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class="vector-toc-numb">2</span> <span>Policies</span> </div> </a> <ul id="toc-Policies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economic_Record" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Economic_Record"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Economic Record</span> </div> </a> <button aria-controls="toc-Economic_Record-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Economic Record subsection</span> </button> <ul id="toc-Economic_Record-sublist" class="vector-toc-list"> <li id="toc-Effects_on_government_tax_receipts" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Effects_on_government_tax_receipts"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Effects on government tax receipts</span> </div> </a> <ul id="toc-Effects_on_government_tax_receipts-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Theoretical_justification" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Theoretical_justification"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Theoretical justification</span> </div> </a> <ul id="toc-Theoretical_justification-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Support_for_Reaganomics" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Support_for_Reaganomics"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Support for Reaganomics</span> </div> </a> <ul id="toc-Support_for_Reaganomics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticism_of_Reaganomics" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criticism_of_Reaganomics"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Criticism of Reaganomics</span> </div> </a> <ul id="toc-Criticism_of_Reaganomics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Humor" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Humor"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Humor</span> </div> </a> <ul id="toc-Humor-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Footnotes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Footnotes"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Footnotes</span> </div> </a> <ul id="toc-Footnotes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main 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class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Reaganomics</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 36 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-36" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">36 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B1%D9%8A%D8%BA%D8%A7%D9%86%D9%88%D9%85%D9%8A%D9%83%D8%B3" title="ريغانوميكس – Arabic" lang="ar" hreflang="ar" data-title="ريغانوميكس" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Reyqanomika" title="Reyqanomika – Azerbaijani" lang="az" hreflang="az" data-title="Reyqanomika" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-cv mw-list-item"><a href="https://cv.wikipedia.org/wiki/%D0%A0%D0%B5%D0%B9%D0%B3%D0%B0%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Рейганомика – Chuvash" lang="cv" hreflang="cv" data-title="Рейганомика" data-language-autonym="Чӑвашла" data-language-local-name="Chuvash" class="interlanguage-link-target"><span>Чӑвашла</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Reaganomika" title="Reaganomika – Czech" lang="cs" hreflang="cs" data-title="Reaganomika" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Reaganomeg" title="Reaganomeg – Welsh" lang="cy" hreflang="cy" data-title="Reaganomeg" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target"><span>Cymraeg</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Reaganomics" title="Reaganomics – German" lang="de" hreflang="de" data-title="Reaganomics" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Reaganoomika" title="Reaganoomika – Estonian" lang="et" hreflang="et" data-title="Reaganoomika" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Spanish" lang="es" hreflang="es" data-title="Reaganomics" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Basque" lang="eu" hreflang="eu" data-title="Reaganomics" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B1%DB%8C%DA%AF%D8%A7%D9%86%D9%88%D9%85%DB%8C%DA%A9%D8%B3" title="ریگانومیکس – Persian" lang="fa" hreflang="fa" data-title="ریگانومیکس" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Reaganomics" title="Reaganomics – French" lang="fr" hreflang="fr" data-title="Reaganomics" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%A0%88%EC%9D%B4%EA%B1%B0%EB%85%B8%EB%AF%B9%EC%8A%A4" title="레이거노믹스 – Korean" lang="ko" hreflang="ko" data-title="레이거노믹스" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8C%D5%A5%D5%B5%D5%A3%D5%A1%D5%B6%D5%B8%D5%B4%D5%AB%D5%AF%D5%A1" title="Ռեյգանոմիկա – Armenian" lang="hy" hreflang="hy" data-title="Ռեյգանոմիկա" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Indonesian" lang="id" hreflang="id" data-title="Reaganomics" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Italian" lang="it" hreflang="it" data-title="Reaganomics" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%A0%E1%83%94%E1%83%98%E1%83%92%E1%83%90%E1%83%9C%E1%83%9D%E1%83%9B%E1%83%98%E1%83%99%E1%83%90" title="რეიგანომიკა – Georgian" lang="ka" hreflang="ka" data-title="რეიგანომიკა" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%A0%D0%B5%D0%B9%D0%B3%D0%B0%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Рейганомика – Kazakh" lang="kk" hreflang="kk" data-title="Рейганомика" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-lmo mw-list-item"><a href="https://lmo.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Lombard" lang="lmo" hreflang="lmo" data-title="Reaganomics" data-language-autonym="Lombard" data-language-local-name="Lombard" class="interlanguage-link-target"><span>Lombard</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Malay" lang="ms" hreflang="ms" data-title="Reaganomics" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Dutch" lang="nl" hreflang="nl" data-title="Reaganomics" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%AC%E3%83%BC%E3%82%AC%E3%83%8E%E3%83%9F%E3%83%83%E3%82%AF%E3%82%B9" title="レーガノミックス – Japanese" lang="ja" hreflang="ja" data-title="レーガノミックス" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Reaganomics" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Reaganomika" title="Reaganomika – Polish" lang="pl" hreflang="pl" data-title="Reaganomika" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Portuguese" lang="pt" hreflang="pt" data-title="Reaganomics" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Reagonomics" title="Reagonomics – Romanian" lang="ro" hreflang="ro" data-title="Reagonomics" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A0%D0%B5%D0%B9%D0%B3%D0%B0%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Рейганомика – Russian" lang="ru" hreflang="ru" data-title="Рейганомика" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/%D0%A0%D0%B5%D0%B9%D0%B3%D0%B0%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Рейганомика – Yakut" lang="sah" hreflang="sah" data-title="Рейганомика" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target"><span>Саха тыла</span></a></li><li class="interlanguage-link interwiki-sco mw-list-item"><a href="https://sco.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Scots" lang="sco" hreflang="sco" data-title="Reaganomics" data-language-autonym="Scots" data-language-local-name="Scots" class="interlanguage-link-target"><span>Scots</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Simple English" lang="en-simple" hreflang="en-simple" data-title="Reaganomics" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Reaganismi" title="Reaganismi – Finnish" lang="fi" hreflang="fi" data-title="Reaganismi" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Swedish" lang="sv" hreflang="sv" data-title="Reaganomics" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Reaganomics" title="Reaganomics – Turkish" lang="tr" hreflang="tr" data-title="Reaganomics" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A0%D0%B5%D0%B9%D0%B3%D0%B0%D0%BD%D0%BE%D0%BC%D1%96%D0%BA%D0%B0" title="Рейганоміка – Ukrainian" lang="uk" hreflang="uk" data-title="Рейганоміка" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ug mw-list-item"><a href="https://ug.wikipedia.org/wiki/%D8%B1%DB%90%DA%AF%D8%A7%D9%86_%D8%A6%D9%89%D9%82%D8%AA%D9%89%D8%B3%D8%A7%D8%AF%D8%B4%DB%87%D9%86%D8%A7%D8%B3%D9%84%D9%89%D9%82%D9%89" title="رېگان ئىقتىسادشۇناسلىقى – Uyghur" lang="ug" hreflang="ug" data-title="رېگان ئىقتىسادشۇناسلىقى" data-language-autonym="ئۇيغۇرچە / Uyghurche" data-language-local-name="Uyghur" class="interlanguage-link-target"><span>ئۇيغۇرچە / Uyghurche</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Thuy%E1%BA%BFt_kinh_t%E1%BA%BF_c%E1%BB%A7a_Reagan" title="Thuyết kinh tế của Reagan – Vietnamese" lang="vi" hreflang="vi" data-title="Thuyết kinh tế của Reagan" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E9%9B%B7%E6%A0%B9%E7%B6%93%E6%BF%9F%E5%AD%B8" title="雷根經濟學 – Chinese" lang="zh" hreflang="zh" data-title="雷根經濟學" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q608537#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Reaganomics" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" 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<div id="contentSub"><div id="mw-content-subtitle"><div class="cdx-message cdx-message--block cdx-message--warning mw-revision"><span class="cdx-message__icon"></span><div class="cdx-message__content"><div id="mw-revision-info"><p><b>This is an <a href="/wiki/Help:Page_history" title="Help:Page history">old revision</a> of this page, as edited by <span id="mw-revision-name"><a href="/wiki/User:Silly_rabbit" class="mw-userlink" title="User:Silly rabbit" data-mw-revid="182263378"><bdi>Silly rabbit</bdi></a> <span class="mw-usertoollinks">(<a href="/wiki/User_talk:Silly_rabbit" class="mw-usertoollinks-talk" title="User talk:Silly rabbit">talk</a> | <a href="/wiki/Special:Contributions/Silly_rabbit" class="mw-usertoollinks-contribs" title="Special:Contributions/Silly rabbit">contribs</a>)</span></span> at <span id="mw-revision-date">06:36, 5 January 2008</span><span id="mw-revision-summary"> <span class="comment">(umm... This contradicts the "bipartisan study" referenced above. Removing unless a <a href="/wiki/Wikipedia:RS" class="mw-redirect" title="Wikipedia:RS">WP:RS</a> can be supplied. <span class="autocomment"><a href="#Theoretical_justification">→<bdi dir="ltr">Theoretical justification</bdi></a></span>)</span></span>. The present address (URL) is a <a href="/wiki/Help:Permanent_link" title="Help:Permanent link">permanent link</a> to this revision, which may differ significantly from the <span class="plainlinks"><a class="external text" href="https://en.wikipedia.org/wiki/Reaganomics">current revision</a></span>.</b></p><div id="revision-info-plain" style="display: none;">Revision as of 06:36, 5 January 2008 by <a href="/wiki/User:Silly_rabbit" class="mw-userlink" title="User:Silly rabbit" data-mw-revid="182263378"><bdi>Silly rabbit</bdi></a> <span class="mw-usertoollinks">(<a href="/wiki/User_talk:Silly_rabbit" class="mw-usertoollinks-talk" title="User talk:Silly rabbit">talk</a> | <a href="/wiki/Special:Contributions/Silly_rabbit" class="mw-usertoollinks-contribs" title="Special:Contributions/Silly rabbit">contribs</a>)</span> <span class="comment">(umm... This contradicts the "bipartisan study" referenced above. Removing unless a <a href="/wiki/Wikipedia:RS" class="mw-redirect" title="Wikipedia:RS">WP:RS</a> can be supplied. <span class="autocomment"><a href="#Theoretical_justification">→<bdi dir="ltr">Theoretical justification</bdi></a></span>)</span></div></div><div id="mw-revision-nav">(<a href="/w/index.php?title=Reaganomics&diff=prev&oldid=182263378" title="Reaganomics">diff</a>) <a href="/w/index.php?title=Reaganomics&direction=prev&oldid=182263378" title="Reaganomics">← Previous revision</a> | <a href="/wiki/Reaganomics" title="Reaganomics">Latest revision</a> (<a href="/w/index.php?title=Reaganomics&diff=cur&oldid=182263378" title="Reaganomics">diff</a>) | <a href="/w/index.php?title=Reaganomics&direction=next&oldid=182263378" title="Reaganomics">Newer revision →</a> (<a href="/w/index.php?title=Reaganomics&diff=next&oldid=182263378" title="Reaganomics">diff</a>)</div></div></div></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Official_Portrait_of_President_Reagan_1981.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/16/Official_Portrait_of_President_Reagan_1981.jpg/150px-Official_Portrait_of_President_Reagan_1981.jpg" decoding="async" width="150" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/16/Official_Portrait_of_President_Reagan_1981.jpg/225px-Official_Portrait_of_President_Reagan_1981.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/16/Official_Portrait_of_President_Reagan_1981.jpg/300px-Official_Portrait_of_President_Reagan_1981.jpg 2x" data-file-width="2399" data-file-height="3000" /></a><figcaption><a href="/wiki/Ronald_Reagan" title="Ronald Reagan">Ronald Reagan</a>, the US president from which Reaganomics derives its name</figcaption></figure> <p><b>Reaganomics</b> (a <a href="/wiki/Portmanteau" class="mw-redirect" title="Portmanteau">portmanteau</a> of "Reagan" and "economics") refers the <a href="/wiki/Economic" class="mw-redirect" title="Economic">economic</a> policies promoted by American President <a href="/wiki/Ronald_Reagan" title="Ronald Reagan">Ronald Reagan</a>. The four pillars of Reagan's economic policy were to 1) reduce the growth of government spending, 2) reduce marginal tax rates on income from labor and capital, 3) reduce regulation, and (4) control the money supply to reduce inflation (sound money policy).<sup id="cite_ref-Reaganomics_1-0" class="reference"><a href="#cite_note-Reaganomics-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> In attempting to cut back on domestic spending while lowering taxes, Reagan's approach was a departure from his immediate predecessors. </p><p>Reagan took the Oval Office during a period of high inflation and unemployment (commonly referred to as stagflation), which had largely abated by the time he left office. It continues to be a matter of debate to what extent this was caused by Reagan's fiscal policies and to what extent it was due to other factors, such as the inflation-fighting monetary policies of the Federal Reserve under Paul Volcker and a large decline in oil prices caused by the resolution of supply shocks in the Middle East. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Historical_Context">Historical Context</h2></div> <p>Prior to the Reagan Administration, supply shocks in commodities - especially oil - sparked a roughly ten year period of <a href="/wiki/Stagflation" title="Stagflation">stagflation</a>. Supply shocks are uniquely difficult to deal with through monetary policy alone as they cause both a slowdown <i>and</i> inflation, each with the opposite remedy. Political pressure favored stimulus resulting in an expansion of the money supply. An unpopular malaise covering three Presidents manifested, with attendant sea-changes in economic policy. The wage and price controls of Nixon were abandoned <sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup>. Under Ford the problems continued, but policy was more prudent. The federal oil reserves were created to ease any future short term shocks. Carter started phasing out price controls on petroleum, but created the department of energy. Much of the credit for the resolution of the stagflation is given to two causes: a three year contraction of the money supply by the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> under <a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a>, initiated in the last year of Carter's presidency<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup>, and to long term easing of supply and pricing in oil during the <a href="/wiki/1980%27s_Oil_Glut" class="mw-redirect" title="1980's Oil Glut">1980's Oil Glut</a>. By the time Reagan took office, stagflation was near its end and for the remainder of his presidency the economy performed well. There was a renewed emphasis on prudent macroeconomic policy; Nixon's price controls and similar heavy handed species of government intervention had fallen out of favor, while subtler forms such as prudent monetary policy gained favor. </p> <div class="mw-heading mw-heading2"><h2 id="Policies">Policies</h2></div> <p>Reaganomics had its roots in two of Reagan's campaign promises: lower taxes and a smaller government. Reagan reduced <a href="/wiki/Income_tax" title="Income tax">income tax</a> rates, with the largest rate reductions on the highest incomes; in a time of battling inflation, Reagan raised <a href="/wiki/Deficit_spending" title="Deficit spending">deficit spending</a> to its highest level (relative to <a href="/wiki/GDP" class="mw-redirect" title="GDP">GDP</a>) since <a href="/wiki/World_War_II" title="World War II">World War II</a>. As a result, there has been endless debate on whether the economic trends of the Reagan years actually came from the free market, or from government stimulus of the kind advocated by <a href="/wiki/Keynesian" class="mw-redirect" title="Keynesian">Keynesian</a> theorists. </p><p>He lifted remaining domestic petroleum price and allocation controls on <a href="/wiki/January_28" title="January 28">January 28</a> <a href="/wiki/1981" title="1981">1981</a> and lowered the Oil Windfall Profit Tax in August <a href="/wiki/1981" title="1981">1981</a>, helping to end the <a href="/wiki/1979_energy_crisis" class="mw-redirect" title="1979 energy crisis">1979 energy crisis</a>. He ended the Oil Windfall Profit Tax in <a href="/wiki/1988" title="1988">1988</a> during the <a href="/wiki/1980%27s_Oil_Glut" class="mw-redirect" title="1980's Oil Glut">1980's Oil Glut</a>. </p><p>With the <a href="/wiki/Tax_Reform_Act_of_1986" title="Tax Reform Act of 1986">Tax Reform Act of 1986</a>, Reagan and Congress sought to broaden the tax base and reduce perceived tax favoritism. In 1983, Democrats <a href="/wiki/Bill_Bradley" title="Bill Bradley">Bill Bradley</a> and <a href="/wiki/Dick_Gephardt" title="Dick Gephardt">Dick Gephardt</a> had offered a proposal to clean up/broaden the tax base; in 1984 Reagan had the Treasury Department produce its own plan. The eventual bipartisan 1986 act aimed to be revenue-neutral: while it reduced the top marginal rate, it also partially "cleaned up" the tax base by curbing tax loopholes, preferences, and exceptions, thus raising the effective tax on activities previously specially favored by the code. Economists of most affiliations favor cleaning up the tax code, since tax preferences and exceptions distort economic decisions. </p><p>The Reagan era was marked by cuts to social programs, and large-scale deficit spending on the military. Nobel Prize-winning economist <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> has pointed to the number of pages added to the <a href="/wiki/Federal_Register" title="Federal Register">Federal Register</a> each year as evidence of Reagan's anti-regulation presidency (the Register records the rules and regulations that federal agencies issue per year). The number of pages added to the Register each year declined sharply at the start of the Ronald Reagan presidency breaking a steady and sharp increase since 1960. The increase in the number of pages added per year resumed an upward, though less steep, trend after Reagan left office. In contrast, the number of pages being added each year increased under Ford, Carter, George H.W. Bush, Clinton, and others.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>The question of how much of the overall trend of deregulation can be credited to Reagan remains contentious. The economists <a href="/wiki/Raghuram_Rajan" title="Raghuram Rajan">Raghuram Rajan</a> and Luigi Zingales point out that many of the major deregulation efforts had either taken place or begun before Reagan (note the deregulation of airlines and trucking under Carter, and the beginning of deregulatory reform in railroads, telephones, natural gas, and banking). They argue for this and other reasons that "the move toward markets preceded the leader [Reagan] who is seen as one of their saviors." (In their book <a href="/wiki/Saving_Capitalism_from_the_Capitalists" title="Saving Capitalism from the Capitalists">Saving Capitalism from the Capitalists</a> p. 268.) Economist William Niskanen, a member of Reagan's Council of Economic Advisers and later chairman of the libertarian <a href="/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a>, writes that deregulation had the "lowest priority" of the items on the Reagan agenda <a rel="nofollow" class="external autonumber" href="http://www.econlib.org/library/Enc/Reaganomics.html">[1]</a> and that Reagan "failed to sustain the momentum for deregulation initiated in the 1970s." The apparent contradiction with Friedman's data may be resolved by seeing Niskanen as referring to <i>statutory</i> deregulation and Friedman to <i>administrative</i> deregulation. In sum, a large study by economists Paul Joskow and Roger Noll concludes that the changes in economic regulation "simply do not reflect a sudden ideological change in federal executive branch views....many of the significant changes in economic regulation began during the Carter administration and were initiated by liberal Democrats.... it is not particularly productive to refer to a generic deregulation movement or to think of it as a consequence of the election of Ronald Reagan." (In <i>American Economic Policy in the 1980s,</i> ed. Martin Feldstein, NBER 1994, pp. 371-72.) </p> <div class="mw-heading mw-heading2"><h2 id="Economic_Record">Economic Record</h2></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:President_Ronald_Reagan_addresses_the_nation_from_the_Oval_Office_on_tax_reduction_legislation.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/68/President_Ronald_Reagan_addresses_the_nation_from_the_Oval_Office_on_tax_reduction_legislation.jpg/220px-President_Ronald_Reagan_addresses_the_nation_from_the_Oval_Office_on_tax_reduction_legislation.jpg" decoding="async" width="220" height="145" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/68/President_Ronald_Reagan_addresses_the_nation_from_the_Oval_Office_on_tax_reduction_legislation.jpg/330px-President_Ronald_Reagan_addresses_the_nation_from_the_Oval_Office_on_tax_reduction_legislation.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/68/President_Ronald_Reagan_addresses_the_nation_from_the_Oval_Office_on_tax_reduction_legislation.jpg/440px-President_Ronald_Reagan_addresses_the_nation_from_the_Oval_Office_on_tax_reduction_legislation.jpg 2x" data-file-width="6600" data-file-height="4361" /></a><figcaption>Reagan gives a televised address from the Oval Office, outlining his plan for Tax Reduction Legislation in July 1981</figcaption></figure> <p>During Reagan's tenure, income tax rates were lowered significantly, with the top personal tax bracket dropping from 70% to 28% in 7 years,<sup id="cite_ref-The_Historical_Lessons_of_Lower_Tax_Rates_5-0" class="reference"><a href="#cite_note-The_Historical_Lessons_of_Lower_Tax_Rates-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> but payroll taxes increased during Reagan's terms as well as the effective tax rates on the lower two income quintiles.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Real <a href="/wiki/Gross_Domestic_Product" class="mw-redirect" title="Gross Domestic Product">Gross Domestic Product</a> (GDP) growth recovered strongly after the 1982 recession and grew during Reagan's remaining years in office at an annual rate of 3.4% per year,<sup id="cite_ref-Gross_Domestic_Product_8-0" class="reference"><a href="#cite_note-Gross_Domestic_Product-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> slightly lower than the post-<a href="/wiki/World_War_II" title="World War II">World War II</a> average of 3.6%.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Unemployment peaked at over 9.7% percent in 1982 then dropped during the rest of Reagan's terms, and inflation significantly decreased.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> A net job increase of about 16 million also occurred. </p><p>The policies were derided by some as "<a href="/wiki/Trickle-down_economics" title="Trickle-down economics">Trickle-down economics</a>,"<sup id="cite_ref-Historical_Record_11-0" class="reference"><a href="#cite_note-Historical_Record-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> due to the facts that the combination of significant tax cuts and a massive increase in <a href="/wiki/Cold_War" title="Cold War">Cold War</a> related defense spending caused large budget deficits,<sup id="cite_ref-Trickle-Down_Economics_12-0" class="reference"><a href="#cite_note-Trickle-Down_Economics-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> the U.S. trade deficit expansion,<sup id="cite_ref-Trickle-Down_Economics_12-1" class="reference"><a href="#cite_note-Trickle-Down_Economics-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> and contributed to the <a href="/wiki/Savings_and_Loan_crisis" class="mw-redirect" title="Savings and Loan crisis">Savings and Loan crisis</a>,<sup id="cite_ref-The_S&L_Crisis_13-0" class="reference"><a href="#cite_note-The_S&L_Crisis-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> as well as the <a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">stock market crash of 1987</a>. In order to cover new federal budget deficits, the <a href="/wiki/United_States" title="United States">United States</a> borrowed heavily both domestically and abroad, raising the <a href="/wiki/National_debt" class="mw-redirect" title="National debt">national debt</a> from $700 billion to $3 trillion,<sup id="cite_ref-Cannon128_14-0" class="reference"><a href="#cite_note-Cannon128-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> and the United States moved from being the world's largest international creditor to the world's largest debtor nation.<sup id="cite_ref-U.S._Debt_15-0" class="reference"><a href="#cite_note-U.S._Debt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Reagan described the new debt as the "greatest disappointment" of his presidency.<sup id="cite_ref-Cannon128_14-1" class="reference"><a href="#cite_note-Cannon128-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Donald_Regan" title="Donald Regan">Donald Regan</a>, the President's former <a href="/wiki/Secretary_of_the_Treasury" class="mw-redirect" title="Secretary of the Treasury">Secretary of the Treasury</a>, and later <a href="/wiki/White_House_Chief_of_Staff" title="White House Chief of Staff">Chief of Staff</a>, criticized Reagan for his supposed lack of understanding of economics: "In the four years that I served as Secretary of the Treasury, I never saw President Reagan alone and never discussed economic philosophy or fiscal and monetary policy with him one-on-one....The President never told me what he believed or what he wanted to accomplish in the field of economics.”<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> However, Reagan's chief economic advisor <a href="/wiki/Martin_Feldstein" title="Martin Feldstein">Martin Feldstein</a>, argues the opposite: "I briefed him on Third World debt; he didn't take notes, he asked very few questions....The subject came up in a cabinet meeting and he summarized what he had heard perfectly. He had a remarkably good memory for oral presentation and could fit information into his own philosophy and make decisions on it."<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Effects_on_government_tax_receipts">Effects on government tax receipts</h3></div> <p>According to a <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">United States Department of the Treasury</a> non-partisan economic study,<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> the major tax bills enacted under Reagan, as a whole, significantly reduced (~-1% of GDP) government tax receipts. Separated out, however, it is clear that the <a href="/wiki/Economic_Recovery_Tax_Act_of_1981" title="Economic Recovery Tax Act of 1981">Economic Recovery Tax Act of 1981</a> was a massive (~-3% of GDP) decrease in revenues (the largest tax cuts ever enacted)<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup>, while other tax bills had neutral or, in the case of the <a href="/wiki/Tax_Equity_and_Fiscal_Responsibility_Act_of_1982" title="Tax Equity and Fiscal Responsibility Act of 1982">Tax Equity and Fiscal Responsibility Act of 1982</a>, significant (~+1% of GDP) government revenue-enhancing effects: </p> <pre> REVENUE EFFECTS OF MAJOR TAX BILLS ENACTED UNDER REAGAN (as percentage of GDP) Number of years after enactment First -------------------------- 2-yr 4-yr Tax bill 1 2 3 4 avg avg ------------------------------------------------ ---------------------------------------- Economic Recovery Tax Act of 1981............... -1.21 -2.60 -3.58 -4.15 -1.91 -2.89 Tax Equity and Fiscal Responsibility Act of 1982 0.53 1.07 1.08 1.23 0.80 0.98 Highway Revenue Act of 1982..................... 0.05 0.11 0.10 0.09 0.08 0.09 Social Security Amendments of 1983.............. 0.17 0.22 0.22 0.24 0.20 0.21 Interest and Dividend Tax Compliance Act of 1983 -0.07 -0.06 -0.05 -0.04 -0.07 -0.05 Deficit Reduction Act of 1984................... 0.24 0.37 0.47 0.49 0.30 0.39 Omnibus Budget Reconciliation Act of 1985....... 0.02 0.06 0.06 0.06 0.04 0.05 Tax Reform Act of 1986.......................... 0.41 0.02 -0.23 -0.16 0.22 0.01 Omnibus Budget Reconciliation Act of 1987....... 0.19 0.28 0.30 0.27 0.24 0.26 ------------------------------------------------------------------------------------------ TOTAL........................................... 0.33 -0.53 -1.63 -1.97 -0.10 -0.95 </pre> <div class="mw-heading mw-heading2"><h2 id="Theoretical_justification">Theoretical justification</h2></div> <p>In his 1980 campaign speeches, Reagan presented his economic proposals as merely a return to the free-enterprise principles that had been in favor before the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>. At the same time he attracted a following from the <a href="/wiki/Supply-side_economics" title="Supply-side economics">supply-side economics</a> movement, formed in opposition to <a href="/wiki/Keynesian" class="mw-redirect" title="Keynesian">Keynesian</a> demand-stimulus economics. This movement produced some of the strongest supporters for Reagan's policies during his term in office. </p><p>The belief by some proponents of Reaganomics that the tax rate cuts would more than pay for themselves was influenced by the <a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a>, a theoretical taxation model that was particularly in vogue among some American conservatives during the 1970s. <a href="/wiki/Arthur_Laffer" title="Arthur Laffer">Arthur Laffer's</a> model predicts that excessive tax rates actually reduce potential tax revenues, by lowering the incentive to produce. </p><p>Before Reagan's election, Reaganomics was considered extreme by the moderate wing of the <a href="/wiki/United_States_Republican_Party" class="mw-redirect" title="United States Republican Party">Republican Party</a>. While running against Reagan for the Presidential nomination in 1980, <a href="/wiki/George_H._W._Bush" title="George H. W. Bush">George Bush</a> had derided Reaganomics as "voodoo economics"<a rel="nofollow" class="external autonumber" href="http://news.bbc.co.uk/1/hi/world/americas/270292.stm">[2]</a>. Similarly, in 1976, <a href="/wiki/Gerald_Ford" title="Gerald Ford">Gerald Ford</a> had severely criticized Reagan's proposal to turn back a large part of the Federal budget to the states. Since Reagan's presidency, however, Republican federal politicians have for the most part continued to support his program of low taxes and private sector growth. </p> <div class="mw-heading mw-heading2"><h2 id="Support_for_Reaganomics">Support for Reaganomics</h2></div> <p>According to a 1996 study from the libertarian think tank <a href="/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a>: </p> <ul><li>On 8 of the 10 key economic variables examined, the American economy performed better during the Reagan years than during the pre- and post-Reagan years.</li> <li>Real median family income grew by $4,000 during the Reagan period after experiencing no growth in the pre-Reagan years; it experienced a loss of almost $1,500 in the post-Reagan years.</li> <li>Interest rates, inflation, and unemployment fell faster under Reagan than they did immediately before or after his presidency.</li> <li>The only economic variable that was worse in the Reagan period than in both the pre- and post-Reagan years was the savings rate, which fell rapidly in the 1980s (possibly due to increased 'savings' through IRA and 401(k) accounts at the time). The productivity rate was higher in the pre-Reagan years but much lower in the post-Reagan years. (<a rel="nofollow" class="external text" href="http://www.cato.org/pubs/pas/pa-261.html">source</a>)</li></ul> <div class="mw-heading mw-heading2"><h2 id="Criticism_of_Reaganomics">Criticism of Reaganomics</h2></div> <p>Reagan's <a href="/wiki/Tax" title="Tax">tax</a> policies were accused of pushing both the international transactions current account and the federal <a href="/wiki/Budget" title="Budget">budget</a> into <a href="/wiki/Deficit" class="mw-disambig" title="Deficit">deficit</a> and led to a significant increase in <a href="/wiki/Public_debt" class="mw-redirect" title="Public debt">public debt</a>. Advocates of the <a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a> contend that the tax cuts did lead to a near doubling of tax receipts ($517 billion in 1980 to $1,032 billion in 1990), so that the deficits were actually caused by an increase in government spending. However, <a rel="nofollow" class="external text" href="http://mediamatters.org/items/200509160008">critics</a> argue that the doubling of revenue is significantly smaller when looking at real inflation-adjusted figures ($1,077.4 billion in 1981 to $1,235.6 billion in 1988, measured in FY2000-dollars). Furthermore, an <a rel="nofollow" class="external text" href="http://www.cbpp.org/3-3-03tax.htm">analysis from the Center on Budget and Policy Priorities</a> argues that "history shows that the large reductions in income tax rates in 1981 were followed by abnormally slow growth in income tax receipts, while the increases in income-tax rates enacted in 1990 and 1993 were followed by sizeable growth in income-tax receipts." Specifically, the analysis calculated that the average annual growth rate of real income-tax receipts per working-age person was 0.2% from 1981 to 1990 and a much higher 3.1% from 1990 to 2001. </p><p>The <a href="/wiki/Disinflation" title="Disinflation">disinflation</a> had been initiated by <a href="/wiki/Federal_Reserve" title="Federal Reserve">Fed</a> chairman <a href="/wiki/Paul_Volcker" title="Paul Volcker">Volcker</a> before Reagan assumed office. An anti-inflation <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> program had been begun by Fed Chair Volcker in the latter days of the Carter administration, but it took a while to take hold, so that inflation was still near a historical peak around the time of the <a href="/wiki/United_States_presidential_election,_1980" class="mw-redirect" title="United States presidential election, 1980">1980 elections</a>. It could be argued that instead of assisting Volcker in changing inflationary expectations, Reagan's budget deficits threatened Volcker's monetary policy by fostering concern that the U.S. government might decide to inflate away America's rapidly growing debt. This in turn could have made it more difficult for the Federal Reserve to earn confidence in the sustainability of its low-inflation policies. </p><p>A <a href="/wiki/Recession" title="Recession">recession</a> occurred in 1982, his second year in office. This was central to Volcker's campaign against <a href="/wiki/Inflation" title="Inflation">inflation</a>: applying either the <a href="/wiki/Phillips_Curve" class="mw-redirect" title="Phillips Curve">Phillips Curve</a> or the <a href="/wiki/NAIRU" title="NAIRU">NAIRU</a> theory, high <a href="/wiki/Unemployment" title="Unemployment">unemployment</a> (almost 10 % of the labor force in both 1982 and 1983) undercuts inflation. Reagan benefited from the fact that Volcker relented (shifting to more expansionary <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>) after inflation had largely been beaten. Further, the sudden fall in oil prices around 1986 helped the economy attain demand growth without inflation in the late 1980s. </p><p>The job growth under the Reagan administration was an average of 2.1% per year, which is in the middle of the pack of twentieth-century Presidents. </p> <div class="mw-heading mw-heading2"><h2 id="Humor">Humor</h2></div> <p>Reagan himself made light of the term "Reaganomics." In a <a href="/wiki/July_10" title="July 10">July 10</a>, <a href="/wiki/1987" title="1987">1987</a> <a href="/wiki/White_House" title="White House">White House</a> Briefing for Members of the Deficit Reduction Coalition, he said, "America astonished the world. <a href="/wiki/Chicago_school_(economics)" class="mw-redirect" title="Chicago school (economics)">Chicago school economics</a>, <a href="/wiki/Supply-side_economics" title="Supply-side economics">supply-side economics</a>, call it what you will — I noticed that it was even known as Reaganomics at one point until it started working [laughter] — all of it is fast becoming orthodoxy. It’s not just that <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> or <a href="/wiki/Friedrich_von_Hayek" class="mw-redirect" title="Friedrich von Hayek">Friedrich von Hayek</a> or <a href="/wiki/George_Stigler" title="George Stigler">George Stigler</a> have won <a href="/wiki/Nobel_Prize" title="Nobel Prize">Nobel Prizes</a>; other younger names, unheard of a few years ago, are now also celebrated." </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2></div> <ul><li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side economics</a></li> <li><a href="/wiki/Mellonomics" class="mw-redirect" title="Mellonomics">Mellonomics</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/Rogernomics" title="Rogernomics">Rogernomics</a></li> <li><a href="/wiki/Thatcherism" title="Thatcherism">Thatcherism</a></li> <li><a href="/wiki/Thaksinomics" title="Thaksinomics">Thaksinomics</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Footnotes">Footnotes</h2></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-Reaganomics-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-Reaganomics_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFWilliam_A._Niskanen" class="citation web cs1">William A. Niskanen. <a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc/Reaganomics.html">"Reaganomics"</a>. The Concise Encyclopedia of Economics<span class="reference-accessdate">. Retrieved <span class="nowrap">2007-05-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Reaganomics&rft.pub=The+Concise+Encyclopedia+of+Economics&rft.au=William+A.+Niskanen&rft_id=http%3A%2F%2Fwww.econlib.org%2Flibrary%2FEnc%2FReaganomics.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFalan_greenspan2007" class="citation cs2">alan greenspan (2007), <i>age of turbulence</i>, Penguin Press</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=age+of+turbulence&rft.pub=Penguin+Press&rft.date=2007&rft.au=alan+greenspan&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Citation" title="Template:Citation">citation</a>}}</code>: </span><span class="cs1-visible-error citation-comment"><code class="cs1-code">|access-date=</code> requires <code class="cs1-code">|url=</code> (<a href="/wiki/Help:CS1_errors#accessdate_missing_url" title="Help:CS1 errors">help</a>)</span>; <span class="cs1-visible-error citation-comment">Check date values in: <code class="cs1-code">|accessdate=</code> (<a href="/wiki/Help:CS1_errors#bad_date" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFalan_greenspan2007" class="citation cs2">alan greenspan (2007), <i>age of turbulence</i>, Penguin Press</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=age+of+turbulence&rft.pub=Penguin+Press&rft.date=2007&rft.au=alan+greenspan&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Citation" title="Template:Citation">citation</a>}}</code>: </span><span class="cs1-visible-error citation-comment"><code class="cs1-code">|access-date=</code> requires <code class="cs1-code">|url=</code> (<a href="/wiki/Help:CS1_errors#accessdate_missing_url" title="Help:CS1 errors">help</a>)</span>; <span class="cs1-visible-error citation-comment">Check date values in: <code class="cs1-code">|accessdate=</code> (<a href="/wiki/Help:CS1_errors#bad_date" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedman2004" class="citation journal cs1">Friedman, Milton (2004-06-11). <a rel="nofollow" class="external text" href="http://www.hoover.org/publications/digest/3020261.html">"Freedom's Friend"</a>. <i>Wall Street Journal</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2006-12-30</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Wall+Street+Journal&rft.atitle=Freedom%27s+Friend&rft.date=2004-06-11&rft.aulast=Friedman&rft.aufirst=Milton&rft_id=http%3A%2F%2Fwww.hoover.org%2Fpublications%2Fdigest%2F3020261.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span></span> </li> <li id="cite_note-The_Historical_Lessons_of_Lower_Tax_Rates-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-The_Historical_Lessons_of_Lower_Tax_Rates_5-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDaniel_J._Mitchell,_Ph.D." class="citation web cs1">Daniel J. 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Retrieved <span class="nowrap">2007-05-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Historical+Lessons+of+Lower+Tax+Rates&rft.pub=The+Heritage+Foundation&rft.au=Daniel+J.+Mitchell%2C+Ph.D.&rft_id=http%3A%2F%2Fwww.heritage.org%2FResearch%2FTaxes%2FBG1086.cfm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Check date values in: <code class="cs1-code">|date=</code> (<a href="/wiki/Help:CS1_errors#bad_date" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ssa.gov/OACT/ProgData/taxRates.html">"Social Security and Medicare Tax Rates"</a>. 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Bureau of Economic Analysis. <a href="/wiki/Jul_10" class="mw-redirect" title="Jul 10">Jul 10</a>, <a href="/wiki/2007" title="2007">2007</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Effective+Federal+Tax+Rates%3A+1979-2001&rft.pub=Bureau+of+Economic+Analysis&rft_id=http%3A%2F%2Fwww.cbo.gov%2Fftpdoc.cfm%3Findex%3D5324%26type%3D0%26sequence%3D0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Check date values in: <code class="cs1-code">|date=</code> (<a href="/wiki/Help:CS1_errors#bad_date" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-Gross_Domestic_Product-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-Gross_Domestic_Product_8-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bea.gov/national/xls/gdpchg.xls">"Gross Domestic Product"</a>. Bureau of Economic Analysis. <a href="/wiki/May_31" title="May 31">May 31</a>, <a href="/wiki/2007" title="2007">2007</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Gross+Domestic+Product&rft.pub=Bureau+of+Economic+Analysis&rft_id=http%3A%2F%2Fwww.bea.gov%2Fnational%2Fxls%2Fgdpchg.xls&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Check date values in: <code class="cs1-code">|date=</code> (<a href="/wiki/Help:CS1_errors#bad_date" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohn_Miller" class="citation web cs1">John Miller (July/August 2004). <a rel="nofollow" class="external text" href="http://www.thirdworldtraveler.com/Ronald_Reagan/Ronald_Reagan_Legacy.html">"Ronald Reagan's Legacy"</a>. Dollars and Sense<span class="reference-accessdate">. Retrieved <span class="nowrap">2007-06-26</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Ronald+Reagan%27s+Legacy&rft.pub=Dollars+and+Sense&rft.au=John+Miller&rft_id=http%3A%2F%2Fwww.thirdworldtraveler.com%2FRonald_Reagan%2FRonald_Reagan_Legacy.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Check date values in: <code class="cs1-code">|date=</code> (<a href="/wiki/Help:CS1_errors#bad_date" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://encarta.msn.com/encyclopedia_761560259_2/Ronald_Reagan.html">"Ronald Reagan"</a>. Microsoft Corporation. 2007<span class="reference-accessdate">. Retrieved <span class="nowrap">2007-07-27</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Ronald+Reagan&rft.pub=Microsoft+Corporation&rft.date=2007&rft_id=http%3A%2F%2Fencarta.msn.com%2Fencyclopedia_761560259_2%2FRonald_Reagan.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span></span> </li> <li id="cite_note-Historical_Record-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-Historical_Record_11-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDanziger1994" class="citation book cs1">Danziger, S.H. (1994). <i>"The Historical Record: Trends in Family Income, Inequality, and Poverty" in </i>Confronting Poverty: Prescriptions for Change<i><span></span></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=%22The+Historical+Record%3A+Trends+in+Family+Income%2C+Inequality%2C+and+Poverty%22+in+Confronting+Poverty%3A+Prescriptions+for+Change&rft.date=1994&rft.aulast=Danziger&rft.aufirst=S.H.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Unknown parameter <code class="cs1-code">|coauthors=</code> ignored (<code class="cs1-code">|author=</code> suggested) (<a href="/wiki/Help:CS1_errors#parameter_ignored_suggest" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-Trickle-Down_Economics-12"><span class="mw-cite-backlink">^ <a href="#cite_ref-Trickle-Down_Economics_12-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Trickle-Down_Economics_12-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEtebari,_Mehrun" class="citation web cs1">Etebari, Mehrun (<a href="/wiki/July_17" title="July 17">July 17</a> <a href="/wiki/2003" title="2003">2003</a>). <a rel="nofollow" class="external text" href="http://www.faireconomy.org/research/TrickleDown.html">"Trickle-Down Economics: Four Reasons why it Just Doesn't Work"</a>. faireconomy.org<span class="reference-accessdate">. Retrieved <span class="nowrap">2007-03-31</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Trickle-Down+Economics%3A+Four+Reasons+why+it+Just+Doesn%27t+Work&rft.pub=faireconomy.org&rft.au=Etebari%2C+Mehrun&rft_id=http%3A%2F%2Fwww.faireconomy.org%2Fresearch%2FTrickleDown.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Check date values in: <code class="cs1-code">|date=</code> (<a href="/wiki/Help:CS1_errors#bad_date" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-The_S&L_Crisis-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-The_S&L_Crisis_13-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.fdic.gov/bank/historical/s&l/">"The S&L Crisis: A Chrono-Bibliography"</a>. Federal Deposit Insurance Corporation<span class="reference-accessdate">. Retrieved <span class="nowrap">2007-04-08</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+S%26L+Crisis%3A+A+Chrono-Bibliography&rft.pub=Federal+Deposit+Insurance+Corporation&rft_id=http%3A%2F%2Fwww.fdic.gov%2Fbank%2Fhistorical%2Fs%26l%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span></span> </li> <li id="cite_note-Cannon128-14"><span class="mw-cite-backlink">^ <a href="#cite_ref-Cannon128_14-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Cannon128_14-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Cannon, Lou (2001) p. 128</span> </li> <li id="cite_note-U.S._Debt-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-U.S._Debt_15-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.washingtonpost.com/wp-dyn/articles/A26402-2004Jun8.html">"Reagan Policies Gave Green Light to Red Ink"</a>. The Washington Post<span class="reference-accessdate">. Retrieved <span class="nowrap">2007-05-25</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Reagan+Policies+Gave+Green+Light+to+Red+Ink&rft.pub=The+Washington+Post&rft_id=http%3A%2F%2Fwww.washingtonpost.com%2Fwp-dyn%2Farticles%2FA26402-2004Jun8.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">Regan, Donald T. (1988), p. 142</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">Lee, Susan. 1996. Hands Off: Why the Government is a Menace to Economic Health. Simon & Schuster. p. 223</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOffice_of_Tax_Analysis" class="citation journal cs1"><a rel="nofollow" class="external text" href="http://www.treasury.gov/offices/tax-policy/offices/ota.shtml">Office of Tax Analysis</a> (2003, rev. Sept 2006). <a rel="nofollow" class="external text" href="http://www.ustreas.gov/offices/tax-policy/library/ota81.pdf">"Revenue Effects of Major Tax Bills"</a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">United States Department of the Treasury</a>. Working Paper 81, Table 2<span class="reference-accessdate">. Retrieved <span class="nowrap">2007-11-28</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Revenue+Effects+of+Major+Tax+Bills&rft.au=%5Bhttp%3A%2F%2Fwww.treasury.gov%2Foffices%2Ftax-policy%2Foffices%2Fota.shtml+Office+of+Tax+Analysis%5D&rft_id=http%3A%2F%2Fwww.ustreas.gov%2Foffices%2Ftax-policy%2Flibrary%2Fota81.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment"><code class="cs1-code">|author=</code> has generic name (<a href="/wiki/Help:CS1_errors#generic_name" title="Help:CS1 errors">help</a>)</span>; <span class="cs1-visible-error citation-comment">Check date values in: <code class="cs1-code">|date=</code> (<a href="/wiki/Help:CS1_errors#bad_date" title="Help:CS1 errors">help</a>)</span>; <span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span>; <span class="cs1-visible-error citation-comment">External link in <code class="cs1-code"><code class="cs1-code">|author=</code></code> (<a href="/wiki/Help:CS1_errors#param_has_ext_link" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThorndike,_Joseph_J2004" class="citation web cs1">Thorndike, Joseph J (14 June 2004). <a rel="nofollow" class="external text" href="http://www.taxhistory.org/thp/readings.nsf/cf7c9c870b600b9585256df80075b9dd/3df8b954567e6c8c85256eb300588d4b?OpenDocument">"Historical Perspective: The Reagan Legacy"</a>. Taxhistory.org<span class="reference-accessdate">. Retrieved <span class="nowrap">2007-11-28</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Historical+Perspective%3A+The+Reagan+Legacy&rft.pub=Taxhistory.org&rft.date=2004-06-14&rft.au=Thorndike%2C+Joseph+J&rft_id=http%3A%2F%2Fwww.taxhistory.org%2Fthp%2Freadings.nsf%2Fcf7c9c870b600b9585256df80075b9dd%2F3df8b954567e6c8c85256eb300588d4b%3FOpenDocument&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReaganomics" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2></div> <ul><li><a href="/wiki/William_A._Niskanen" title="William A. Niskanen">Niskanen W.A.</a> (1988) <i>Reaganomics: An Insider's Account of the Policies and the People</i>, Oxford University Press, Oxford.</li> <li><a href="/wiki/Michael_Boskin" title="Michael Boskin">Boskin Michael J.</a> (1987) <i>Reagan and the US Economy. The Successes, Failures, and Unfinished Agenda</i>, ICEG.</li> <li>Bienkowski Wojciech, Brada Josef, Radlo Mariusz-Jan eds. (2006) <i>Reaganomics Goes Global. What Can the EU, Russia and Transition Countries Learn from the USA?</i>, Palgrave Macmillan.</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div> <p>Online Debate between Proponent and Opponent: </p> <ul><li><a rel="nofollow" class="external text" href="http://www.slate.com/id/3665/entry/24002/">Journalists Dinesh D'Souza and E. J. Dionne</a></li></ul> <p>Proponent Think Tank Papers: </p> <ul><li><a rel="nofollow" class="external text" href="http://www.heritage.org/Research/Taxes/BG1086.cfm">The Historical Lessons of Lower Tax Rates by Heritage Foundation</a></li> <li><a rel="nofollow" class="external text" href="http://www.mackinac.org/article.asp?ID=4013">Great Myths of the Great Depression by Mackinac Center</a></li> <li><a rel="nofollow" class="external text" href="http://www.cato.org/pubs/pas/pa-261.html">Supply Tax Cuts and the Truth About the Reagan Economic Record by Cato Institute</a></li></ul> <p>Opponent Papers by Economists: </p> <ul><li><a rel="nofollow" class="external text" href="http://pages.stern.nyu.edu/~nroubini/SUPPLY.HTM">Economist Nouriel Roubini</a></li> <li><a rel="nofollow" class="external text" href="http://www.pkarchive.org/economy/TaxCutCon.html">Economist Paul Krugman</a></li> <li><a rel="nofollow" class="external text" href="http://dollarsandsense.org/archives/2004/0704miller.html">Economist John Miller</a> from <a href="/wiki/Dollars_%26_Sense" title="Dollars & Sense">Dollars & Sense</a> Magazine</li> <li><a rel="nofollow" class="external text" href="http://www.dollarsandsense.org/archives/2003/1103dollar.html">Economist Ellen Frank</a> from <a href="/wiki/Dollars_%26_Sense" title="Dollars & Sense">Dollars & Sense</a> Magazine</li></ul> <p>Mixed Assessment </p> <ul><li><a rel="nofollow" class="external text" href="http://www.bsherman.org/rushmore.html">Article argues against claims that the supply-side effects of the 1981 tax cut caused the 1983 expansion or were self-funding; praises 1986 tax reform.</a></li></ul> <p>The President Reagan Information Page </p> <ul><li><a rel="nofollow" class="external text" href="http://www.presidentreagan.info">The President Reagan Information Page-featuring the economic history of the Reagan Presidency</a></li></ul> <p>PBS Commanding Heights: The Battle for the World Economy </p> <ul><li><a rel="nofollow" class="external text" href="http://www.pbs.org/wgbh/commandingheights/lo/story/index.html">The History of Government Economic Policy in Britain, USA & the World, including Maynard Keynes and Friedrich von Hayek ideas.</a></li></ul> <p>Encyclopedia articles from the <i>Concise Encyclopedia of Economics</i> on <a href="/wiki/Econlib" class="mw-redirect" title="Econlib">Econlib</a>: </p> <ul><li><a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc/KeynesianEconomics.html">Keynesian Economics</a></li> <li><a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc/Monetarism.html">Monetarism Economics</a></li> <li><a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc/SupplySideEconomics.html">Supply Side Economics</a></li> <li><a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc/Reaganomics.html">Reaganomics</a></li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; 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