USA HISTORY

Detailed explanation-1: -President Ronald Regan was a staunch believer in supply-side economics, resulting in the name “Reaganomics.” It is also known as trickle-down economics. The intended goal of supply-side economics is to explain macroeconomic occurrences in an economy and offer policies for stable economic growth.

Detailed explanation-2: -These policies are characterized as supply-side economics, trickle-down economics, or “voodoo economics” by opponents, while Reagan and his advocates preferred to call it free-market economics.

Detailed explanation-3: -The four main pillars of Reaganomics were tax cuts, deregulation, cuts to domestic social spending, and reducing inflation.

Detailed explanation-4: -The administration of Republican president Ronald Reagan promoted its fiscal policies as being based on supply-side economics. Reagan made supply-side economics a household phrase and promised an across-the-board reduction in income tax rates and an even larger reduction in capital gains tax rates.