USA HISTORY

Detailed explanation-1: -Military service Reagan was interested in riding a horse at a young age and, without “a burning desire to be an army officer", he enlisted in April 1937. He was assigned as a private in Des Moines’ 322nd Cavalry Regiment and reassigned to second lieutenant in the Officers Reserve Corps.

Detailed explanation-2: -The “stagflation” and “malaise” that plagued the U.S. economy from 1973 through 1980 were transformed by the Reagan economic program into a sustained period of higher growth and lower inflation. In retrospect the major achievements of Reaganomics were the sharp reductions in marginal tax rates and in inflation.

Detailed explanation-3: -Domestically, the Reagan administration enacted a major tax cut, sought to cut non-military spending, and eliminated federal regulations. The administration’s economic policies, known as “Reaganomics", were inspired by supply-side economics.

Detailed explanation-4: -The US experienced mixed consequences. On the one hand, the real GDP improved by 26% (above 1980 figures), from 13.5%, inflation was brought down to 4.1%, and unemployment dropped from 7.6% to 5.5%. But, on the opposite spectrum, the rich became richer. Tax savings were not used for job creation.