THE RISE OF POLITICAL CONSERVATISM 1980 1992
PRESIDENT RONALD REAGANS FOREIGN POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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government spending increased and taxes decreased
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the cost of oil rose dramatically
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the United States became the world’s largest oil producer
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the national inflation rate declined after the end of the 1973 oil embargo
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the dependence of the United States on foreign oil lessened
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Detailed explanation-1: -Carter took office during a period of “stagflation", as the economy experienced both high inflation and low economic growth. The U.S. had recovered from the 1973–75 recession, but the economy, and especially inflation, continued to be a top concern for many Americans in 1977 and 1978.
Detailed explanation-2: -Reagan embraced the theory of “supply side economics, ” feeling that tax cuts encouraged economic expansion which would result in increases in federal government revenue at a lower tax rate. Higher revenues would then be used to increase defense spending and balance the federal budget.
Detailed explanation-3: -It was held on Tuesday, November 2, 1976. Democrat Jimmy Carter of Georgia defeated incumbent Republican President Gerald Ford from Michigan by a narrow victory of 297 electoral college votes to Ford’s 240.
Detailed explanation-4: -Clinton signed the Omnibus Budget Reconciliation Act of 1993 into law on August 10, 1993. The law created a 36 percent to 39.6 percent income tax for high-income individuals in the top 1.2% of wage earners. Businesses were given an income tax rate of 35%. The cap was repealed on Medicare.