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How Did Ronald Reagan Influence The Economy

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Ronald Wilson Reagan was born February 6, 1911 in a town called Tampico Illinois. His parents, Jack and Nelle Reagan were loving parents they were somewhat poor. His father worked as a shoe salesman, and they moved around during Ronald’s early years until they settled down in a town in Illinois called Dixon. As a child Ronald didn’t exactly like his name so he had the nickname “Dutch” that his father gave him for the reason that his dad said when he was born he looked like a small fat Dutchman. When he was in his high school years he was a lifeguard at a park by Rock River where he rescued 77 people. He ended up graduating from Dixon high school in 1928. He then found a job in Iowa where he was a sports announcer. He then got on with …show more content…
Records show that he was against all government supported healthcare. He viewed a solution which was instead of this the government would help fund the privately run healthcare providers. Now onto budget deficits and taxation, his economic philosophy now it had many name including trickle-down economics and, or Reaganomics. Which really just suggest if you lessen the government spending, and tax rates then you will have economic growth, which I completely agree with. While Reagan was president he did exactly what he said he would do personally that is what makes him one of my favorite presidents he wasn’t as much of an politician as he was just a wise man. Getting back to ta rates he basically by his way he cut the tax rate from 70% to around 28%. Even though the national debt tripled while he was president due to the military spending that was really only his biggest flaw as president. Reaganomics essentially made a tax relief for the rich people and would allow them to spend, invest more. This new spending would ultimately fuel the economy plus create new jobs. Reagan believed that a tax cut of this nature would ultimately generate even more revenue for the federal government. Economists differed over the achievements of Reaganomics. Tax cuts also the increased military spending would likely cost the federal government trillions or more dollars. Reagan encouraged paying for these expenses by cutting government programs. In the end, the Congress accepted his tax and defense plans, but declined to make any deep cuts to the welfare state. Even Reagan himself felt sick about attacking prevalent programs like Social Security and Medicare, which take in the largest percentages of taxpayer dollars the results were skyrocketing records. Close the end of Ronald Reagan’s second term, tax revenues taken by the U.S.

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