Asked by Dat Flute Player on May 16, 2024
Verified
Why did the federal deficit expand during the Reagan Administration?
Federal Deficit
The annual shortfall where the government's expenditures exceed its revenues, contributing to the national debt.
Reagan Administration
The presidential term of Ronald Reagan, the 40th President of the United States, from 1981 to 1989, known for its conservative policies and the end of the Cold War.
- Discuss the influence of economic principles and strategies on the American population and labor force beginning in the 1970s.
Verified Answer
IL
Imani LewisMay 21, 2024
Final Answer :
Although Reagan spoke frequently about deficits and the importance of paying down the national debt of $1 trillion, he also increased military spending and cut taxes which prompted federal budget deficits to grow to record levels of over $200 billion per year. By 1989, the cumulative national debt had tripled and the US became the world's biggest borrower.
Learning Objectives
- Discuss the influence of economic principles and strategies on the American population and labor force beginning in the 1970s.