Finally, he came to his economic belief system through his own study of the free market (278). Reagan's transition from Democrat to Republic and his later adoption as a symbol of conservative republicanism will be discussed in this essay through a critical analysis of his economic policy and position on Social Security reform.
President Reagan's economic policy was broadly set in a speech he gave as a candidate on 9 September 1980. In it, he outlined a program based on a rejection of Keynesian economics. He supported cuts in the marginal tax rate and reductions in business taxes. He argued for the elimination of wasteful government spending and for a balanced budget (Hogan 1990a, 218). So when the economic package was revealed to public, its central themes should have surprised no one: tax cuts, reductions in the rate of growth of government spending, deregulation and the slow, stable growth of the money supply (Hogan 1990a, 222; Busch 2005, 29). ...Show more