Reaganomics (//; a portmanteau of [Ronald] Reagan and economics attributed to Paul Harvey), or Reaganism, refers to the neoliberal economic policies promoted by U.S. President Ronald Reagan during the 1980s. These policies are commonly associated with and characterized as supply-side economics, trickle-down economics, or voodoo economics by opponents, while Reagan and his advocates preferred to call it free-market economics.
33rd Governor of California
40th President of the United States
The four pillars of Reagan's economic policy were to reduce the growth of government spending, reduce the federal income tax and capital gains tax, reduce government regulation, and tighten the money supply in order to reduce inflation.
The results of Reaganomics are still debated. Supporters point to the end of stagflation, stronger GDP growth, and an entrepreneurial revolution in the decades that followed. Critics point to the widening income gap, what they described as an atmosphere of greed, reduced economic mobility, and the national debt tripling in eight years which ultimately reversed the post-World War II trend of a shrinking national debt as percentage of GDP.