Reaganomics essays

Reaganomics essays The election of the Regan-Bush Republican ticket of 1984 brought many unprecedented and controversial policies to the US economy. Many of these policies,including Reganomics still affect our economy as a whole and are still major points of debates today. Reganomics was not solely based on economics, but rather the included a sense of having moral foundations. Government intervention and regulation of the economy were seen as economically harmful and furthermore morally wrong. It was believed that economic affairs should be left to the wisdom of God and his guidance would produce a successful market and economy. The moral obligation together with extreme Kenseyan theories were the guide to the basic principles of Reganomics. Their objective was to follow a laissez faire attitude,or a hands off government policy. They also wanted to rely on the wisdom of the of the market, meaning that the market is smart enough to take care of and troubleshoot itself,and they tried to use a policy of deregulation which would allow companies to make their own economic decisions with out the government limiting their choices. The administration was also weary of anti-trust laws which did not allow for monopolies in our society. The deregulation of businesses mentality was simple and encompassed two major points. The points were to lower taxes and allow businesses to make their own decisions without fear of government intervention. Their idea was that if you lowered taxes in general, business would have more money to produce more, to more they would hire more workers, and consequently due to the surplus of money, their would be more spending, investing, and saving. This proves that individuals would gain along with the business. Ronald Regan said, Lower takes would spur business to invest, and send Americans rushing to stores to spend (Regan). In the short run deregulation produced greater competition and lower price...