How old was Reagan when he was first elected?
69
What question from Reagan tipped the balance in the final TV debate?
“Are you better off than you were four years ago?”
How much of the 1980 popular vote did Reagan get?
50.7%
How much of the 1980 popular vote did Carter get?
41.0%
Who won control of the Senate at the 1980 election?
Republicans, for first time since 1955
What was the Electoral College outcome of the 1980 presidential election?
Reagan 489, Carter 44
When was Reagan shot and badly wounded?
March 1981
Who was the third candidate at the 1980 presidential election?
John Anderson, for the National Unity Party
What were Reagan’s three key campaign promises?
- cut taxes
- cut domestic spending
- increase military spending
What was the basic premise of Reaganomics
supply-side economics, so reducing taxes so as to increase incentives to work, save and invest
Under what Act were Reagan’s first tax cuts?
Economic Recovery Tax Act (1981)
What budget cuts were recommended in 1981?
$35.2 billion
What was the key premise of Reagonomics?
supply-side economics, reducing government interference and taxes, so increasing incentives to work, save and invest
What changes did Reagan initially make to welfare?
Changed to provide only for those who could not work due to disability or childcare; little actual reduction in welfare spending
Why did national debt massively increase under Reagan?
increase in defence spending
What happened to government deficit in 1982?
Nearly doubled to $111 billion
What happened to total national debt in 1982?
went above $1 trillion
What did the Tax Equity and Fiscal Responsibility Bill (1982) do?
- reversed some of the 1981 tax concessions to business
- increased taxes on cigarettes and airline tickets
What effect did Reagan’s economic changes have?
severe recession with high unemployment but by 1983, inflation below 2% and unemployment began to fall (partly due to increased defence spending)
What did the 1986 Tax Reform Act do?
- simplified tax, reducing number of tax brackets
- reduced tax rates - highest went from 50% to 28%
- exempted millions of low-income families from paying tax
How many new jobs were created 1983-89?
18 million
What happened to the balance of payments during the Reagan years?
USA become a debtor nation for first time since 1914