Presentation on theme: "[your name here]. Introduction Reaganomics - holds that reduced income tax rates increase GDP growth. The Left Says: "The 1980s were "a time of Reaganomics,"— Presentation transcript:
Introduction Reaganomics - holds that reduced income tax rates increase GDP growth. The Left Says: "The 1980s were "a time of Reaganomics, burgeoning yuppies, and the Decade of Greed."(Lauer, 2003) Conservatives: “It is odd that economic growth when a conservative is president is called "greed," while economic growth when a liberal is president is called "prosperity."
Social Composition of the Decade Increased homeless among the poor. Increased crime rates. Reduced low-income housing Put low- skilled workers out of jobs. Deprived the needy of medical care. Increased hunger in urban and rural slums.
Social Composition of the Decade 18 million new jobs created. Periods of full employment. 70 % increase in Social welfare outlays.
Economic Composition of the Decade Corporate Contributions to charities -10% increase Inflation - Outstripped by 6% Fueled the longest economic expansion. Low inflation and interest rates. 96 months of continuous economic growth.
Economic Composition of the Decade Work force tax revenues: average of $20 billion/year increase. Taxpayers: Top 10 % income bracket - paid 55 % 90 % of the taxpayers – paid 45 %. less than $20,000 a year earner 1980 - paid nearly 20 percent% of all taxes. 1988 – only paid 7% of all taxes.
Political Composition of the Decade Congress over-spending from the tax collected. Budget proposal not followed. Federal government spent $590 billion.
Effect on the 80’s Political Climate Left-wingers always have despised Mr. Reagan. Reagan received full measure from the people. Political division People concept was politically influenced.
Conclusion Reaganomics received both positive and negative feedback. Did Reaganomics did not stint on social spending. No! Reaganomics increased the popularity worldwide. Applied not only in US but in some other countries too.
References A BUM RAP. Richmond Times: http://proquest.umi.com/pqdlink?did=616012221&sid=1 &Fmt=3&clientId=2606&RQT=309&VName=PQD Facta say Reaganomics worked. Times – Picayune: http://proquest.umi.com/pqdlink?did=7023382 5&sid=4&Fmt=3&clientId=2606&RQT=309&VName=P QD Lauer, M. ( December 31,2003). NBC Show Today as cited by Media Research Center's CyberAlert: http://www.mediaresearch.org/cyberalerts/2003/cyb20031 231.asp