If you read the inaugural address, you will realize Reagan has a plan to improve(meant to be) the economy. Reaganomics was his plan, a solution to this economy. Basic idea is simple. Federal government spends less, therefore people will pay less tax., and reduce the government regulations. In reality, he did not raise tax, but Reagan gave 2 trillion dollars of debt to United States. Reagan somehow did not raise the tax, which affects next president Bush. Bush had to find a way to pay those 2 trillion debt, so he had to raised tax. People blamed Bush for raising tax, even though Reagan is the really who should be blamed for. Did Bush actually improved the economy? Average hour earnings for Americans have dropped, unemployment rate got higher. Reaganomics remind me of different "ignorant people," who thinks economy is so easy to fix, and does not know how complex the economy is.
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