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Reaganomics and Its Lasting Impact: From Tax Cuts to Foreign Affairs

The implementation of Reaganomics in the 1980s marked a pivotal shift in U.S. economic and foreign policies. Featuring a sweeping 25% tax cut, significant cuts to social programs, and deregulation of industries, Reagan faced both support and criticism from Congress and economists alike. Key events such as the Taft-Hartley law enforcement against striking workers, a rising trade deficit, and the Iran-Contra scandal highlighted the complexities of his administration. Reagan's foreign policy decisions, particularly in Latin America and the Middle East, shaped international relations during the Cold War.

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Reaganomics and Its Lasting Impact: From Tax Cuts to Foreign Affairs

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  1. 1980’s and beyond Effects of Reaganonmics

  2. Plan in Action • 25% tax cut across the board proposed • Replacing revenue an issue • Cuts in reduced lunches programs, student loans, job training, and mass urban transit • Congress not in complete support • Economist sound warnings • Deregulations • Banking industry • Savings and Loans • Transportation • Cut air quality regulations • Decreased efficiency and safety standards in vehicles

  3. No Striking Allowed • Air traffic controllers learn a hard lesson • 1981 strike against poor working conditions proves disastrous • Reagan invokes Taft-Hartley law of 1948 • Illegal for federal employees to strike • Fired workers, barred from federal employment for life • Unions see significant decline

  4. Trading Deficit • U.S. exports becoming too expensive • Less international interest • Increase buying of products from Japan and elsewhere • High trade deficit by 1984 • Less manufacturing taking place domestically • Businesses taking advantage of workforce abroad

  5. Foreign Affairs • Soviet Union deemed officially the “evil empire” • Middle East continues to plague presidency • 1981 tension mounting between Israel and PLO • PLO builds forces in Lebanon, Israel makes plans to respond • 1982 Israeli’s gain upper hand, force PLO leaders out

  6. Cont…. • Lebanese Christian militia attacks Palestinian refugee camp killing hundreds • Events pose concern to U.S. • Reagan sends in 2000 Marines to stabilize region • Muslims feel threatened by American presence • 1983, Shiite Muslim on a suicide mission kills 240 Marines w/ car bomb • Question arise as to why Marines are there, few answers available

  7. Foreign Affairs cont….. • Meanwhile……. • New interest closer to home • Latin America viewed as communist interest • “The national security of all the America’s is at stake” Reagan 1983 • Sandinistas target enemy, Contra’s gain U.S. support • Congress and the public fearful of involvement • Congress impose two year ban on aid to the Contra’s in 1984 • Money continues to be funneled down south

  8. Iran-Contra Debacle • Uncovered by Lebanese reporter • American hostages in the Middle East, links to Iran assumed • Reagan in a difficult situation • Concern for hostages • Opposed to yielding to terrorist demands • Behind the scenes plan coming together • Israeli’s open up talks • Iranian arms dealer with clout willing to do business

  9. Cont…. • Goal: negotiate release of hostages for anti-tank missiles • Ongoing war with Iraq • Free hostages and gain some influence with “moderate” Iranian government officials • Who agreed to what a big question

  10. The Players • Robert MacFarlane • National Security Advisor • George Schultz • Secretary of State • Casper Weinberger • Defense Secretary • Oliver North • Deputy under MacFarlane • Ronald Reagan • President out of touch

  11. Cont….. • Sales made, but only one hostage freed • Primary interest, CIA head in Beirut, William Buckley already executed • Not a complete loss • Money made from the deal available for providing support to Contras and fight against Sandinistas • One problem: against the law

  12. Cont… • End around the decision of Congress • Reagan warned that this could be considered an impeachable offense • Oliver North put in charge of activities • When news broke North is the fall guy • Referred to as a national hero, then fired • Details shaky, but condemning • Convicted but overturned on a technicality

  13. Highlight for Reagan • Mikhail Gorbachev and change in Russia • Begins thawing of Cold War relations • Bush benefactor of good relations between the two • 1988 election a success • Foreign activity looking positive, communism collapsing in Eastern Europe • No overt activity with foreign policy until 1991 and Desert Storm

  14. Bush I Presidency • Desert Storm activity fast and seemingly effective • Job not fully complete in eyes of many • Bush gained great amount of public support • Short lived • Economy feeling the effects of Reagan policies • Savings and Loan scandal hits, cost of bailout $400b • No new taxes comes back to haunt

  15. A Man Called Bubba • Rhodes scholar from Arkansas • First term plagued by personal issues, domestic and foreign disasters • Don’t Ask, Don’t Tell • Waco, Texas • Somalia • Bosnia and others • 1994 midterm elections see House and Senate go to Republicans • Healthcare reform blow up

  16. Clinton Era • Despite Whitewater and Monica Lewinsky, able to garner support • Managed a budget surplus • Low unemployment • Clinton leaves office with high approval • Democrats feeling good

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