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Reaganomics

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29 Terms

1

Reaganomics

Economic system implemented by Reagan, emphasized tax cuts, supply size economics, and deregulation (airline, auto)

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2

Moral Majority

Conservative political movement advocating for traditional Christian values

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3

Effects of reaganomics

  • Trickle down economics led to increased wealth disparity

  • Economic growth, wage growth

  • Increase in debt and deficits

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4

Iran Contra Affair

Reagan Administration sold arms to Iran, used that money to provide financial aid to anti communists in Nicaragua

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5

SDI or Star Wars

Reagan proposed a missile defense system to protect US from nuclear attack, failure

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6

Reagan and Gorbachev

  • Eased tensions between Soviet Union and US by meeting with Gorbachev, ended the Cold War

  • Gorbachev, ordered by Reagan, tore down the Berlin Wall

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7

Election of 1988

George HW Bush Elected!!

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8

Persian gulf War (Desert Storm)

Liberate Kuwait from Iraq’s invasion, protect oil reserves, considered a success

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9

Why did Bush Lose

  • Economic recession forced him to break his policy of “no taxes"

  • 3rd Party Candidate Ross Perot

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10

Election 1992

Bill Clinton elected

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11

Clinton’s Promises

Lifting ban of lgbt people of enlisting in the armed forces

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12

Don’t Ask, Don’t Tell Policy

Military authorities were forbidden to ask about a service member's orientation, and gay service personnel could be discharged if they publicly revealed their homosexuality

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13

NAFTA

Clinton established, aimed to reduce trade barriers and promote economic cooperation in NA

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14

Omnibus Budget Reconciliation Act

(Clinton) Sought to reduce federal budget deficit with spending cuts and tax increases

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15

Clinton’s Impeachment

Charged against Clinton of lying under oath and obstruction of justice (affair with Monica Lewinsky)

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16

Election of 2000

George W Bush (son of HW) gets elected

Gore v. Bush - Even though Al Gore won the popular vote, the election was ultimately decided by the electoral votes of Florida. Bush barely won

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17

Great Recession 2008

Lack of oversight in the financial industry like poor lending practices led to housing crisis

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18

No Child Left Behind Act

Set standards for academic achievement and held schools accountable for student performance

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19

War on Terror

9/11 Al Qaeda attacked World Trade Center

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20

USA Patriot Act

Increased surveillance and law enforcement powers to combat terrorism

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21

Operation Iraqi Freedom

Removed weapons of mass destruction in Iraq and bring down Sadam Hussain

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22

Operating Enduring Freedom

Ending taliban and Al Qaeda and finding Osama Bin Laden

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23

Election of 2008

Barack Obama president, first black president of the US

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24

Obamacare

Aimed to expand healthcare access to millions

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25

American Recovery and reinvestment Act

(Obama) Sought to stabilize economy, create jobs, prevent future economic collapses

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26

Globalization

Interdependence between nations, opened up new markets and increased competition in manufacturers overseas

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27

Rust Belt

North and Mid western states that were once centers of manufacturing but declined as a result of globalization and automation

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28

Sun Belt

Southern and southwestern states that saw population growth because of good weather, favorable business conditions, low taxes

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29

Technology

Increased globalization, changed culture, blah blah blah

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