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How did Reaganomics happen in less than 1 year from when he was elected? What did he change?
by randomopining 5y ago
How did Reaganomics happen in less than 1 year from when he was elected? What did he change?
- jdsully 5y agoIt wasn't reganomics (typically referring to the tax policies) but the central bank taking extreme action on interest rates to curb inflation. Prior central bankers wanted to do this but didn't have the political cover. As expected this created a deep recession but after a year and a half the inflation epidemic was ended. Its considered a rare example of politicians "doing the right thing" for the country even at great short term cost.