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Decade Of Corporate Greed

DECADE OF CORPORATE GREED

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HISTORY

Reaganomics is a portmanteau of Reagan and Economics which refers to the series of attempts of President Ronald Reagan to change the course of US economic policies. The economic program that President Reagan proposed to institute can be divided into four major objectives which include (a) the reduction of growth of government spending, (b) reduction of the marginal tax rates income from both labor and capital, (c) massive reduction of regulations, and (d) reduction of inflation by controlling the growth of supply of money. When Reagan took office in 1981, United States of America is in the midst of economic stagnation and has been experiencing high inflation for almost ten years already. There is much debate about whether the major economic turnaround is caused by Reagan’s policies, or his policies sent more Americans into the plight for survival. This paper will look into Reaganomics from various political perspectives and would try to make informed conclusions whether Reagan’s policies aided Americans on its plight to survival or has made the matter worse.
Critics argued that Reagan’s policies are ineffective and does not support the figures that have come out in the open. Some people find it hard to accept that Reagan has made significant contribution to the US economy, highlighting the increases in the government spending which is contrary to what he proposed during his campaign period. This is clearly reflected in one of the Editorials published in 1991 which reads “In 1980, the federal government spent $$590 billion. By the time Mr. Reagan left office in 1988, federal spending had risen by 80 per cent, to $1.064 trillion…During the same period, social welfare outlays rose by 70 per cent -- from $313 billion to $533 billion” (Richmond Times, 1991). Accordingly, Reagan’s supporters are disappointed by the fact that Federal...