Reagan2ndTerm - Round Two for Reagan I. II. Reagan was...

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Round Two for Reagan I. Reagan was opposed by Democrat Walter Mondale and V.P. candidate Geraldine Ferraro , the first woman to appear on a major-party presidential ticket, but won handily. II. Foreign policy issues dominated Reagan’s second term, one that saw the rise of Mikhail Gorbachev , a personable, energetic leader who announced two new Soviet policies: glasnost , or “openness,” which aimed to introduce free speech and political liberty to the Soviet Union, and perestroika , or “restructuring,” which meant that the Soviets would move toward adopting free-market economies similar to those in the West. III. At a summit meeting at Geneva in 1985, Gorbachev introduced the idea of ceasing the deployment of intermediate-range nuclear forces (INF). At a second meeting at Reykjavik, Iceland, in November 1985, there was stalemate. At the third one in Washington D.C., the treaty was finally signed, banning all INF’s from Europe. o The final summit at Moscow saw Reagan warmly praising the Soviet chief for trying to end the Cold War. IV. Also, Reagan supported Corazon Aquino ’s ousting of Filipino dictator, Ferdinand Marcos. V. He also ordered a lightning raid on Libya, in 1986, in retaliation for Libya’s state-sponsored terrorist attacks, and began escorting oil tankers through the Persian Gulf during the Iran—Iraq War. VII. The Iran-Contra Imbroglio I. In November 1986, it was revealed that a year before, American diplomats led by Col. Olive North had secretly arranged arms sales to Iranian diplomats in return for the release of American hostages (at least one was) and had used that money to aid Nicaraguan contra rebels. o This brazenly violated the congressional ban on helping Nicaraguan rebels, not to mention Reagan’s personal vow not to negotiate with terrorists. o An investigation concluded that even if Reagan had no knowledge of such events, as he claimed, he should have. This scandal not only cast a dark cloud over Reagan’s foreign policy success, but also brought out a picture of Reagan as a somewhat senile old man who slept through important cabinet meetings. Still, Reagan remained ever popular. VIII. Reagan’s Economic Legacy I. Supply-side economics claimed that cutting taxes would actually increase government revenue, but instead, during his eight years in office, Reagan accumulated a $2 trillion debt—more than all his presidential predecessors combined. o Much of the debt was financed by foreign bankers like the Japanese, creating fear that future Americans would have to work harder or have lower standards of living to pay off such debts for the United States. II.
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Reagan2ndTerm - Round Two for Reagan I. II. Reagan was...

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