Final answer:
Reaganomics had varied effects on taxes, social programs, deregulation, and the national debt, influencing the US economy during Reagan's presidency.
Explanation:
Reaganomics, President Ronald Reagan's economic policies, had a significant impact on various aspects of the economy:
- Taxes: Reagan's tax cuts aimed to stimulate economic growth by reducing tax rates, especially on the supply side, to encourage investment and labor supply.
- Social programs: Reagan's administration proposed budget cuts to programs like Social Security and Medicare but faced backlash and ultimately resulted in increased military spending.
- Deregulation: Reagan advocated for deregulation to unleash the free market, leading to mixed results and increased government deficits.
- National debt/deficits: Despite the Laffer curve theory supporting tax cuts, Reaganomics led to substantial deficits, eventually requiring tax increases to address.
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