Reagan Administrations - Domestic Issues
Domestic Issues
Reagan's principal interest in domestic policy was to decrease federal taxes and federal regulation of the economy, believing that a freer economic environment would stimulate investment, productivity, and economic growth. He made some headway with these economic reforms, especially when, in the first year of his presidency, he won a great deal of political goodwill by surviving an assassination attempt. A tight monetary policy brought inflation down from its high Carter-era levels, and then in 1985 the collapse of the Organization of Petroleum Exporting Countries (OPEC) price controls brought a sudden reduction in world oil prices. OPEC was formed in the 1960s to coordinate the petroleum policies of its members. It had succeeded for the previous 12 years in limiting the supply of oil coming into the world market, causing its price to rise. Political disputes among its members ended this era of regulation, and as more...
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