ECONOMIC POLICY-MAKING. Understanding how our elected officials work with one another and other agencies to formulate economic policy and the federal budget. Part 1. The political side of prosperity. Politics of Economic Prosperity.
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Understanding how our elected officials work with one another and other agencies to formulate economic policy and the federal budget.
Effects of Reaganomics:
Economy was stimulated
Government spending continued to increase, but at a slower rate than before
Military spending increased sharply
Money supply was controlled, cutting inflation but allowing interest rates to rise
Personal income taxes were cut, but Social Security taxes were increased
Large deficits incurred, dramatically increasing the size of the national debt
Several important industries (airlines and telephone companies) were deregulated.