Reaganomics Ronald Reagan Inherited a Essay

In addition, the shifting of the tax burden to the working class had never been administered in such a large-scale way before.

Reaganomics achieved short-term gains, but was overall not a successful approach to the American economy. The emphasis on high defense spending and high foreign debt created an illusory effect. In more recent times, it has become apparent that the economy is now dependent of defense-oriented deficit spending, which unfortunately is not sustainable in the long run. In freeing up the oil supply, an opportunity was missed to reduce American dependence on a cheap and free-flowing oil. In doing so, Reaganomics set the stage for the economic issues we are having today and will likely have for years to come as the oil supply dwindles and demand soars.Sources:

Faragher, John Mack et al. Out of Many: a History of the American People. 5th ed. Vol. 2:

Since 1865. Upper Saddle River NJ: Pearson/Prentice Hall, 2006......