Significant Threats To Ronald Reagan's New Economic Policy

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According to Ronald Reagan, Americans were facing the three most significant threats, any of which could destroy their own existence. These threats included the threat of disintegrating economy, the threat of weakened defense and the threat of energy policy based on sharing scarcity. Reagan explained that the problems associated with the United States economy had only increased over the past years. These problems were the results of unproductive government, unnecessary rules, excessive taxes and redundant printing of press money. Additional problems such as rate of growth of government spending were increasing recklessly and the economy of the country lacked proper monetary policy also accompanied those problems. Therefore, he had planned a new economic policy which would not only end the economic problems prevailing in the country but would also flourish the economic growth of the country
Ronald Reagan, in his speech, proposed an economic program which would control the government spending and as a result, waste, abuse, …show more content…
Hundreds of Federal programs that waste billions of taxpayers’ money would be shut down and money would be used for better purposes under his strategy. This would help in gaining the taxpayers’ confidence in their own government. The program also proposed a flat 30% reduction in personal tax rates throughout the country be applied as 10% reduction each year starting from 1981. This would increase the take-home income of the citizens in the country, kind of similar strategy that was proposed by Charles Murray. Ronald Reagan explained that rules and regulations are necessary for the country but sometimes, these regulations act against the interests of people rather than for the interests of the people and therefore, in his administration he
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