Ronald Reagan's Reaganomics

Ronald Reagan came into the oval office after a bad economic term by Jimmy Carter. Jimmy Carter left the office with high inflation, unemployment and interest rates. One of Reagan’s biggest goals he had for his presidency was to save the economy. Many people labeled his economic policy “Reaganomics”. With many new policies comes doubt and Reaganomics had its fair share of doubt from many people around the country. Even though the Federal Reserve Board and many economists doubted Reagan’s economic beliefs, Reaganomics proved to be beneficial to the American economy as well as unemployment rates and poverty percentage.
One of Reagan’s most important and pursued goal of his was to help people gain major steps in the economy from the poor
All of us need to be reminded that the federal government did not create the states; the states created the federal government.…(Reagan)
He fully believed that with the federal government not fully involved in everything that happened in each state it would create a better and easier working system within the US. With this change, the American public was able to make more choices. Banks were making more investments in assets. Also price controls were eliminated on oil, cable TV, etc(Niskanen). This freedom was allowing for economic opportunities. Along with the idea of the government freedom was reduced government spending. This was achieved but with little success as compared to his other
The African American community was growing faster than it ever had in history. The African American workforce grew to a staggering 11.4 million, the largest it had ever been in America at this point in history. With this increase in workers came the rise of total black in come to over $60 million(Novak). The median income of black households was also rising and finished 12% above where it started. Also, during Reagan’s term the number of African American households making over $50,000 a year rose by 300,000 which was a rise from 7% to 14%. All these number point to an incredible increase in the prosperity and success of African Americans in the time Reagan was in office. This also proves Reagan’s willingness to fight for all the American public and not just for the upper class as some people try to point out. By 1988, over half of all African American families had achieved an income of over $30,500 which had been the highest median income achieved by African Americans ever in America. All of the increases in income can be explained by this chart.
Agresti explains this by saying, “...the data above and other Census data showing that every income quintile of black families experienced real cash income growth in this era.”(1) Another contribution to this increase in wealth came from the African American intent to prosper in this new economy created by Reagan. The number of black owned business