Changes

*Control the money supply to reduce inflation.

*Control the money supply to reduce inflation.

Fueled by an over spending [[Congress]] that steadfastly refused Reagan's budget proposals, the national debt increased 160% during his two terms in office. However, the economic growth that resulted from tax cuts made deficits as a percentage of [[GDP]] lower than what they had been in during the previous decade of stagflation. The period of high [[inflation]] and [[unemployment]] when Reagan took office was over after eight years of his Presidency. In 1986 Reagan signed the [[Tax Reform Act]], which obtained an overhaul of the income tax code and eliminated many deductions and exempted millions of people with low incomes. The [[income tax]] rates of the top personal tax bracket dropped from 70% to 28% in 7 years. At the end of his administration, the Nation was enjoying its longest recorded period of peacetime prosperity without [[recession]] or [[depression]].<ref>http://www.whitehouse.gov/history/presidents/rr40.html</ref>

Fueled by an over spending [[Congress]] that steadfastly refused Reagan's budget proposals, the national debt increased 160% during his two terms in office. However, the economic growth that resulted from tax cuts made deficits as a percentage of [[GDP]] lower than what they had been in during the previous decade of stagflation. The period of high [[inflation]] and [[unemployment]] when Reagan took office was over after eight years of his Presidency. In 1986 Reagan signed the [[Tax Reform Act]], which obtained an overhaul of the income tax code and eliminated many deductions and exempted millions of people with low incomes. The [[income tax]] rates of the top personal tax bracket dropped from 70% to 28% in 7 years. At the same time, Reagan sought to close tax loopholes so that the wealthy would not be able to get away with paying less tax than low to middle income earners. By the end of his administration, the Nation was enjoying its longest recorded period of peacetime prosperity without [[recession]] or [[depression]].<ref>http://www.whitehouse.gov/history/presidents/rr40.html</ref>

====PATCO Strike====

====PATCO Strike====