Did Reaganomics help the rich, poor, married or the middle class?
Reaganomics and President Reagan's policies are recognized by some (but not all, for example economist James K. Galbraith makes a very different case in his 2009 book "How Conservatives Abandoned the Free Market and Why Liberals Should Too") as bringing about one of the longest peacetime expansions in U.S. history.[9] During Reagan's tenure, income tax rates of the top personal tax bracket dropped from 70% to 28% in 7 years,[10] while social security and medicare taxes increased.[11][12] Real Gross Domestic Product (GDP) growth recovered strongly after the 1982 recession and produced five straight quarters of growth averaging 8.5%. The GDP grew during Reagan's administration at an annual rate of 9.4% per year, the Real GDP (adjusted for inflation) increased 3.96% per year on average [13] higher than the post-World War II average of 3.6%.[14] Unemployment peaked at 10.8% in 1982 then dropped during the rest of Reagan's terms, averaging 7.5%, and inflation significantly decreased.
Answered -
Related Questions
-
Is it true or false: Reaganomics was criticized for helping the poor at the taxpayer's expense?
False. Middle class Americans were hit the hardest by reducin...
-
What did Reaganomics help in the us?
Reaganomics refers to the economic policies in the U.S. when ...
Comments