The national debt under President Reagan explodes from $997 billion in 1981 to $2.9 trillion by 1989, representing an increase of 186% and adding approximately $1.9 trillion in new debt during his eight-year presidency. Annual budget deficits average 4.0% of GDP during Reagan’s tenure, …
Ronald ReaganCongressOffice of Management and BudgetDepartment of Treasurydeficitnational-debtreaganomicsfiscal-policysupply-side-economics
President Ronald Reagan signs the Economic Recovery Tax Act (ERTA), enacting sweeping tax cuts that disproportionately benefit the wealthy and inaugurate the “supply-side economics” era. The legislation slashes the top marginal tax rate from 70% to 50% and the bottom rate from 14% to …
Ronald ReaganCongressJack KempWilliam Rothtax-cutsreaganomicssupply-side-economicswealth-inequalitytrickle-down+1 more
Empirical evidence systematically disproves Reagan’s supply-side economic theory—the claim that tax cuts for the wealthy would generate economic growth benefiting all Americans through “trickle-down” effects. Statistical analysis reveals the correlation coefficient between top tax …
Ronald ReaganArthur LafferDavid StockmanGreg MankiwCongressional Budget Officesupply-side-economicstrickle-downreaganomicseconomic-theorytax-policy