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The business of our nation goes farward. These United States are contronted with an aconamie attiction of great proportions. We suffer from the longest and ane of the worst sustained infations in our natonal history.dle industries have cast workers into unemplayment. Thase who da work are denied a fair retum far their labar by a tax system which penaizes succesastul achievement. In this present crisis, govemment is nat the solution to our problem; govemment is the problem. The solutiors we seek must be equitable, with no one group singled out to pay a higher price.But great as our lax burden is, t has not kopt pace with public spending. For decades we have piled deficit upon deticit, martgaging our future and our chidren's future for the temporary covenience af the present To continue this long trand is to guarantee tremendous social, cultural, poltical, and econonic upheavalis. Wel, thie administration's abjective will be a healthy, vigorous, growing econamy that provides equal opporturvities for al Americans, with no bamiers born af bigotry or discrimination. Putting America back to work mears putting all Americans back to work.Al must share in the productive wark of this "new beginning." and al must share in the bounty of a revived economy.t is time to reawaken this industrial giant, to get gavernment back within its means, and to lighten aur punitive tax burden. And these will be aur first priorities, and on these principles there will be no compromise.

The business of our nation goes farward. These United States are contronted with an aconamie attiction of great proportions. We suffer from the longest and ane of the worst sustained infations in our natonal history.dle industries have cast workers into unemplayment. Thase who da work are denied a fair retum far their labar by a tax system which penaizes succesastul achievement. In this present crisis, govemment is nat the solution to our problem; govemment is the problem. The solutiors we seek must be equitable, with no one group singled out to pay a higher price.But great as our lax burden is, t has not kopt pace with public spending. For decades we have piled deficit upon deticit, martgaging our future and our chidren's future for the temporary covenience af the present To continue this long trand is to guarantee tremendous social, cultural, poltical, and econonic upheavalis. Wel, thie administration's abjective will be a healthy, vigorous, growing econamy that provides equal opporturvities for al Americans, with no bamiers born af bigotry or discrimination. Putting America back to work mears putting all Americans back to work.Al must share in the productive wark of this "new beginning." and al must share in the bounty of a revived economy.t is time to reawaken this industrial giant, to get gavernment back within its means, and to lighten aur punitive tax burden. And these will be aur first priorities, and on these principles there will be no compromise.

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Using documents 4-6, make three claims about the problems President Reagan identified as economic concerns.  Support each claim with evidence from at least one document. 

Document The business of our nation goes torward. These United States are contronted with an economic attiction of great proportions. We suffer from the longest and one of the worst sustained iInfiations in our natonal histor.ldle industries have cast workers into unemplayment. Those who do work are denied a fair retum for their labor by a tax system which penalizes suocessful achievement.. In this present crisis, govemment is nat the solution to our problem; govemment is the problem. The solutiors we seek must be equitable, with no one group singled out to pay a higher price.But great as our tax burden is, it has not kept pace with public spending. For decades we have piled deficit upon deticit, mortgaging our future and our chidren's future for the temporary covenience af the present To continue this long trend is to guarantee tremendous social, cultural, poltical, and economic upheavals. Wel, this administration's objective will be a healthy, vigorous, growing economy that provides equal opportunities for all Americans, with no bariers born af bigotry or discrimination. Putting America back to work means putting all Americans back to work.All must share in the productive work of this "new beginning." and all must share in the bounty of a revived economy. .It is time to reawaken this industrial giant, to get government back within its means, and to lighten our punitive tax burden. And these wil be our first priorities, and on these principles there will be no compromise. Source: Fanald Reagan, tranacript of inaugural speech outining economic positions, "First Inaugural Addresa (axcerpts, January 20, 1981 booument 5 .Reagan's economic program took center stage, and manetary policy, which was as impartant but held a lower profile. Within weeks of becoming President, Reagan asked Congress to cut marginal tax rates over the next three years by 30 percent and to trim the budget for the coming year by $41 bilian. He and his team contidently predicted that these actions would stimulate economic productivity. two major components: tax reductions and budget outs, v Ater compromises that slightly lessened the tax cuts and restared some of the propased budget cuts, Congress quickly passed both bils. The heart of Reagan's economic program was now in placn He hadobtained a 25 parcent reduction in taxes over three years. Supposedly, Congress had also made $38 billon in budget auts but these were more than oftset by ather spending increases. The federal budget still was not balanced, however, and Reagan's advisers contermplated other measues to increase revenues. In 1984, the Treasury Dopartment bagan pulling together a proposal that wauld lower corporate and individual tax rates but broaden the federal gavernment's tax base-and enlarge its revenues despite rate reductions-by closing loopholes that allowed individials and corporations to avoid taxes and eliminating deductions that the govemment considered tax shalters. This plan emerged as the essence of Reagan's tax reform proposal. Ronald Reagan took office in 1981 promising to curb the growth of government regulations, especialy those that atfected private industry and businesses. He beleved that a web at regulation was strangling private enterprise in the United States and harming the nation's economy. Despite Reagan's anti-regulatory rhetoric, the administration's success in eliminating and simplifying regulatbns was mixed. His success varied from agency to agency: in some of them, Reagan appointees managed to slow the regulation.
Transcribed Image Text:Document The business of our nation goes torward. These United States are contronted with an economic attiction of great proportions. We suffer from the longest and one of the worst sustained iInfiations in our natonal histor.ldle industries have cast workers into unemplayment. Those who do work are denied a fair retum for their labor by a tax system which penalizes suocessful achievement.. In this present crisis, govemment is nat the solution to our problem; govemment is the problem. The solutiors we seek must be equitable, with no one group singled out to pay a higher price.But great as our tax burden is, it has not kept pace with public spending. For decades we have piled deficit upon deticit, mortgaging our future and our chidren's future for the temporary covenience af the present To continue this long trend is to guarantee tremendous social, cultural, poltical, and economic upheavals. Wel, this administration's objective will be a healthy, vigorous, growing economy that provides equal opportunities for all Americans, with no bariers born af bigotry or discrimination. Putting America back to work means putting all Americans back to work.All must share in the productive work of this "new beginning." and all must share in the bounty of a revived economy. .It is time to reawaken this industrial giant, to get government back within its means, and to lighten our punitive tax burden. And these wil be our first priorities, and on these principles there will be no compromise. Source: Fanald Reagan, tranacript of inaugural speech outining economic positions, "First Inaugural Addresa (axcerpts, January 20, 1981 booument 5 .Reagan's economic program took center stage, and manetary policy, which was as impartant but held a lower profile. Within weeks of becoming President, Reagan asked Congress to cut marginal tax rates over the next three years by 30 percent and to trim the budget for the coming year by $41 bilian. He and his team contidently predicted that these actions would stimulate economic productivity. two major components: tax reductions and budget outs, v Ater compromises that slightly lessened the tax cuts and restared some of the propased budget cuts, Congress quickly passed both bils. The heart of Reagan's economic program was now in placn He hadobtained a 25 parcent reduction in taxes over three years. Supposedly, Congress had also made $38 billon in budget auts but these were more than oftset by ather spending increases. The federal budget still was not balanced, however, and Reagan's advisers contermplated other measues to increase revenues. In 1984, the Treasury Dopartment bagan pulling together a proposal that wauld lower corporate and individual tax rates but broaden the federal gavernment's tax base-and enlarge its revenues despite rate reductions-by closing loopholes that allowed individials and corporations to avoid taxes and eliminating deductions that the govemment considered tax shalters. This plan emerged as the essence of Reagan's tax reform proposal. Ronald Reagan took office in 1981 promising to curb the growth of government regulations, especialy those that atfected private industry and businesses. He beleved that a web at regulation was strangling private enterprise in the United States and harming the nation's economy. Despite Reagan's anti-regulatory rhetoric, the administration's success in eliminating and simplifying regulatbns was mixed. His success varied from agency to agency: in some of them, Reagan appointees managed to slow the regulation.
Supply Side Economics Reduce Federal Income Tases SS Eene TAX Mure t One aspect of Reaganomics was to rely on the theory af supply side oconamias. This theory relied on sharp tax cuts for businesses & The second aspect of Reaganomics was to reduce federal income taxes. Income tax brackets were changed, and by 1386, the Investors,, with the goal of increasing the amount of money oorporations and investors had to invest. Their new investments wDuld highest tax brackets (wealthiest Anericans) want from paying 70% of their income in taxes to 28%. The idea was that if money was available to wealthy consumers, they would in turn spend more maney on goods and services which would in turn create more jebs, and stimulate the econcmy. lead to economia growth, and eventualy more jobs. Overtime, more economic activity would produce more tax revenue for the government. Deregulation Smaller Federal Govt accepted rules noun set of ex nrincipl pre- Reagan believed that people would prosper if they were dependent on individual eftort, and nat tederal ald. Additionally, because af the Immediate impact af his tax auts, the federal gavt had less revenue to support pregrams ike federal welfare programs, medicare payments, and food stamp programs. To maintain a President Reagan pushed an agenda that included heavy deregulation of a few key industries. He believed that fewer restrictions on these industries would lead to expansion and investment in those industries, leadng to overall improvement of the economy. balanced budget, he cut federal spanding on social welfare programs, imiting the role of federal gov't in people's lives.
Transcribed Image Text:Supply Side Economics Reduce Federal Income Tases SS Eene TAX Mure t One aspect of Reaganomics was to rely on the theory af supply side oconamias. This theory relied on sharp tax cuts for businesses & The second aspect of Reaganomics was to reduce federal income taxes. Income tax brackets were changed, and by 1386, the Investors,, with the goal of increasing the amount of money oorporations and investors had to invest. Their new investments wDuld highest tax brackets (wealthiest Anericans) want from paying 70% of their income in taxes to 28%. The idea was that if money was available to wealthy consumers, they would in turn spend more maney on goods and services which would in turn create more jebs, and stimulate the econcmy. lead to economia growth, and eventualy more jobs. Overtime, more economic activity would produce more tax revenue for the government. Deregulation Smaller Federal Govt accepted rules noun set of ex nrincipl pre- Reagan believed that people would prosper if they were dependent on individual eftort, and nat tederal ald. Additionally, because af the Immediate impact af his tax auts, the federal gavt had less revenue to support pregrams ike federal welfare programs, medicare payments, and food stamp programs. To maintain a President Reagan pushed an agenda that included heavy deregulation of a few key industries. He believed that fewer restrictions on these industries would lead to expansion and investment in those industries, leadng to overall improvement of the economy. balanced budget, he cut federal spanding on social welfare programs, imiting the role of federal gov't in people's lives.
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