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Ronald Reagan's Presidency - Essay Example
Ronald Reagan was a former Democrat, former president of the Screen Actors Guild and once governor of California. Ronald Reagan's economic beliefs shaped his conversion from New Deal Democrat to conservative Republican. His attitude towards taxes played an especially important role in his political evolution…
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). ...