President Reagan

Furnish 2: Lilian Kao

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Election of 1980:

Ronald Reagan

  • Republican Party
  • Running Mate: George H.W. Bush
  • Won with 50.8% popular vote
  • "Optimistic" campaign
  • "It's morning in America"
  • Promised to increase spending on military

Jimmy CArter

  • Democratic Party
  • Running Mate: Walter Mondale
  • Lost with 41.0% popular vote
  • "Pessimistic" Campaign

John B. Anderson

  • American Independent Party
  • Running Mate: Patrick Lucey
  • Lost with 6.6% popular vote

Election of 1984:

Ronald Reagan

  • Republican Party
  • Running Mate: George H.W. Bush
  • Won with 58.8% popular vote

Walter Mondale

  • Democratic Party
  • Running Mate: Geraldine Ferraro
  • Lost with 40.6% popular vote

Key Events

National Budget

  • "Government is not the solution to our problem. Government is the problem."
  • 1978 California tax revolt
  • Congress approved expenditures of $695 bil
  • Deep tax cuts: up to 25%
  • July 1981 televised request for Congress to pass tax-cut bill
  • Rich/poor gap widens
  • Deficit spending -> massive government borrowing
  • Supply-side economics: theory of "Reaganomics" that emphasized tax and gov. spending reductions to increase productivity and economic growth
  • Boll Weevils: Conservative southern Democrats who supported Reagan's economic policies in Congress
  • Yuppies: young, urban professionals

Cold War

  • Believed that by expanding the US military, he could threaten Soviets w a new round of Arms RAce
  • March 1983: Reagan announced intention to pursue missile-defense system, Strategic Defense Initiative (SDI)
  • "Solidarity:" group of Poland's working people
  • Reagan imposed economic sanctions on Poland and Soviets

Iran-Contra Imbroglio

  • June 1982 Israel invades Lebanon
  • 1983 Reagan sends American troops
  • Reagan was dubbed "Teflon president" bc it was believed that nothing harmful would stick (ex: suicide bomber)
  • Contras: rebels opposing anti-American Nicaraguan government (Sadinista)

Economic Legacy

  • Supply-side economics actually increase gov. revenue
  • But actually.. "revenue hole"
  • Added nearly $2 tril. to national debt
  • More equal distribution of income