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Reaganomics as voodoo economics

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Why were Reaganomics called voodoo economics by its critics? What made it controversial?

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Solution Summary

The basic definition, assumptions, and problematic implementation of Reaganomics are discussed in brief.

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The controversy behind Reaganomics was its primary assumption about economy in the first place.

The basic assumption behind Reaganomics is an idea sometimes termed "trickle-down growth." That assumption is defined as follows: if those who have the most money are allowed to pay less in tax to the governing authorities, the money they would have paid in tax ...

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