What is exactly is Reaganomics? How were the average people in the US supposed to benefit from wealthy people having their taxes reduced?
Reaganomics is the name of the economic policies of Ronald Reagan. Reaganomics is characterized by cuts in domestic spending and tax cuts for the wealthy and corporations. This policy holds that corporations will pass their savings on to average Americans by creating more jobs, selling less expensive products, and paying people higher salaries.
Reaganomics refers to the economic policies promoted by President Ronald Reagan. This term was used by both supporters of Reagan as well as his critics. This involved a decrease in spending on domestic social programs, widespread tax cuts, an increase in the military budget, and the general deregulation of domestic markets. It also involved shifting the operations of many government services over to private contractors. Reaganomics was primarily put into effect with the tax bills of 1981 and 1986. These bills cut the top income...
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