![]() Reagan’s economic policies-known as Reaganomics-initially proved less successful than its partisans had hoped, particularly when it came to a key tenet of the plan: balancing the budget. Bush, campaigning against Reagan in the 1980 primary election, referred to his opponent’s economic policy as “voodoo economics.” The resulting economic growth would allegedly “trickle down” to everyone-but whether it did or not is a matter of ongoing debate among politicians and economists. ![]() Reagan advocated for industrial deregulation, reductions in government spending and tax cuts for both individuals and corporations, as part of an economic plan he and his advisors referred to as “ supply-side economics.” His economic and social agenda was largely shared by his across-the-pond friend, British Prime Minister Margaret Thatcher. The movement resonated with many citizens who had once supported more liberal policies but who no longer believed the Democratic Party represented their interests.ĭuring and after the 1980 presidential election, these disaffected former liberals came to be known as “Reagan Democrats.” They contributed millions of crucial votes to the victory of Republican Ronald Reagan, the former actor and governor of California, over incumbent Democrat Jimmy Carter. Many historians believe this was the largest mass demonstration in American history. In 1982, almost a million people rallied in support of the freeze in New York City's Central Park. ![]() It appealed to a diverse assortment of Americans including evangelical Christians, anti-tax crusaders, advocates of a more powerful American presence abroad, disaffected white liberals and defenders of a free market with few if any regulations.ĭid You Know? At the beginning of the decade, as the Cold War showed no signs of easing, arms control advocates argued for a "nuclear freeze" agreement between the United States and the Soviet Union. The populist conservative movement known as the New Right enjoyed unprecedented growth in the late 1970s and early 1980s. ![]()
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