In 1980 he defeated Jimmy Carter to become president. He inherited severe economic problems, high inflation, rising unemployment, high budget deficit. He introduced a series of economic reforms [reaganomics]
Describe reaganomis:
-He slashed income tax by 33 billion to encourage people to spend and create jobs. -He slashed welfare programs by 20 billion a year for 3 years returning to the idea of 'rugged individualism' . He Cut taxes at a time when government expenditure increased causing the national debt.
What occurred in 1987 during his presidency?
saw worst stock market crash since 1929 and the USA began to edge into recession
