Section C: Reagan's Time as President and his Legacy (1981-1996)

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What year was Reagan elected president?
1980
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What is the key phrase behind Supply-Side theory?
The "trickle down" effect
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What was the main principle behind Supply-Side theory?
Remove retraints on industry (Gov. & Unions) and encourage saving & investment
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Under which Presidency was the principle of S.S Theory initiated?
President Jimmy Carter
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What is the opposite to Supply-Side theory?
Supply and Demand Theory
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Outline the main principles of Supply-Demand theory
Economy was driven by consumer demands, government ought to have control over production
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What principle is Supply-Side similiar to?
Laissez Faire capitalism
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What did Reagan want to accomplish? (Hint: 3 things) Control, Reduce, Cut
Control Gov. spending, reduce Gov. involvement in economics, cut taxes
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What did Reagan do to Federal employees during the first period of his presidency?
Sacked White House officials, cut federal travel expenses, froze federal employment
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In the first 3 days of his presidency, Reagan cut travel expenses by?
15%
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What acronym do I use for Reaganomics?
R.P.D.P
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What is Reaganomics officially known as?
Reagan's Program for Economic Recovery
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(R).P.D.P
Reducing the deficit
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By what percentage did Reagan's budget bill aim to reduce the deficit to by 1986? (GNP)
19% of the GNP
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What did the "unidentified cuts" included in the budget bill equate to?
$74 Billion
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R.(P).D.P
Personal and Business Tax Reductions
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Which act accompanied this section?
Economic Recovery Tax (1981)
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What did the ERT aim to achieve over the period of 3 years?
Reduce income tax by 25%
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What is the practice known as?
Staggered tax rates
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R.P.(D).P
Deregulation
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What was the core aim of Deregulation?
Aimed to remove federal control in industry, state and local government
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What does "devolved" mean?
Transfer of power from a higher to a lower authority
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What two principles did Deregulation support?
Supply-side and trickle-down
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R.P.D.(P)
Planned control of money supply
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What were the two aims of this section of Reaganomics?
Keep inflation down, whilst expanding the economy
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What local initiatives did this include?
Schemes in education, housing and provision of services
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What organisation is an example of this?
Aid to Families with Dependant Children Programmme (AFDC)
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Card 2

Front

What is the key phrase behind Supply-Side theory?

Back

The "trickle down" effect

Card 3

Front

What was the main principle behind Supply-Side theory?

Back

Preview of the front of card 3

Card 4

Front

Under which Presidency was the principle of S.S Theory initiated?

Back

Preview of the front of card 4

Card 5

Front

What is the opposite to Supply-Side theory?

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Preview of the front of card 5
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