Ronald Reagan

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Ronald Reagan Facts:
A lot of this is copied from sources because of names, dates, and economic facts and figures. Everything is properly cited except for the Tea Party facts because I could not find a credible source to share with you. What I provided is from my own knowledge. Thank you again for using Brain Mass!

- Economic policies:
When Reagan took office, he inherited an economy mired in stagflation -- a combination of double-digit economic contraction with double-digit inflation. To combat recession, Reagan aggressively cut income taxes from 70% to 28% for the top income tax rate, and from 48% to 34% for the corporate tax rate. He also promised to reduce government spending and regulations, while reducing the money supply to combat inflation.
His other economic policy was called Reaganomics. Reagan based his policies on the theory of supply side economics, which states that tax cuts encourage economic expansion enough to eventually broaden the tax base. In time, the increased revenue from a stronger economy offsets the initial revenue loss from the tax cuts.

Reference: Ronald Reagan's economic policies. About.com. Found October 22, 2012:http://useconomy.about.com/od/Politics/p/President-Ronald-Reagan-Economic-Policies.htm

- Principles of the New Right:
The New Right had begun as an intellectual movement in the 1950's. Their principles included:
- Less government: This led to, and manifested, a commitment to reduce taxes, reduce government expenditures, and reduce regulations. Central to the principle was moving many public concerns into being private concerns, and the New Right provided rationale for doing so.
- Virtues of the market: Embracing the myth of the market, the New Right presented the market as a "natural" mechanism. Its magic was that it transformed the pursuit of individual interest into the "good of the community." The market mechanism told us what it was that people in the community preferred, thus it became an expression of a kind of economic democracy. Thus, human interference with the market was un-natural and a distortion of nature.
- State power: The New Right believed in the shared sovereignty of the fifty states. Under the term "Federalism" and emphasizing the often forgotten tenth amendment to the Constitution, they argued that the federal government should bow to the states on most issues. Particularly in their target on this issue were the civil rights issues and education. In theory, of course, this would lead to a non-interventionist ...