Ronald Reaganomics Research Paper

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Ronald Reagan was elected into the presidential office in the election of nineteen-eighty, and later, in nineteen-eighty-four, after having gained political popularity in nineteen-sixty-four during the Goldwater campaign (Newman and Schmalbach 655). Before he was a politician, it is a well-known fact that he was an actor that transitioned into politics. People voted for Ronald Reagan after President Nixon’s Watergate scandal because they wanted something different in office. This is similar to the election of twenty-sixteen where many people voted for Donald Trump due to their dissatisfaction with the federal government. During his campaign and his first term in office, Reagan developed “Reaganomics.” The budgetary principle was intended to cut taxes and reduce the amount of government spending. Reaganomics, which is also known as …show more content…
The budgetary principle is often compared to trickle-down economics, which was prominent in the nineteen-twenties. The two principles are often synonymous. Due to the upper class spending their money, it would also benefit the lower classes. However, trickle-down economics did not work in practice as it did in theory. In the theory, money would have trickled from the upper most level into the middle layer, and, eventually, into the bottom layers. Though, money did not reach the lower levels which caused many people to lose their jobs. The wealthy were bogarting the money they had saved, instead of putting it back into the economy. Also, because there were less taxes, military spending, which was used to “build up the U.S. armed forces,” caused the national debt to rise (Newman and Schmalbach 656). The debt rose from nearly one trillion to about three trillion (“Reaganomics.”). Though it allowed that specific generation, the people living in the eighties, to live comfortably, it would be a burden on the following
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