1. Modern US History
Reaganomics

2. Vocab List -Liberal -Conservative
P 464 -Supply Side economics -Mutually Assured Destruction P 473 -Perestroika -Glasnost

3. I. The Election of Reagan
Previous Presidents from last time:
Richard Nixon: A crook for the Watergate Scandal. Resigned.
Gerald Ford: Did nothing except pardon Nixon
Jimmy Carter: Considered weak for the hostage
Crisis, his giving away our Panama Canal, and trying to.. help the poor…
In comes Reagan - a former actor who has relentless optimism for ‘MERICA. He believes in:
Low Taxes, Free Market, Militant against USSR
Stood for family values (even though.. only divorced president..)
He hates:
Welfare, public buses, affirmative action, big government, and black advancement.

4. II. Reaganomics :(
Goals are to stop unions, lower taxes & free the market.
Taxes:
Lowers the tax rate for richest from 70% to 30% ><
Believes in Supply Side economics (“Trickle down economics”)
Don’t tax rich people so they spend more and fund more private companies which creates more jobs. Work harder to keep more of your $$$$
This does not work.
Wall Street BOOMS: People made more money buying/merging companies than actually.. running companies…
Consequences: by 1990s - the richest 1% have 40% of all the wealth
Homelessness exploded.

5. From Michael Moore

7. III. The Cold War Ends!!
Remember - he was elected on hating USSR. Different approach depending on the term
First Term
Called USSR evil empire
Joked we would nuke them
Spent tons in military
Staged war games (fake war) with allies in 1983 that were so realistic that the USSR almost launched Nukes thinking it was the real thing…
That sobered him up…. so...

10. IV. Second Term Reagan
During his first term he spent as much on military defense as Nixon, Carter & Ford combined (and they had Vietnam!! + other crisis)
Second Term:
After almost ending the world in 83… he becomes a Nuclear Abolitionist - tries to reduce # of warheads
New focus is reduction of tension bw Russa & USA
Mikhail Gorbachev - the Russian President who joins Reagan in ending Cold War
Glasnost - openness = Freedom of Speech/Religion in USSR
Perestroika - restructuring = Private companies for first time

12. Reagan and the Cold War

13. V. The Iran-Contra Scandal
This is the craziest Scheme ever.
Contras - anti-communist rebels in Nicaragua trying to overthrow government
Reagan wants to support them BUT
Congress made law saying we could not
The Plan:
Sell guns to Iranian Government (our enemy… remember Iranian Revolution) to funnel profits to the Contras
Reagan broke the law, giving guns to our enemy to pay for rebels in another country….
*FACEPALM*

15. Iran Contra Scandal vid