During 1980 and 90s, the major ideology and economic policy shifted from Conservatism to Centrism. Reagan’s government believed that “government is the problem, not solution”. Thus, they implement the “supply-side” program which reduced welfares and government interference in business, and lowered tax rate on wealthy. President Clinton merged free market policy and appropriate government intervention by raised tax rate on rich people and reformed welfare (ex: children health care) and eligibility of receiving welfares. It essentially increased employment and decreased financial expense on military, and fiscal deficit.
Reagon adjusted economic structure by economy revolution on cutting government expense except military, lowering tax rate
Reagon adjusted economic structure by economy revolution on cutting government expense except military, lowering tax rate