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The American economy was in a state of "stagflation" -- a stagnant economy coupled with high inflation. The marginal federal income tax rate was 70%. The inflation rate was increasing by double-digits annually and reached 14% by 1980. Annual GDP growth under the previous administration had been less than one percent (0.6). National unemployment was over 10%. In Flint, Michigan, unemployment was already 20%; in Detroit, 18%; Indiana City, 23%.
What else can I help you with?
How did a decade of Republican government affect the economy?
A decade of republican government put the economy in debt. During Reagan's time the money was spend on defense spending.
Why was there such an increase in poverty during the Reagan years?
America was still reeling from the economic downturn (fuel shortages, job losses, etc.) that occurred during the Carter Administration. However, toward the end of the Reagan Administration the economy began to improve. Reagan asked for, and Congress supplied, a huge cut in Income taxes for Americans. When the effects of that tax cut began to take effect, the economy turned around from the Carter years (which had high taxes and inflation). As the economy improved millions of Americans were lifted out of poverty and into the middle class. According to the Census Bureau, more African-Americans joined the American middle class than ever before in history. The growth in the economy continued into the Clinton presidency.
What was China's Economy before it was a market economy?
social economy
What occurred in the economy during the early 1980s?
In the 1980s, Reagan not only cut the taxes but also slashed a number of social programs.
Reagan's economic proposals were said to return what kind of principles to the American economy?
To increase savings and investments, increase economic growth and balance the budget.
In addition to cutting taxes what steps did President Ronald Reagan take to boost the economy?
What three steps did president Reagan take improve the economy?
What did president Reagan do to improve the economy?
He didn't.
When Ronald Reagan was first elected the us economy was?
When Ronald Reagan was first elected the us economy was facing stagflation. He came up with policies that saved the economy and these are policies that are commonly known as Reaganomics.
What job did Nancy Reagan hold before meeting Ronald Reagan?
Nancy Davis Reagan was a Hollywood actress before she met Ronald Reagan.
Was Ronald Reagan praised for making the economy strong?
True
Who stood against Communism and helped stabilize the economy?
Ronald Reagan
What elements of the American economy dropped during Reagan's first term in office?
Inflation was dropped during Reagan's first term in office.
Who was Nancy Reagan married to before ron?
No one. Reagan was her only husband.
When reagan was inaugurated as president in 1981 the economy was as stable as it had been in years?
False.
Ronald Reagan defeated Jimmy Carter largely because of what issue?
The Economy
During the Reagan years what did America continue to do?
move toward a service economy
What US President received high praise for strengthening the economy?
Yes
