The Reagan Revolution Reaganomics Economic problems Supply-side theory Double-Digit inflation Rise of Germany & Japan Transformation Supply-side theory Tax cuts & deregulation “Trickle-down” or “voodoo” economics 11/20/2018
The Reagan Revolution Reaganomics Economic Recovery Act of 1981 Major tax cut – supply-side principles Cooperation of “boll weevils” – southern Dems. Hidden agenda: Attack on social programs Demise of Inflation The Fed policies – choosing an evil to attack Decline of oil prices Waning union power 11/20/2018
PATCO Strike, 1981 http://www.youtube.com/watch?v=Dc8brHWFZMY 11/20/2018
Paul Volcker, Fed Chairman, 1979-1987 Alan Greenspan Fed Chairman 1987-2006 Paul Volcker, Fed Chairman, 1979-1987 11/20/2018
The Reagan Revolution Reaganomics A growing divide in American society Reaganite rhetoric Program cuts Job creation Growing gap in the classes Budget problems Resumption of the Cold War http://www.youtube.com/watch?v=do0x-Egc6oA Rising deficits and debt Deregulation 11/20/2018
The Reagan Revolution Home on the (Campaign) Trail The Reagan Image The Great Communicator Surviving an assassination attempt “Teflon President” Election of 1980 Moral Majority / Religious Right / Jerry Falwell Olympic Boycott / Hostage Crisis / Economy Re-election (1984) Vs. Mondale/Ferraro “Morning in America” 11/20/2018 7
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The Reagan Revolution Troubled Waters in Reagan’s 2nd Term AIDS Challenger disaster http://www.youtube.com/watch?v=j4JOjcDFtBE Conservative setbacks Getting “Borked” Televangelists on the defensive Corporate dishonesty Culture of consumption “Black Monday” – Stock Market Crash 11/20/2018 9
The Reagan Revolution Reagan’s Foreign Policy Soviet Union Middle East “Evil Empire” Poland & the Solidarity Movement Gorbachev: Glasnost & Perestroika “No Nukes” Movement Middle East Marines killed in Beirut Qaddafi / Libya Supported Iraq/Hussein vs. Iran 11/20/2018 10
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The Reagan Revolution Reagan’s Foreign Policy Nicaragua Iran-Contra Revolution in 1979 overthrows Somoza Civil War in the ‘80s: Sandinistas vs. Contras (U.S.-backed) Cease-fire Iran-Contra A convoluted plot What’s wrong with this? 11/20/2018 13
Oliver North, Deputy NSA William Casey, FBI Director 11/20/2018 John Poindexter, Nat. Security Adviser
A New World Order Election of 1988 Collapse of Communism Bush vs. Dukakis Collapse of Communism Fall of the Iron Curtain & the unification of Germany Soviet collapse Post-Cold War worries The Chinese exception Tiananmen Square 11/20/2018 15
Compassionate conservatism Election of 1988 George H. W. Bush Michael Dukakis Vs. Compassionate conservatism “1,000 Points of Light” Willie Horton ad Reagan coattails
Tiananmen Square, June 5th, 1989
A New World Order Persian Gulf in crisis Domestic Affairs Drama w/ Saddam Hussein Defending Kuwait U.S. success Domestic Affairs “kinder, gentler nation…” Supreme Court Economic troubles LA Riots 11/20/2018 18
A New World Order Election of 1992 Democratic changes Buchanan effect Perot effect “Read my lips, no new taxes” Clinton wins – “It’s the Economy, Stupid!” 11/20/2018 19