40th President of the United States - Ronald Reagan

General Electric & Shifting Beliefs

- 1954 he became a spokesman for General Electric and began to abandon New Deal-ish political views, and preached a conservative anti government line

Early Presidential Ambitions

- 1981 --> 1989 - Republican - Sided with New Right on social issues; denounced activist government - Condemned federal intervention in local affairs, favoritism for minorities, elitism of arrogant bureaucrats - Aimed to win over working class and lower middle class white voters - Sought dismantling the welfare state and reversal of political evolution - He took initiative to curb the federal budget --> "It will be my intention to curb the size and influence of the federal establishment" - Pursued smaller government policies with zeal

"Teflon President"

- 1983 suicide bomber attacked US Marine barracks and killing 200+ marines. Reagan withdrew American troops, while suffering NO political damage - Democrats called him the "Teflon President", to whom nothing hurtful could stick

Other Foreign Policy of Reagan

- Administration supported Corazon Aquino ouster of dictatorship of Ferdinand Marcos in Philippines - Reagan ordered air raid against Libya in 1986, in retaliation for terrorist attacks

Reagan's National Debt

- After his presidency the combination of tax reductions and increase in military spending led to a vast revenue hole of 200 billion annual deficits - In his 8 years in office, Reagan added nearly 2 trillion dollars to national debt, which constituted a economic failure of course, but also a strange political triumph

SDI Initiative 1983

- Also known as "the Star Wars" - A high-technology missile defense system - Plan called for orbiting battle stations in space that could fire laser beams to vaporize intercontinental missiles after liftoff - Reagan offered SDI as potential salvation from nuclear nightmare by throwing "astrodome" defense shields over American cities - This also had a foreign angle too. By sending the arms contest with the Soviets into the stratospheric plan, he would help force the Kremlin's hand in negotiations

Black Monday 1987

- Cold spasm of fear struck money markets - Monday, October 19 1987 --> leading stock market index plunged 508 points

"Reaganomics"

- Conservative crusade for smaller government, less bureaucracy and freer markets, "Reaganomics" - Found common cause with Great Britain - Reaganomics were large and lasting

The Olympic Games of 1984

- Example how just how bad the Cold War was getting; the extremes - Cold War deepened in 1984 when USSR and Soviet athletes boycotted the Olympic Games in LA

Screen Actor's Guild

- Flair for politics with his presidency of the Screen Actors Guild in McCarthy era, where he purged communists and Reds from the industry

Negotiations with the Soviets

- Focused on the Soviets and the Cold War, he wanted to negotiate with them but from a position of strength, and by expanding the military capabilities. - The Kremlin sang Reagan's tune

"Ronnie and Maggie"

- Good friends with Margaret Thatcher (conservative, Britain's first female prime minister in 1979) - Thatcher worked to reduce the power of labor unions and government involvement in business - Strengthened Anglo-American alliance with foreign policy - Their refrain was that free markets made free peoples and shrinking government meant keeper their nations safer from communism

Democratic "Boll Weevils"

- His first proposed scale-back federal budget cut spending some 35 billion, like in food stamps - Worked his way into the Democratic House by politicking, wooed southern conservatives, "boll weevils", who left their own party's leadership and followed him

Governor of California

- His promotion of conservative cause led a group of wealthy men to launch his political career as governor of California from 1966 - 1974

Soviets, Poland, Reagan

- In 1981 Poland declared martial law - Reagan saw the Kremlin influence in Poland and imposed economic sanctions on Poland and the USSR - September 1983, the Soviets blasted a Korean aircraft in Soviet airspace, many Americans were killed - By 1983, all arms-control negotiations with Soviets were broken off

Assassination Attempt 1991

- March 1991, Washington D.C - He was leaving a hotel when John Hinckley Jr fired bullets - One ricocheted off a limousine and hit Reagan under armpit - Reagan is quoted saying, "Getting shot hurts"

Sandinistas

- Members of a leftist coalition that overthrew the Nicaraguan dictatorship of Anastasia Somoza in 1979 and attempted to install a socialist economy. The United States financed armed opposition by the Contras. They lost national elections in 1990 - Reagan did not shy away from this issue, he accused them of turning their country into a forward base for Soviets - Sent military advisors to El Salvador, and provided covert aid to rebel contras - Reagan flexed military muscles in Caribbean, in 1983 sent invasion of Grenada, American troops overrun island and demonstrate Reagan's determination to assert dominance in the Caribbean

Mikhail Gorbachev

- Mikhail Gorbachev is new Soviet leader in 1985 - Gorbachev introduced new radical reforms in Soviet Union --> glasnost = openness, aimed at ventilating secretive of Union by introducing free speech + perestroika --> reconstructing, adopting free market policies

Mikhail Gorbachev & Conclusion of Cold War

- Mikhail Gorbachev is new Soviet leader in 1985 - Gorbachev introduced new radical reforms in Soviet Union --> glasnost = openness, aimed at ventilating secretive of Union by introducing free speech + perestroika --> reconstructing, adopting free market policies - Four summit meetings with him and Reagan. Second one, Reagan stormed out mad. Third one, both leaders signed the Intermediate-Range Nuclear Forces (INF) Treaty -> banning all missile from Europe - Last summit meeting, Reagan praised Gorbachev warmly. Reagan was savvy and flexible, and brought the Cold War to a conclusion

Tax Reforms of 1981

- Part of his economic program called for substantial reductions in tax rates, and thanks to his skills as a television performer he AGAIN had his way - In late 1981 Congress approved a set of far reaching tax reforms that lowered individual tax rates, reduced federal estate taxes, created new tax-savings plans for investors

Ronald Reagan

- President of the United States from 1981 to 1989 - Victory in Elections of 1980 & 1984 - Republican on the ballot

Forgotten Man/Common Man

- Reagan championed the forgotten man against big businesses and common man against big government

Sandra Day O'Connor

- Reagan had appointed a near majority of all sitting federal judges --> Sandra Day O'Conner

Presidential Election of 1984

- Reagan met little opposition for running in the 1984 - He carried 49 of the 50 states, beating Walter Mondale (D), and received 525 electoral votes, a record that stands to this day - Shrinking federal government and reducing taxes were his main objectives

Abortion Rights Issues

- Reagan repudiated affirmative action and abortion rights, court showed conservative colors

Reagan's Relations with Middle East

- Reagan sent 'stinger' anti-aircraft missiles to Afghanistan, to aid mujahidin forces battling Soviets - 1982 Lebanon plunged into armed chaos, so Reagan sent troops to Lebanon in 1983 as part of international peace-keeping force - 1983 suicide bomber attacked US Marine barracks and killing 200+ marines. Reagan withdrew American troops, while suffering NO political damage

Presidential Election of 1980

- Ronald Reagan (R) becomes president, beating Jimmy Carter (incumbent, D) - Reagan got 489 electoral votes to Carter's 49 - Reagan used his acting skills to attacked the incumbent's (Carter) fumbling performance in foreign policy - Election marked beginning of the "Reagan Revolution"

Tax Reform Act of 1986

- Ronnie persuaded Congress YET AGAIN for even more sweeping tax reform - The Tax Reform Act in 1986, led to leaner budgets and lower taxes (pillars of the Republican party for years to come)

The Reagan Recession 1981-1982

- So called the Reagan Recession in 1981 - 1982 , but really, he just had to be patient for good results - Democrats argued that Reagan's budget cuts slashed cruelly at the poor and handicapped, and favored the well-to-do - Reagan and the supply-siders were relieved when in 1983 there was an economic recovery - But the income gap between rich and poor Americans cracked wide open for the first time in post WWll era, which widened to a chasm over time

Reagan's Childhood; Early Life

- Son of impoverished Irish American father, grew up in small town in Illinois - Got his start in life in 1930s as sports announcer in Iowa radio station - Landed acting jobs in Hollywood, B-grade star in the 1940s

Supply Side Economics

- Theory that drove Reagan's push for massive income-tax reductions - Supply-siders argued that a combination of budget disciplinary and tax reduction would stimulate new investment, invigorate productivity, dramatic economic growth, and boost tax revenues, thus reducing the federal deficit

Two Difficult Foreign Issues

- Two very difficult foreign policy issues - Captivity of American hostages by Lebanon AND grip of left-wing Sandinista government in Nicaragua

Iran-Contra Affair 1985

- Two very difficult foreign policy issues - Captivity of American hostages by Lebanon AND grip of left-wing Sandinista government in Nicaragua - Reagan repeatedly asked Congress to provide military aid to contra rebels fighting against the Sandinista regime, but Congress refused - Unknown to public was possible linkage to Middle Eastern hostages and Sandinistas. 1985 American diplomats secretly arranged arms sale to Iran, and in return, Iranians helped the obtain release of American hostage. Money Iran paid for the American weapons was diverted to contras in Nicaragaua. This violated congressional ban on military aid to Nicaraguan rebels and Reagan's promise not to negotiate with terrorists - News broke in 1986. Reagan claimed no wrong-doing. "He should have known". Congressional committee condemned the "secrecy, deception, disdain for law" - The Iran-Contra Affair 1985 cast a dark shadow over Reagan's foreign policy

To what extent did Reagan's fiscal policies affect the economy in the 1980s and beyond? Lasting effects?

- Widening income and wealth gaps caused by Reagan's fiscal policies