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Unformatted text preview: The New Conservatism and a New World Order The Reagan Years Farmers also suffered hard times. During the 1970s, American farmers had helped India, China, the Soviet Union, and other countries suffering from crop shortages, and had borrowed heavily to buy land and increase production. But the rise in oil prices pushed up costs, and a worldwide economic slump in 1980 reduced the demand for agricultural products. Their numbers declined, as production increasingly became concentrated in large operations. Small farmers who survived had major difficulties making ends meet. The increased military budget – combined with the tax cuts and the growth in government health spending – resulted in the federal government spending far more than it received in revenues each year. Some analysts charged that the deficits were part of a deliberate administration strategy to prevent further increases in domestic...
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This note was uploaded on 12/22/2011 for the course AMH AMH2010 taught by Professor Pietrzak during the Fall '10 term at Broward College.
- Fall '10