Reaganomics facts: good, bad, failed or successful? Was Reagan’s economy good, bad, failed or successful? The opinions about Ronald Reagan presidency are split mostly because of the division between democrats and republicans and some of the people think he was good and some don’t, but what are the facts about his policies. At the moment when he became the president, the country was in the bad state, the recession was increasing (came to the highest point in 1981-1982), the unemployment rate stood at 10.8 percent, the inflation rate was 13.5 percent while the interest rates were 21.5 percent, all in the same year. When he became president it was obvious that he must make some moves or the whole economy would crumble to pieces so he established policies in order to overcome this tough period.
Ronald Reagan managed to pull the country out of a crisis and this is why many people consider that he change the economic climate in a way that no other president did before or after him and that is why people are nostalgic about the period of his presidency. But at the time, his popularity was not at a high rate, people started to see what he did for the economy after his term was over. His approval rate often dropped under 50 percent and after the Iran-Contra scandal, almost third of the population wanted his resignation.
Since almost any country is having some kind of problems with the economy, it would be useful that you find out more about the Reaganomics and we recommend that you read Insider Monkey’s article Reaganomics Facts: Good, Bad, Failed or Successful? The first point on the list is the question of the concept Reaganomics. What exactly were Reaganomics? First of all, he established major tax cuts (top income tax deducted from 70 to 50 percent) to business in order them to grow, but he also increased some of the taxes like payroll and corporate taxes. To find out the rest of this interesting list, just click on the link above.