WORLD HISTORY

Detailed explanation-1: -Upon taking office, Reagan argued that the United States faced a dire crisis, and that the best way to address this crisis was through conservative reforms. His major policy priorities were increasing military spending, cutting taxes, reducing non-military federal spending, and restricting federal regulations.

Detailed explanation-2: -Ronald Reagan was the 40th President of the United States (1981–1989). A Republican and former actor and governor of California, he energized the conservative movement in the United States from 1964.

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: -While running against Reagan for the Presidential nomination in 1980, George H. W. Bush had derided Reaganomics as “voodoo economics". Similarly, in 1976, Gerald Ford had severely criticized Reagan’s proposal to turn back a large part of the Federal budget to the states.