Unformatted text preview: tax-reform measure in 75 years during his second term. This measure, which had widespread Democratic as well as Republican support, lowered income tax rates, simplified tax brackets, and closed loopholes. However, a significant percentage of this growth was based on deficit spending. Moreover, the national debt, far from being stabilized by strong economic growth, nearly tripled. Much of the growth occurred in skilled service and technical areas. Many poor and middle-class families did less well. The administration, although an advocate of free trade, pressured Japan to agree to a voluntary quota on its automobile exports to the United States....
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- Fall '10
- New World Order, annual inflation rate, sustained economic growth, II. Consumer Spending, optimistic buying spree.