US Economy Under Reagan in the 20th Century - 557 Words

US Economy Under Reagan in the 20th Century The 20th century economics in the United States were heavily determined by Reagan’s economic policies and political legacies, which eventually resulted in free market expansion. Ronal Reagan, the 40th president of the US, contributed significantly to the boom in America’s economy. A few of the major things he stressed on included controlling inflation, expanding free market, and established major economic laws and policies. When Reagan took office, the economy was experiencing a double-digit inflation and high unemployment rates. Sky-high inflation during a time of slow growth and rising unemployment proved painful for the common man, who’s earnings were not suffice to fulfill its’ needs. Reagan provided with much more of a unique vision, through which he was able to lower inflation rates from 13.4% to 5.1% (parenthetical citation). It was during this time that Reagan cut tax rates and reduced government regulati on in effort to increase the production of goods. For example, he removed the excessive regulations placed on the price of oil, which broke the OPEC oil cartel. Additionally, Reagan worked to increase employment rates. In fact, during his term, the unemployment rates decreased from 7.5% to 5.3% (parenthetical citation). In December of 1982, unemployment had peaked, but soon enough Reagan was able to overcome that obstacle as well. Sixteen-million new jobs were created, which led to economic growth. The steady economicShow MoreRelatedRonald Reagan Is The Most Influential Man Of The United States1370 Words   |  6 Pagesand the economy are still recovering from the Vietnam War, and are suffering from the failure of the presidency of Jimmy Carter. 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