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Ch 25 Section 2 – Conservative Policies under Reagan and Bush
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Bell Work What where the three parts of “Reaganomics”? What where the three parts of “Reaganomics”?
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Essential Questions What was Reaganomics? What changes occurred on the Supreme Court? What were the results of deregulation? Who supported Conservatives Reagan and Bush in the 1984 and 1988 elections?
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Reaganomics Takes Over Reagan wanted to reduce the size and influence of the Federal Government Deep Cuts in Social Programs – Urban Mass Transit, Food Stamps, welfare benefits, job- training, Medicaid, school lunches and student loans. Supply-side economics – Tax cuts by 25 %, money saved would be reinvested to improve business and productivity, lowering price. Increased Defense Spending –(Strategic Defense Initiative)
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Recession, Recovery, and the National Debt Severe Recession – July 1981- Nov. 1982 Tax Cuts and the 1983 Consumer Spending Spree sparked the economy Stocks surged, unemployment declined, and GNP went up 10%. ( Stocks crash 1987 then rebounded) Federal Spending still exceeded Federal revenue due to the tax cuts. By 1984 the National Debt almost doubled.
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Conservative Supreme Court Sandra Day O’Connor, Antonin Scalia, Anthony M. Kennedy, Clarence Thomas, and a new Chief Justice William Rehnquist
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Deregulating the Economy Deregulation – The cutting back of Federal regulation of industry. ( Increased competition and resulted in lower prices for consumers) Budget Cuts for the EPA resulted in more mining, logging of forests and more oil and gas drilling. Environmental risk?
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Conservative Coalition 1984/88 Businesspeople – wanted a deregulated econ. Southerners – Welcomed limits of Federal Power Westerners – resented federal controls on mining and grazing Reagan Democrats- agreed with Reagan on limiting federal gov. and felt the Democratic party had drifted too far left.
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Election of 1984 Reagan (R) vs. Walter Mondale (D) VP under Carter Landslide for Reagan Geraldine Ferraro of NY Mondale’s VP candidate was the first women on a major party’s Presidential ticket.
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Election of 1988 George HW Bush (R) vs. Michael Dukakis ( D) Moral Majority, comfortable economy, no reason to change. Bush “Read my Lips: no new Taxes!”
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