Reaganomics

Reaganomics - Reaganomics:TheRealStory...

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Reaganomics: The Real Story Background, Budgets, and Results Steven R. Cunningham For Macroeconomics Classes University of Connecticut
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What Reagan Faced: The Economic Problems The inflation creep of the 1970s had resulted in  an enormous increase in tax burden through  “bracket creep”. Social security tax and Medicare had also  increased the personal tax burden. According to Boston College economist Barry  Bluestone, 31 million jobs had been destroyed  between 1978 and 1982. Fully one-third of all private sector jobs that  existed in 1978 had disappeared by 1982.
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What Reagan Faced: Defense Issues Defense spending had declined from 9.6% of GNP in FY1962  to 5.5% of GNP in FY1981, a decline of 43%. More of the defense spending in 1981 was directed toward  salaries and pensions than in 1962. CIA reports showed that defense expenditures in the Soviet 
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This note was uploaded on 02/25/2012 for the course CHEM 309 taught by Professor Staff during the Spring '11 term at UConn.

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Reaganomics - Reaganomics:TheRealStory...

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